8. (1) The Board shall consist of a Chairman and such other Directors, not exceeding five of whom two shall be ex-officio, as may be appointed by the Government on such terms and conditions as the Government may determine. (2) One of the Joint Secretaries of the Ministry of Petroleum and Minerals and one of the Joint Secretaries of the Ministry of Finance shall be the ex-officio Directors. (3) 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.