(1) The Board of management shall meet for the transaction of its business at such time and place as it may think fit:
Meetings, etc., of the Board of management.
Provided that the Chairman may, whenever he thinks fit, and shall, upon the written requisition of not leas than two members, call a special meeting.
468 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SKC. 1]
(2) The quorum for a meeting of the Board of management shall be one-third of its total strength (any fraction contained in that onethird be rounded off as one) or three members, whichever is higher.
(3) The Chairman, or, in his absence, any member chosen by the members present from amongst themselves, shall preside at a meeting of the Board of management.
(4) All questions which come up before any meeting of the Board of management shall be decided by a majority of votes of the members present and voting, and in the case of an equality of votes, the Chairman, or, in his absence, the person presiding, shall have a second or casting vote.
(5) All orders and decisions of the Board of management shall be authenticated by the signature of the Chairman or any other member authorised by the Board of management in this behalf and all other instruments issued by the undertaking of the company shall be authenticated with the signature of the Administrator or any other officer of the undertaking of the company authorised by the Board of management in this behalf.
(6) The Board of management shall regulate its own procedure.".
6. Section 5 of the principal Act shall be omitted.Omission of section 5.
7. In section 7 of the principal Act, in sub-section (1), for the words "period of two years referred to in that sub-section", the words "period of five years referred to in that sub-section or the further period specified in any diections made under the proviso thereto" shall be substituted.
Amendment of section
7.
8. In section 9 of the principal Act, for the word "Custodian", wherever it occurs, the words "Administrator, Board of management or Custodian" shall be substituted Amendment of section
9.
9. In section 12 of the principal Act, after the words "any notification,", the words "direction," shall be inserted.
Amendment of section
12.
lft. In section 13 of the principal Act, for the word "Custodian", wherever it occurs, the words "Administrator, Board of management or Custodian" shall be substituted.
Amendment of section
13.
11. In section 16 of the principal Act, in sub-section (2), for clause (a), the following clause shall be substituted, namely: — Amendment of section
16. "(a) allowances which may be received by the Chairman and other members of the Board of management for attending any meeting of the Board of management;".
V. V. GIRI, President, S. K- MAITRA, Joint Secy, to the Govt. oj India.
PRINTED SY THE MANAGER, GOVERNMENT OF INDIA, tHESS, MINTO K^AP. N E * HBXJC >*JD PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI,. 1974