12.—(1) The chairperson of the board may summon meetings as often as may be required but at least one meeting must be summoned in each quarter of a calendar year.
[Act 12 of 2024 wef 30/08/2024]
(2) At every meeting of the board, a quorum consists of 4 directors or a simple majority of the directors, whichever is the larger, and decisions are to be adopted by a simple majority of the votes of the directors present and voting except that in the case of an equality of votes the chairperson has a casting vote.
(3) To avoid doubt, a decision of the board may be made by way of a resolution passed by a simple majority of the directors by written or electronic means.
[24/2003]
(4) In subsection (1), each of the following is a quarter of a calendar year:
(a)
January, February and March of the same calendar year;
(b)
April, May and June of the same calendar year;
(c)
July, August and September of the same calendar year;
(d)
October, November and December of the same calendar year.