Section 18: Meeting of the Board and the Executive Committee

18. Meeting of the Board and the Executive Committee.__ (1) No business of the Board or of the Executive Committee shall be transacted except at a meeting at which a quorum of three Directors in the case of the Board and two members in the case of the Executive Committee is present. (2) The meetings of the Board and of the Executive Committee shall be held at such time and at such places as may be laid down in the regulations: Provided that until regulations are made in this behalf such meetings shall be convened, in the case of the Board, by the Chairman, and in the case of Executive Committee, by the Managing Director. (3) All meetings of the Board shall be presided over by the Chairman and in his absence by the person elected by the Directors present from amongst themselves and all meetings of the Executive Committee shall be presided over by the Managing Director. (4) At a meeting of the Board or of the Executive Committee each Director or member, as the case may be, shall have one vote, and in the case of equality of votes, the person presiding shall have a second or casting vote: Provided that no Director or member shall vote or participate in a discussion of any matter in which he is directly or indirectly interested and it shall be the obligation of the Director or member to disclose such interest. (5) No act or proceeding of the Board or of the Executive Committee, or of any person acting in good faith as a Director or member of the Executive Committee, shall be invalid or questioned merely on the ground of the existence of any vacancy in, or any defect in the constitution of, the Board or the Executive Committee, or of any defect in the appointment or qualification of the Director or member, as the case may be.

Effective date: 1966-01-01

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