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The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

Meetings of the Board
10. (1) The meetings of a Board shall be held at such times and places as may be prescribed:
Provided that a meeting may also be otherwise convened by the Managing Director, if the Chairman so directs.
(2) To constitute a quorum at a meeting of the Board not less than three Directors, shall be present.
(3) At a meeting of a Board each Director shall have one vote, and in the event of equality of votes the Chairman shall have a second or casting vote.
(4) No director shall vote on any matter in which he is directly or indirectly interested.
(5) If for any reason the Chairman of a Board is unable to be present at a meeting a Director elected by the Directors present shall preside over the meeting.
(6) No act or proceeding of a Board shall be invalid merely on the ground of existence of any vacancy in, or any defect in the constitution of, the Board.

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Ministry of Law, Justice and Parliamentary Affairs