Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation shall meet at such times and 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 its meetings including the quorum thereof as may be laid down by regulations: Provided that atleast one meeting shall be held in every four months period. (2) The Chairman, or in his absence the Vice- Chairman, shall preside at every meeting of the Corporation. If for any reason the Chairman and Vice-Chairman are unable to attend any meeting, the meeting shall stand adjourned. (3) A member, 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 members for the purpose of eliciting information, but no member so required to be present shall vote on any such contract, loan agreement or proposal: Meetings of Corporation. 8 [Act No.1 of 1998] Provided that a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a share holder of a Company concerned in any such contract, lean, arrangement or proposal.