Meetings of the Board

(1) The Board shall meet as frequently as would be necessary to transact its business, but the intervening period between any two consecutive meetings shall not ordinarily exceed forty five days. (2) The quorum for every meeting of the Board, shall be five members. (3) Subject to the provisions contained in sub-section (1) no act or proceedings of the Board shall be invalid merely by reason of the existence of any vacancy among the members of the Board.