Members to act during vacancy, not to be invalidated by formalities.

(1) During any vacancy in the Corporation the continuing members may act as if no vacancy had occurred. (2) The Corporation shall have power to act, notwithstanding any vacancy in the membership or any defect in the constitution thereof, or any defect or irregularity in the nomination of any person as a member thereof, or any defect or irregularity in any act done or proceeding taken under this Act or the regulations made thereunder not affecting the merits of the case ; and such proceedings of the Corporation shall be valid notwithstanding that it is discovered subsequently that some person who was not entitled to do so sat or voted or otherwise took part in the proceedings or that some defect or irregularity as aforesaid existed.