9. Transaction of business by circulation of papers.- (1) Any business which it may be necessary for the Board to transact may, if the Chairman so directs, be dealt with by circulation of papers under registered cover among all the Directors for the time being in India at their usual address, and any resolution so circulated and approved by a majority of the members signing, shall be as effectual and binding as if the resolution had been passed at a meeting of the Board. (2) When any business is so referred to the Directors by circulation, a period of not less than ten clear days shall be allowed for the receipt of replies from the Directors, such period to be counted from the date on which the notice of business is issued. (3) If a resolution is circulated, the results of circulation shall be communicated to all the Directors. | 