Section 7: Meetings of the Authority

(1) The Authority shall meet at such times and places and shall, subject to the provisions of sub-section (2), observe such rules of procedure in regard to the transaction of its business at its meetings (including quorum) as may be prescribed by the regulations. (2) Every meeting shall be presided over by the Chairperson, if present at the time appointed for holding the same and, if the Chairperson is absent, by the Vice Chairperson or in his absence by the senior most member present. (3) All the issues at the meeting of the Authority shall be decided by a majority of votes of the members present and voting and, in the event of an equality of votes, the Chairperson shall have a second or casting vote. (4) (a) Every member, who is, in anyway, whether directly or indirectly, concerned or interested in the contract or arrangement, entered into or proposed to be entered into, by or on behalf of the Authority, shall disclose the nature of his concern or interest before or at the meeting of the Authority. (b) No member shall take any part in discussion, or vote on, any contract or arrangement entered into or to be entered into by or on behalf of the Authority if he is in anyway, whether directly or indirectly, concerned or interested in the contract or arrangement: Provided that a member shall not be deemed to be concerned or interested as aforesaid by reason of his being a shareholder holding directly and indirectly in the aggregate less than two percent of the paid-up equity share capital of a company concerned or interested in any such contract or arrangement.