The Board shall meet not less than four times in every financial year and not more than four months shall elapse between the date of one meeting and the date of the next meeting.

Notwithstanding subregulation (1), the chairman may, and upon requisition in writing by at least five members shall, convene a special meeting of the Board at any time for the transaction of the business.

Unless three quarters of the total members of the Board otherwise agree, at least fourteen days' written notice of every meeting of the Board shall be given to every member of the Board.

The quorum for the conduct of the business of the Board shall be nine members.

The chairman shall preside at every meeting of the Board at which he is present but in his absence, the vice-chairman shall preside and shall, with respect to that meeting and the business transacted thereat, have all the powers of the chairman.

In the event of the absence of both the chairman and the vice-chairman, the members present shall elect one of their member to preside, who shall, with respect to that meeting and the business transacted thereat, have all the powers of the chairman.

Unless a unanimous decision is reached, a decision on any matter before the Board shall be by majority of the votes of the members present and voting and in the case of an equality of votes, the chairman or the vice-chairman or the person presiding shall have a casting vote.

Subject to subregulation (4), no proceedings of the Board shall be invalid by reason only of a vacancy among the members of thereof.

If a member is directly or indirectly interested in any contract, proposed contract or other matter before the Board and is present at a meeting on the Board at which the contract, proposed contract or other matter is the subject of consideration, he shall, at the meeting and as soon as reasonably practicable after the commencement thereof, disclose the fact and shall not take part in the consideration or discussion of, or vote on, any questions with respect to the contract or other matter, or be counted in the quorum of the meeting during consideration of the matter.

A disclosure of interest made under this subregulation shall be recorded in the minutes of the meeting at which it is made.