Amendment status not verified — confirm the current text below against the official source.
Meetings of Corporation.— (1) The Corporation shall meet at such times and at such 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 it’s meetings (including the quorum thereof) as may be laid down by the regulations: Provided that, at least one meeting shall be held in every calendar month in such a manner so as to ensure that not more than thirty days intervene between two meetings. (2) The Chairman or, in his absence, one of the Official Directors shall preside at every meeting of the Corporation. (3) A Director, 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 Directors for the purpose of eliciting information, but no Director so required to be present shall vote on any such contract, loan, arrangement or proposal: Provided that, a Director shall not be deemed to be concerned or interested as aforesaid by reason only of his being a shareholder of a company in any such contract, loan, arrangement or proposal.