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42.1

Whenever any power under these rules is:

42.1.1

Vested in the board, it may be delegated to any subcommittee of the board, class committee or to the managers;

42.1.2

Conferred or imposed upon the managers, or is delegated to them under rule 42.1.1, it is exercisable by the managers, or by any authorised employee or agent of the managers.

42.2

Any power referred to in rule 42.1 is exercisable in the absolute discretion of the board, subcommittee, class committee or managers, subject always to the articles. The board, subcommittee, class committee and the managers are not required to provide any other person or party with reasons for any decision or determination.

42.3

Whenever the managers’ agreement or approval is required by the rules, it must be given in writing, and no agreement or approval shall be of any effect in the absence of such written agreement.

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