(1) Despite sections 50 and 51, the members of the society shall elect a supervisory committee which shall perform such duties as are prescribed by the by-laws.
(2) Despite subsection (1), the board may establish committees for the more efficient management of various aspects of the business or affairs of the Society.
(3) A committee for the purposes of subsection (2) may consist of members of the board and other members of the society.
(4) A committee of the board shall not—
(a) fill a vacancy among the directors;
(b) declare a bonus or dividend;
(c) approve any financial statement of the society;
(d) submit to the members any question or matter requiring the approval of members; or
(e) make decisions where the Act or the by-laws require a 2/3 majority or unanimous vote of the board.