(1) The Corporation shall meet at such times and places as the Chairman may decide and observe such rules of procedure in regard to transactions of business at the meetings (including the quorum thereof), as may be laid down by regulations :
Provided that, at least one meeting shall be held in every two calendar months in such a manner so as to ensure that not more than sixty days intervene between the two meetings.
[(2) The Chairman shall preside over every meeting of the Corporation. In the absence of the Chairman, the Ex officio Vice-Chairman under clause (b) of sub-section (1) of section 4 shall preside over such meeting and in absence of both Chairman and Ex officio Vice-Chairman under clause (b) of sub-section (1) of section 4, the nominated Vice-Chairman under clause (b-1) of sub-section (1) of section 4 shall preside over the meeting. If, for any reason, the Chairman and Vice-Chairmen are unable to attend any meeting, the meeting shall be presided over by the seniormost member Minister, present in the meeting.]
(3) All proceedings of the Corporation shall be authenticated by the Chairman and all orders and instruments of the Corporation shall be authenticated by the Managing Director or any other Officer of the Corporation as may be authorised in this behalf, by regulations.