(1) The Board may constitute an advisory committee to advise the Board on such matters relating to insolvency and bankruptcy as it may refer to the committee for its opinion.

(2) The advisory committee shall consist of such members as may be specified by regulations.

(3) The Board may constitute an executive committee consisting of such members as may be specified by regulations for efficient discharge of its functions under this Code.

(4) The Board may also constitute such other committees as may be necessary for efficient discharge of its functions under this Code.