Section 5. Meetings of the Board.

(1) The Board shall meet, as often as may be necessary, at such time and place and observe such rules of procedure as may be prescribed: Provided that the Board shall meet at least twice in a year. (2) The Chairperson shall preside over the meeting of the Board. (3) In the absence of the Chairperson by reason of leave or illness or for any other reasons, the Chairperson may authorise any of the other members of the Board to function as Chairperson and he shall preside over the meeting. (4) No act or proceeding of the Board shall be invalid by reason only of the existence of any vacancy in, or any defect in the constitution of, the Board. (5) Notice of the meetings of the Board, the place, quorum and procedures regarding transactions of the business of the Board shall be such as may be prescribed.