AGRICULTURAL DEVELOPMENT CREDIT AND CO-OPERATIVE BANK ACT - 1965 (ACT 286)

Section - 12 - Meetings of Board and Executive Committee

(1) The Board shall meet as often as the business of the Bank requires but not less frequently than once in each month.

(2) No business of the Board shall be transacted except at a meeting at which a quorum of four Directors are present. [As substituted by Agricultural Development Bank Act, 1965 (Amendment) Decree, 1967 (NLCD 182) s. 9(1)].

(3) The meetings of the Board shall be held at such time and place as may be determined by the Chairman. [As amended by Agricultural Development Bank Act, 1965 (Amendment) Decree, 1967 (NLCD 182) s. 9(2)].

Provided that until regulations are made in this behalf under this Act such meetings shall be convened by the Chairman.

(4) Any meeting of the Board shall be presided over by the Chairman and in his absence, by the Managing Director or in the absence of the Managing Director, by a member chosen for that purpose by the Directors from amongst their number present at such meeting. [As amended by Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 9(3)].

(5) At every meeting of the Board, each Director shall have one vote, and in the event of an equality of votes, the person presiding shall have a second or casting vote. [As amended by Agricultural Denvelopment Bank Act, 1965 (Amendment) Decree, 1967 (NLCD 182) s. 9(4)].

(6) No act or proceedings of the Board shall be invalidated by reason only of the existence of a vacancy among the members thereof. [As amended by Agricultural Credit and Co-operative Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 9(5)].