Section 7 in The West Bengal Industrial Infra-Structure Development Corporation Act, 1974
7. Head office and other offices, transaction of the business of the Corporation.
(1)The Corporation shall establish its head office at such place in the State as the State Government may specify and may, with the previous sanction of the State Government, establish offices or agencies in any other place in the State.(2)The Corporation shall meet at such times and places, and shall, subject to the provisions of sub-section (3), observe such rules of procedure in regard to the transaction of its business as may be provided by regulations made under this Act.(3)When any contract or loan is proposed to be entered into or taken by or on behalf of the Corporation, such proposal shall be circulated amongst the members of the Corporation, and any member who is directly or indirectly concerned or interested in any such contract or loan shall, within a week from the date of such communication, disclose in writing to the Corporation the nature, kind and extent of this aforesaid interest in such contract or loan, and such member shall not be present at the meeting or meetings of the Corporation in which any such proposal is discussed, unless his presence is required by the other members for the purpose of eliciting information in connection therewith, but no member so required to be present shall vote on any such contract or loan:Provided that a member shall not be deemed to be concerned or interested as aforesaid by reason only of his being a shareholder of a company concerned or interested in any such contract or loan.
