4.
| (1) Chairman of the Authority shall preside at meetings of the Board. In the absence of the Chairman from any meeting, a member elected from among the members present, shall preside at such meeting. |
|
| (2) The quorum for any meeting of the Board shall be seven members, including the three ex-officio members referred to in paragraphs (i). (ii) and (iii) of subsection (2) of section 3. |
|
| (3) Subject to the provisions of subsections (1) and (2) the Board may regulate the procedure in regard to the meetings of the Board, and the transaction of business of such meetings. |
|
| (4) No act or proceeding of the Board shall be deemed to be invalid by reason only of the existence of a vacancy among its members or any defect in the appointment of a 'member. |
|
| (5) A member of the Board may be paid such remuneration as may be determined by the Board, with the concurrence of the Minister and the Minister in charge of the subject of Finance. |
|
|
Sri Lanka Consolidated Acts