(1) The Corporation shall meet at such times and places as the Chairperson may decide and shall, subject to the provisions of sub-section (3), observe such rules of procedure in regard to the transaction of business at its meetings (including quorum thereof) as may be laid down by regulations:
Provided that, at least one meeting shall be held in every calendar month in such manner so as to ensure that not more than thirty days intervene between the two meetings.
(2) The Chairperson or, in his absence, such of the Vice-Chairpersons appointed under clause (b) of sub-section (1) of section 4, if both are the members of the State Legislature; as may be predetermined by the Chairperson by an order, shall preside over the meeting of the Corporation; and in the absence of all the three, the Chief Secretary to Government, being the ex-officio Vice-Chairperson shall preside over such meeting:
Provided that, if the Vice-Chairpersons appointed under clause (b) of sub-section (1) of section 4 are persons other than the members of the State Legislature, the Chief Secretary as the ex-officio Vice-Chairperson shall, in the absence of the Chairperson, preside over the meeting and in absence of the Chief Secretary, such of the other Vice-Chairpersons, as may be predetermined by the Chairperson by an order, shall preside over such meeting:
Provided further that, if for any reason the Chairperson and the Vice-Chairpersons are unable to attend any meeting, the meeting shall stand adjourned.
(3) A member, who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into, by or on behalf of the Corporation, shall, at the earliest possible opportunity, disclose the nature of his interest to the Corporation, and shall not be present at any meeting of the Corporation when any such contract, loan, arrangement or proposal is discussed, unless his presence is required by the other members for the purpose of eliciting information, but no member so required to be present shall vote on any such contract, loan, arrangement or proposal:
Provided that, a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a share-holder of a Company concerned in any such contract, loan, arrangement or proposal.