(1) Directors of a company may appoint from their number a managing director or a committee of directors and delegate to the managing director or committee any of the powers of the directors.
(2) Despite subsection (1), a managing director or a committee of directors of a company shall not—
(a) submit to the shareholders any question or matter requiring the approval of the shareholders;
(b) fill a vacancy among the directors or in the office of auditor;
(c) issue shares except in the manner and on the terms authorised by the directors;
(d) declare dividends;
(e) purchase, redeem or otherwise acquire shares issued by the company;
(f) pay a commission referred to in section 50;
(g) approve a management proxy circular referred to in Division F;
(h) approve any financial statements referred to in section 149; or
(i) adopt, amend or repeal bye-laws.