Section 14: Meeting of the Board and the Administration Committee

14. Meeting of the Board and the Administration Committee.—(1) No business of the Board or of the Administration Committee shall be transacted except at a meeting at which a quorum of a majority of the directors then appointed in the case of the Board, and three members in the case of the Administration Committee, are present. (2) The meetings of the Board and of the Administration Committee shall be held at such times and at such places as the Federal Government may, by rules, prescribe. (3) All meetings of the Board shall be presided over by the Chairman of the Board and of the Administration Committee by the Chief Executive. In the absence of the Chairman of the Board at a Board meeting, the Chief Executive shall preside. In the absence of the Chief Executive at a meeting of the Administration Committee, the meeting shall be presided over by a member authorized in writing by the Chief Executive. (4) The decisions at the Board and the Administration Committee shall be taken by a majority provided that such majority includes the presiding officer as mentioned in sub­section (3). At a meeting of the Board or of the Administration Committee, each director or member, as the case may be, shall have one vote, and in the case of equality of votes, the presiding officer shall have a second or casting vote. (5) A resolution in writing signed by the majority of the Board and the Chairman of the Board or the Administration Committee and the Chief Executive or affirmed by them through facsimile, telex or telegram shall be as valid and effectual as if it had been passed at a meeting of the Board or the Administration Committee, as the case may be, duly convened and held.

Effective date: 2000-01-01

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