(1) The Corporation shall meet at such times and places as the Chairman 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 the quorum thereof) as may be laid down by regulations:
Provided that, at least one meeting shall be held in every three months period.
(2) The Chairman or, in his absence such other Member as may be notified by the Government shall preside at every meeting of the Corporation. If for any reason the Chairman and such other member 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:
Meetings of Corporation.
8 [Act No.12 of 1997]
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.
8. The Corporation may, from time to time, constitute Committee, or Committees out of its members consisting of such number of them as it may think proper and may delegate to such Committee such powers of the Corporation as it may deem fit for carrying out the purposes of this Act.