Section 12: Meetings of the Board

12. Meetings of the Board.___(1) The meetings of the Board shall be held at such times and at such places as may be prescribed by regulations: Provided that at least one meeting shall be held in a month: Provided further that until regulations are made in this behalf, such meetings shall be held at such times and at such places as may be determined by the Chairman. (2) The quorum necessary for transacting business at a meeting of the Board shall be three, if the Board consists of five Directors and two if the number is less. (3) Each Director, including the Chairman, shall have one vote but in the event of an equality of votes, the Chairman shall have a second or casting vote. (4) The meetings of the Board shall be presided over by the Chairman, and, in his absence, by a Director authorized by him in this behalf, and in default of such authorization by a person elected for the purpose by the Directors present from among themselves. (5) No act or proceeding of the Board shall be invalid merely on the ground of the existence of any vacancy in, or any defect in the constitution of, the Board. (6) The minutes of every meeting, stating among other things, the names of the Directors present, shall be drawn up and recorded in a book to be kept for the purpose, and shall be signed by the person presiding at the meeting, and such book shall at all reasonable times and without charge be open to inspection by any Director.

Effective date: 1962-01-01

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