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16/06/2024
Laws of Bangladesh

The Investment Corporation of Bangladesh Ordinance, 1976

( Ordinance NO. XL OF 1976 )

Meetings of the Board
 
 
 
 
14. (1) The meetings of the Board shall be held at such times and at such places as may be prescribed by regulations:
 
 
 
 
Provided that a meeting may also be otherwise convened by the Chairman when he so thinks fit.
 
 
 
 
(2) To constitute a quorum at a meeting of the Board the number of Directors present shall be five.
 
 
(3) At a meeting of the 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.
 
 
 
 
1[(5) If, for any reason, the Chairman is unable to be present at the meeting of the Board, a Director, other than the Managing Director, chosen by the Directors present shall preside over the meeting.]
 
 
 
 
(6) No act or proceeding of the Board or of any person acting in good faith as a Director, shall be invalid or questioned merely on the ground of the existence of any vacancy in, or any defect in the constitution of, the Board or of any defect in the appointment or qualification of the Director.

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    Sub-section (5) was substituted by section 6 of the Investment Corporation of Bangladesh (Amendment) Act, 2000 (Act No. XXIV of 2000)
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