No business shall be transacted at any meetings of the Board, whether ordinary or emergency, unless there is a quorum of not less than one-third of the number of the members of the Board present including the Chairman;
Provided that if at any meeting less than one-third of the total number of members are present, the Chairman or in the absence of Chairman, the member elected to preside over the meeting, may adjourn the meeting to a date not less than seven days from the date of the meeting, informing the members present and giving notice of the meeting to the other members of the Board and it shall there upon be lawful to dispose of the business at such adjourned meeting irrespective of the number of members present.