(1) The board may, subject to such conditions as may be prescribed, constitute an Executive Committee and other committees or subcommittees as may be considered necessary:

Provided that other committees or sub-committees, other than the Executive Committee shall not exceed three.

(2) The Executive Committee or other committee or sub-committee referred to in sub-section (1) shall perform such functions as are assigned to it in accordance with the bye-laws of the multi-State cooperative society.