Meeting of the Board

(1) The Board shall meet at such times and places and shall, subject to the provisions of sub-sections (2) and (3) observes such rules of procedure in regard to transaction of business at its meetings including the quorum at meetings as may be prescribed by regulations: Provided that the Board shall meet at least once in three months. (2) The Chairman or in his absence, the Managing Director shall preside at a meeting of the Board. (3) All questions at any meetings of the Board shall be decided by a majority of the votes of the directors present and voting and in the case of an equality of votes, the Chairman, or in his absence the Managing Director presiding, shall have and exercise a second or casting vote.