(1) The Board and the Executive Committee shall meet at such times and places and shall observe such rules of procedure in regard to transaction of business at its meetings as may be provided by regulations made under this Act.
     (2) All questions at a meeting shall be decided by a majority of votes of the members present, and in the case of equality of votes, the Chairman or in his absence, any other person presiding, shall have a second or casting vote.
     (3) No director shall vote on any matter in which he is interested.
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     (5) If for any reason the Chairman of the Board or the Chairman of the Executive Committee is unable to attend any meeting of the Board or, as the case may be, of the Executive Committee,--
         (a) in the case of the meeting of the Board, a director ³*** authorised by the Chairman of the Board in writing shall preside at such meeting, but if the director so authorised is absent or if no such authorisation has been made, the Board may elect a director to preside at the meeting; and
         (b) in the case of the meeting of the Executive Committee, a member authorised in writing by the Chairman of that Committee shall preside at that meeting, but if the member so authorised is absent or if no such authorisation has been made, the Committee may elect any of its members to preside at that meeting.]