Defects in appointment of directors not to invalidate acts etc.

(1) No act or proceeding of the Board or of any committee of the Board shall be invalid merely by reason of- (a) any vacancy in or defect in the composition of the Board or Committee, as the case may be; or (b) any defect in the nomination of any person action as a [Chairman or a Director] of the Nigam or member of the Committee; or (c) any defect or irregularity in the procedure of the Board or Committee, as the case may be. (2) No act done by any person acting in good faith as a [Chairman or a Director] of the Nigam or as a member of a Committee of the Board shall be deemed to be invalid merely on the ground that he was disqualified to be a [Chairman or a Director] or a member or that there is any defect in his appointment.