88.— (1) The board of a corporation shall hold such and so many meetings as may be necessary for the due performance of its functions.

(2) At a meeting of the board of a corporation—

(a) the chairperson of the board of a corporation shall, if present, be chairperson of the meeting, and

(b) if and so long as the chairperson of the board of a corporation is not present or if the office of chairperson is vacant, the members of the board of a corporation who are present shall choose one of their number to be chairperson of the meeting.

(3) Every question at a meeting of the board of a corporation shall be determined by a majority of the votes of the members of the board present and voting on the question, and in the case of an equal division of votes, the chairperson of the meeting shall have a second or casting vote.

(4) The board of a corporation may act notwithstanding one or more vacancies among its members.

(5) Subject to this Part, the board of a corporation shall regulate its procedure and practice by rules made under this section.

(6) The quorum for a meeting of the board of a corporation shall be 7.

(7) Subject to any rule made under subsection (5) meetings of the board of a corporation shall be capable of being held by telephone or other suitable electronic means whereby all the members of the board can hear and be heard.

(8) The board of a corporation may delegate any of its functions to a subcommittee of the board of the corporation subject to such conditions as the board of the corporation considers appropriate.