15. (1) The Board shall constitute an Executive Committee consisting of not more than five members to assist it in the discharge of the functions under this Ordinance and shall also nominate its Chairman. (2) The members of the Executive Committee shall hold office for such period as the Board may decide. (3) The minutes of every meeting of the Executive Committee shall be laid before the Board for information at its meeting next following the meeting of the Committee. (4) Subject to the general or special directions of the Board, the Executive Committee may deal with any matter within the competence of the Board. (5) No business of the Executive Committee shall be transacted except at a meeting at which a quorum of two members is present. (6) The meetings of the Executive Committee shall be held at such time and at such places as may be prescribed by regulations: Provided that until regulations are made in this behalf such meetings shall be convened by the Managing Director. (7) All meetings of the Executive Committee shall be presided over by the Chairman of the Executive Committee. (8) At a meeting of the Executive Committee each member shall have one vote, and in the case of equality of votes, the person presiding shall have a second or casting vote: Provided that no member shall vote or participate in a discussion of any matter in which he is directly or indirectly interested and it shall be the obligation of the member to disclose such interest. (9) No act or proceeding of the Executive Committee or of any person acting in good faith as a member of the Executive Committee, shall be invalid or questioned merely on the ground of the existence of any vacancy in, or any defect in the constitution of, the Executive Committee or of any defect in the appointment or qualification of the member.