69. If the board of directors of an association consists of more than eight directors it may, if authorized to do so by by-law, establish an executive committee.
Such executive committee shall consist of at least five persons chosen from among the directors by the board of directors which shall designate the chairman thereof.
Such executive committee shall exercise such powers of the board of directors as are delegated to it by the by-law.
The general meeting may each year grant a remuneration to the members of the executive committee.
R. S. 1964, c. 292, s. 63; 1970, c. 58, s. 18.