(1) The council of a stock exchange may appoint a management committee of not less than 3 and not more than 5 persons, of whom at least one shall be a member of the council.

(2) The council of a stock exchange may by resolution delegate to the management committee all or any of its powers under this Part other than those under this section, sections 107 and 110 (3), (4), (5) and (6).

(3) Any power, authority or discretion so delegated may be exercised by a majority of the management committee.

(4) Any such delegation may at any time in like manner be rescinded or varied.

(5) The council of a stock exchange may at any time remove any member of the management committee appointed by it under this section and may fill any vacancy in the committee.