Offshore Banking with a Swiss Bank Account and Nevis LLC

Executive and 53. (1) If the articles of incorporation or the bylaws so provide,
other committees the board, by resolution adopted by a majority vote of the
entire board, may designate from among its members an
executive committee and other committees, each of which
to the extent provided in the resolution or in the articles of
incorporation or bylaws of the corporation, shall have and
may exercise all the authority of the board of directors, but
no such committee shall have the authority as to the
following matters:
(i) The submission to shareholders of any action
that requires shareholders' authorization under this
Ordinance;
(ii) The filling of vacancies in the board of directors
or in a committee;
(iii) The fixing of compensation of the directors for
serving on the board or on any committee;
(iv) The amendment or repeal of the bylaws, or the
adoption of new bylaws; and.
(v) The amendment or repeal of any resolution of the
board which by its terms shall not be so amendable or
repealable.
(2) Each such committee shall serve at the pleasure of the
board. The designation of any such committee and the
delegation thereto of authority shall not alone relieve any
director of the duty to the corporation under this Part VI.