(1) Meetings of the Board and of the Executive Committee shall be held at such times and at such places as may be prescribed: Provided that until regulations have been made in this behalf's such meetings shall be convered by the Managing Director.

(2) To constitute a quorum at a meaning of

(a) the Board ,not less than five Directors shall be present, of whom not less than two shall be nominated Directors and at least one an elected. Director:

(b) the Executive Committee, not less than three members shall be present, of whom at least one shall be a nominated Director and one an elected Director.

(3) At a meeting of the Board or of the Executive Committee, each Director or member of the Committee, as the case may be, shall have one vote, and in the event of an equality of votes, the Chairman shall have a second or casting vote.

(4) No Director shall vote or, any matter concerning an 'industrial concern in which he is directly or indirectly interested.

(5) It for any reason the Chairman is unable to be present at a: meeting-

(a) of the Board, a Director (other than Managing Director) authorised by the Chairman in writing in this behalf shall preside at that meeting and in default of such authorisetion the Board may elected a Chairman to preside at that meeting ;

(b) of the Executive Committee, a member authorised in writing by the Managing Director shall preside at that meeting and in default of such authorisation the Executive Committee may elect a Chairman to preside at that meeting.