(7) The Board shall meet at such time and places and shall, subject to the provisions of sub-section (2) observe such rules or procedure in regard to the transaction of its business as may be provided by the regulations made under this Act.
(2) A Director, Chairperson or the Managing Director who is directly or indirectly concerned or is interested in any of the resolutions or decisions shall abstain himself from such discussion or decision when such subject matter is taken up for discussion or decision:
Provided that when the Chairperson is required to abstain as aforesaid, the meetings shall be chaired by any other Director to be appointed by majority in such meeting, when discussing or taking decision on such subject.
(3) The quorum required for transaction of the business at the meeting of the Board shall be three.
(4) In the event of equality of vote, the Chairperson shall have the casting vote.
(5) The meetings of the Board shall be presided over by the Chairperson and in his absence by a Director elected for the purpose by the Directors present from amongst themselves.
(6) No act or proceedings of the Board shall be invalid merely on the ground of existence of any vacancy in the Board.
(7) The minutes of every meeting of the Board, stating among other things, the names of the Directors present, shall be drawn up and recorded in a book to be kept for the purpose and shall be signed by the person presiding over the meeting and such book shall, at all reasonable times and without payment of any fee, be open for inspection to the Directors.