Section 7 in The Orissa Industrial Infrastructure Development Corporation Act, 1980
7. Meetings of the Board.
(1)The Board shall meet at such times and places, and shall, subject to the provisions of Sub-section (2), observe such rules of procedure in regard to the transaction of its business as may be provided by regulations made under this Act.(2)A Director, who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into, by or on behalf of the Corporation, shall at the earliest possible opportunity disclose the nature of his interest to the Board, and shall not present at any meeting of the Board when any such contract, loan arrangement or proposal is discussed, unless his presence is required by the other Directors for the purpose of eliciting information, but no Director so required to be present shall vote on any such contract, loan, arrangement or proposal.
