(1) Subject to the provisions of this Act, the Board of Directors of a corporation shall be entitled to exercise all such powers, and to do all such acts and things, as the corporation is authorised to exercise and do :
Provided that the Board shall not exercise any power or do any act or thing which is directed or required, whether by this or any other Act or by the memorandum or articles of the corporation or otherwise, to be exercised or done by the corporation in general meeting :
Provided further that in exercising any such power or doing any such act or thing, the Board shall be subject to the provisions contained in that behalf in this or any other Act, or in the memorandum or articles of the corporation, or in any regulations not inconsistent therewith and duly made thereunder, including regulations made by the corporation in general meeting.
(2) No regulation made by the corporation in general meeting shall invalidate any prior act of the Board which would have been valid if that regulation had not been made.