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 places, and shall, subject to the provisions of sub-section (2), observe such rules of procedure in regard to the transaction of its business, as may be prescribed. (2) 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 for any meeting of the Corporation when any such contract, loan, arrangement or proposal is discussed. (3) There shall be at least 1/3rd of the total number of Directors of the Corporation present for any meeting so called, failing which, the meeting shall stand cancelled. The Managing Director who shall function as ex officio secretary to the Corporation shall remain present for all such meetings.