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44. The quorum necessary for the transaction of 1st Schedule. the business of the directors may be fixed by the Table C. directors, and unless so fixed shall, when the number --contd of directors exceed three, be three and shall, when the number of directors does not exceed three, be two.
45. The continuing directors may act notwithstand- ing any vacancy in their body, but, if and so long as their number is reduced below the number fixed by or pursuant to the regulations of the company as the necessary quorum of directors, the continuing direntors may act for the purpose of increasing the number of directors to that number, or of summon. ing a general meeting of the company, but for no other purpose.
46. The directors may elect a chairman of their meetings and determine the period for which he s to hold office; but, if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for holding the same, the directors present may choose one of their number to be chairman of the meeting.
47. The directors may delegate any of their powers to committees consisting of such member or members of their body as they think fit: any committee so formed shall, in the exercise of the powers SO delegated, conform to any regulations that may be imposed on them by the directors.
48. A committee may elect a chairman of its meetings; if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for holding the same, the members present may choose one of their number to be chairman of the meeting.
49. A committee may meet and adjourn as it thinks proper. Questions arising at any meeting shall be determined by a majority of votes of the members present, and in case of an equality of votes the chairman shall have a second or casting vote.
50. All acts done by any meeting of the directors or of a committee of directors, or by any person acting as a director, shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such directors or persone acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and was qualified to be a director.
Accounts.
51. The directors shall cause proper books of
account to be kept with respect to-
All sums of money received and expended by the company and the matter in respect of which the receipt and expenditure takes place;
♦ All sales and purchases of goods by the company;
and
The assets and liabilities of the company.
52. The books of account shall be kept at the registered office of the company, or at such other place or places as the directors think fit, and shall always be open to the inspection of the directors.
53. The directors shall from time to time deter- mine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the company or any of them shall be open to the inspection of members not being directors, and no member (not being a