(1) The Board shall meet at the headquarters of its office which shall be located at Lucknow or at such other place and at such time and the meeting shall be convened in such manner as may be provided by regulations made by the Board.
(2) No business shall be transacted at any meeting of the Board unless five members are present :
Provided that when it is necessary to postpone any business at a meeting for want of quorum, the Chairman shall adjourn the meeting to another date and the business postponed for want of quorum shall be transacted on such date or in the event of a further adjournment of the meeting to a subsequent date, on such subsequent date notwithstanding any deficiency in the number of members present.