Section 17 in The Industrial Finance Corporation Act, 1948
17. Meetings of the Board .-(1) Meetings of Board [* * *]shall be held at such times and at such places as may be prescribed:
Provided that until regulations have been made in this behalf such meetings shall be convened by [the Chairman] [ Substituted by Act 28 of 1955, Section 14, for " the Managing Director" (w.e.f. 18.9.1955). ].(2)To constitute a quorum at a meeting of [* * *] [ The brackets and letter " (a)" and Cl. (b) omitted by Act 74 of 1972, Section 7.] the Board, not less than five Directors shall be present, of whom not less than two shall be nominated Directors and at least one an elected Director.[* * *] [ The brackets and letter " (a)" and Cl. (b) omitted by Act 74 of 1972, Section 7.](3)[ At a meeting of the Board ] [Substituted by Act 28 of 1955, Section 14, for sub-Ss. (3) and (5) (w.e.f. 18.9.1955). ][each Director] [ Substituted by Act 74 of 1972, Section 7, for certain words.][shall have one vote, and in the event of an equality of votes, the Chairman or, in his absence, any other person presiding shall have a second or casting vote. ] [Substituted by Act 28 of 1955, Section 14, for sub-Ss. (3) and (5) (w.e.f. 18.9.1955). ](4)No Director shall vote on any matter concerning an industrial concern in which he is directly or indirectly interested.(5)[ The Chairman or, if for any reason he is unable to attend a meeting of the Board, the Managing Director or, in the event of both the Chairman and the Managing Director being unable to attend such meeting, any other Director nominated by the Chairman in this behalf and in the absence of such nomination any Director elected by the Directors present from among themselves, shall preside at the meeting.] [ Substituted by Act 50 of 1986, Section 10 (w.e.f. 2.2.1987).](6)[ If, for any reason, a Director nominated under clause (aa) or clause (b) ] [Inserted by Act 43 of 1957, Section 3 (w.e.f. 21.12.1957). ][or clause (bb)] [ Inserted by Act 50 of 1986, Section 10 (w.e.f. 2.2.1987).][of section 10 is unable to attend any meeting of the Board, ] [Inserted by Act 43 of 1957, Section 3 (w.e.f. 21.12.1957). ] [the Development Bank or the Central Government] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " the Central Government or the Reserve Bank" (w.e.f. 1.8.1964).] [or the Reserve Bank,] [Inserted by Act 50 of 1986, Section 10 (w.e.f. 2.2.1987). ][as the case may be, may depute any other person to attend the said meeting and such person shall, for all purposes of the said meeting, be deemed to be a Director nominated under clause (aa) or clause (b) or ] [Inserted by Act 43 of 1957, Section 3 (w.e.f. 21.12.1957). ][clause (bb)] [Inserted by Act 50 of 1986, Section 10 (w.e.f. 2.2.1987). ][, as the case be, of the said section. ] [Inserted by Act 43 of 1957, Section 3 (w.e.f. 21.12.1957). ]
