7. (1) The meetings of the Board shall be held at such times and places as may be prescribed: Provided that, until so prescribed, such meetings shall be held at such times and places as may be determined by the Chairman. (2) To constitute a quorum at a meeting of the Board, not less than three Directors shall be present. (3) All meetings of the Board shall be presided over by the Chairman, and in his absence, by a Director elected for the purpose. (4) At a meeting of the Board, each Director shall have one vote, and in the event of equality of votes, the person presiding shall have a second or casting vote. (5) 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.