25.— (1) Subject to any directions that may be issued by IFI, the chief executive may in writing—

(a) delegate any of his or her functions under section 24 (including those relating to financial matters) to employees of IFI specified by name, position or otherwise, and

(b) authorise the sub-delegation of any or all delegated functions to or by other such employees.

(2) Any functions delegated or sub-delegated under this section to an employee are to be performed by the employee under the general direction and control of the chief executive and in compliance with such directions, limitations and guidelines as may be specified by—

(a) in the case of a delegated function, the chief executive, or

(b) in the case of a sub-delegated function, the employee who sub-delegated that function.

(3) The delegation or sub-delegation of a function does not preclude the person who for the time being holds the position of chief executive from performing the function.

(4) The chief executive may—

(a) vary any delegation of a function under this section, including by modifying the geographical area to which the delegation relates,

(b) revoke such delegation, or

(c) without revoking the delegation, revoke any sub-delegation of the function.

(5) On varying or revoking the delegation or sub-delegation of a function, the chief executive shall inform each employee to whom the function was delegated or sub-delegated of its variation or revocation.

(6) An employee of IFI who sub-delegates a function delegated or sub-delegated to the employee under this section—

(a) may vary the sub-delegation, including by modifying the geographical area to which it relates,

(b) may revoke the sub-delegation, and

(c) is not precluded from performing the function.

(7) On varying or revoking the sub-delegation of a function, the employee who sub-delegated the function shall inform each employee to whom the function was sub-delegated of its variation or revocation.