Meetings 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), observe 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 every month: (2) The Chairman or in his absence such other member as may be chosen by the members present from among themselves shall preside at a meeting of the Board.