Section 12Section 12

s. 12

12 (1) The meetings of the Board shall be held at such times and at such places as may be prescribed by regulations: Provided that a meeting may be otherwise convened by the Chairman when he so thinks fit. (2) To constitute a quorum at a meeting of the Board, the number of Directors present shall be [four if the Board consists of nine Directors and three if the Board consists of less than nine Directors.] (3) At a meeting of the Board each Director shall have one vote, and in the event of equality of votes, the Chairman shall have a second or casting vote. (4) No Director shall vote on any matter in which he is directly or indirectly interested. [(5) If for any reason the Chairman is unable to be present at a meeting of the Board, a Director, other than the Managing Director, chosen by the Directors present shall preside over the meeting.]

1. 10. The words “four if the Board consists of nine Directors and three if the Board consists of less than nine Directors” were substituted for the words “three if the Board consists of five Directors and two if the Board consists of less than five Directors” by section 2 and the Schedule of the Financial Institutions Laws Amendment Ordinance, 1977 (Ordinance No. LXI of 1977)
2. 11. Clause (5) was substituted by section 7 of the Bangladesh Shilpa Bank (Amendment) Act, 1987 (Act No. XVIII of 1987)