Final answer:
The board shall hold regular meetings at least once per year. Congress is an example, with a constitutional requirement to meet annually, now specified as January 3rd unless a alternative date is set. Other legislative bodies have their regulations, like biennial sessions or semi-annual reporting requirements like the Fed's Board of Governors.
Step-by-step explanation:
The frequency of regular meetings for the board to examine applicants and transact business will depend on the rules of the specific institution or government entity. However, Congress serves as an illustrative example, where the Constitution mandates that it must assemble at least once every year. This foundational requirement has been amended over time. Notably, the 20th Amendment to the U.S. Constitution, specifically Section 2, now stipulates the first meeting of Congress to begin at noon on January 3rd of each year, unless a different day is set by law. Therefore, boards and committees that follow a similar model would also be expected to hold regular meetings at least annually.
Such provisions ensure consistent governance and accountability. These regular meetings are essential for maintaining legislative processes and allowing for systematic review and establishment of policies. Examples of regular meeting schedules include the regular sessions of the Legislature, which are held every two years and cannot exceed 140 days. Special sessions may also be convened, but cannot exceed 30 days in duration. Similarly, under the Humphrey-Hawkins Act, the Fed's Board of Governors must report to Congress about monetary policy twice each year, reflecting another form of regulated meeting frequency.