(1) The Board shall hold meetings at such places and times as the Board may determine.

(2) A special meeting of the Board shall be called upon a written request signed by the Chairman or by a majority of the directors of the Board addressed to the Secretary of the Corporation.

(3) The Chairman shall preside at every meeting at which he is present and in his absence a person elected by the directors present from among themselves shall preside.

(4) Unless otherwise provided, the decisions at meetings of the Board shall be adopted by a simple majority of the votes of directors present and where the votes are even, the person presiding shall have a second or casting vote.

(5) The quorum at any meeting of the Board shall be five.

(6) The Board may co-opt any person or persons to attend any meeting of the Board as adviser or advisers so, however, that no person so co-opted shall have the right to vote on any matter coming before the Board for decision.

(7) The validity of any proceedings of the Board shall not be affected by any vacancy among its members or any defect in the appointment of any of them.

(8) Any member of the Board who has any interest in any company or undertaking with which the Corporation proposes to make any contract or who has any interest in any contract which the Corporation proposes to make shall disclose in writing to the Board the nature of his interest and shall unless the Board otherwise directs, be disqualified from participating in any deliberations of the Board on the contract and shall, in any case, be disqualified from voting on any decision of the Board concerning such contract and any member who contravenes the provisions of this subsection shall be liable to be removed from the Board.