12. (1) The Board shall consist of a Chairman and such number of other Directors not exceeding six as the Government may fix. (2) The Chairman and other Directors shall be appointed by the Government for such period and on such terms and conditions as the Government may determine. (3) The Chairman or any other Director may, at any time, resign: Provided that his resignation shall not take effect until accepted by the Government. (4) No act or proceeding of the Board shall be invalid merely on the ground of existence of any vacancy in, or any defect in the constitution of, the Board.