Protection of action taken in good faith

(1) No suit, prosecution or other legal proceeding shall lie against any person for anything which is done in good faith or intended to be done in pursuance of this Act or any rule or any regulation made thereunder. (2) No act done or proceedings taken under this Act by the Commission shall be invalid merely on the ground of existence of any vacancy or by reason of defect or irregularity in its constitution or absence of any Commissioner in its meeting.