44. On the occurrence or threatened occurrence of any accident or any unforeseen event or natural calamity involving, or which is likely to involve, extensive damage to any property of the Corporation or danger to human life, the Chief Executive Officer shall take such immediate action as he considers necessary and make report forthwith to the Corporation or the Standing Committee concerned of the action taken by him and the reason therefore and also of the cost, if any, incurred or likely to be incurred in consequence of such action.