11.4. The board of directors may, by-law,
(a) establish committees for the examination of questions determined by it and, if necessary, confer on them the exercise of certain powers;
(b) determine the functions and powers of the chairman of the board, the president and managing director, the vice-presidents and the other officers and employees of the Corporation;
(c) regulate, generally, the exercise of the powers and the internal management of the Corporation.
Such by-laws come into force on the date of their approval by the Government or on any later date determined by it.