(1) The Board shall meet at such times and places as the Chairman may decide and an urgent meeting may be convened by the Managing Director at any other time for the transaction of urgent business as may be provided by the regulations:
Provided that atleast one meeting shall be held in every three months.
(2) The Chairman or in his absence the Vice-Chairman and in the absence of both the Chairman and the Vice- Chairman, any member chosen by the members present among themselves, shall preside at a meeting of the Board.
(3) The procedure in regard to transaction of business at the meetings including the quorum shall be such as may be provided by the regulations.
6. No act or proceeding of the Board shall be invalid by reason only of the existence of any vacancy amongst its members or any defect in its constitution.
7. The terms and conditions of service of the members of the Board including the honoraria and the allowances to be paid to them, shall be such as may be prescribed.