(1) The minutes of the meeting of the Board shall be kept by the Secretary of the Board. On the confirmation of such minutes with or without modifications at the next meeting of the Board, the minutes so confirmed shall be recorded in the minute book and signed by the President and the minutes so recorded and so signed shall be the proof of the correctness thereof.
(2) No act or proceedings of the Board shall be deemed to be invalid by reason merely of any vacancy in or any defect in the constitution of the Board.
(3) No Trustee shall be responsible or chargeable otherwise than in respect of money and security actually received by him notwithstanding his signature to any receipt for the sake of confirmation and he shall be answerable and accountable only for his acts, neglects or defaults and not for those of any other Trustee not of any Bankers, Broker or other person with whom any fund or the investments representing the same may be deposited or upon whose advice or opinion the Trustees may act nor shall he be answerable for the insufficiency or deficiencies of any securities nor for any other loss howsoever arising save such as happens through his own willful default.