8. ¹[(1) The Board shall consist of a Managing Director and eight other Directors to be appointed by the Government: Provided that when there are shareholders other than the Government, such shareholders shall elect, in such manner as may be prescribed, from amongst themselves-(a) one Director, when the number of shares subscribed for by them exceeds twelve per cent but does not exceed twenty-five per cent of the total shares;(b) two Directors, when the number of shares subscribed for by them exceeds twenty-five per cent but does not exceed thirty-five per cent of the total shares;(c) three Directors, when the number of shares subscribed for by them exceeds thirty-five per cent but does not exceed forty-five per cent of the total shares;(d) four Directors, when the number of shares subscribed for by them exceeds forty-five per cent.] (2) 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.