(1) The Board may make rules for the Foundation not inconsistent with this Act for all or any of the following purposes—
(a) regulating its proceedings;
(b) providing for the custody of the property of the Foundation, and the custody and use of the seal of the Foundation;
(c) regulating the terms and conditions of employment of persons appointed under this Act;
(d) the preparation of semi annual or quarterly audits of the Foundation; and
(e) providing for such other matters as may be necessary or expedient for the better carrying out of the functions of the Foundation.
(2) Notice in writing of every proposed resolution to make rules under this section or for the amendment or revocation of any rule so made, including a copy of the proposed rule, amendment, or revocation shall be given to every Director not less than 21 days before the meeting at which such proposal is to be moved but an inadvertent failure to comply with this subsection shall not invalidate the making, amendment or revocation or any rule of that meeting.