88The board of directors of the company whenever it consists of more than six may, if authorized by by-law duly passed by the directors, and approved by at least two-thirds of the votes cast at an annual or at a special general meeting of shareholders duly called for considering the by-law, elect from its number an executive committee consisting of not less than three, which executive committee has power to fix its quorum at not less than a majority of its members and may exercise the powers of the board that are delegated by the by-law, subject to any restrictions contained in the by-law and to any regulations imposed from time to time by the directors.
88The board of directors of the company whenever it consists of more than six may, if authorized by by-law duly passed by the directors, and approved by at least two-thirds of the votes cast at an annual or at a special general meeting of shareholders duly called for considering the by-law, elect from its number an executive committee consisting of not less than three, which executive committee has power to fix its quorum at not less than a majority of its members and may exercise the powers of the board that are delegated by the by-law, subject to any restrictions contained in the by-law and to any regulations imposed from time to time by the directors.