State Agricultural Credit Corporations Act, 1968
47. Power of the Board to make
regulations.
- The Board 1*[after consultation with
the Reserve Bank, may, by notification in the Official Gazette"] make
regulations not inconsistent with the provisions of this Act and the rules
made thereunder, to provide for all matters for which provision is necessary
or expedient for the purposes of giving effect to the provisions of this Act.
- In particular and without prejudice
to the generality of the foregoing provisions, such regulations may provide
for all or any of the following matters, namely:-
- duties which the managing director
shall perform;
- fees and allowances which may be
paid to every director for attending any meeting of the Board or any
committee thereof or for attending to any other work of the Corporation;
- duties, conduct, salaries and
allowances and conditions of service of officers and other employees of the
Corporation;
- establishment and maintenance of
provident and other benefit funds for the employees of the Corporation;
- the delegation of powers and
functions to the officers and employees of the Corporation;
- the purposes connected with
agricultural purposes for which the Corporation may grant loans and
advances;
- the conditions subject to which
the amount in the Stabilisation Fund may be utilised;
- the manner in which the amount in
the Reserve Fund may be utilised;
- conditions which the Corporation
may impose on any loan or advance made by it;
- any other matter which is, or may
be, necessary for the efficient conduct of the affairs of the Corporation.
- Notwithstanding anything contained
in sub-section (1), the Reserve Bank may at any time within three months from
the commencement of this Act make regulations with regard to any of the
matters specified in sub-section (2) but the regulations so made may 1. Subs.
by Act 4 of 1986, s.2 and Sch. (w.e.f. 15-5-1986). 187.be rescinded or
modified by the Board in exercise of the powers conferred on it by sub-section
(1).
- Every regulation made under this Act
shall be laid, as soon as may be after it is made, before each House of
Parliament, while it is in session, for a total period of thirty days which
may be comprised in one session or in two or more successive sessions, and if,
before the expiry of the session immediately following the session or the
successive sessions aforesaid, both Houses agree in making any modification in
the regulation, or both Houses agree that the regulation should not be made,
the regulation shall thereafter have effect only in such modified form or be
of no effect, as the case may be; so, however, that any such modification or
annulment shall be without prejudice to the validity of anything previously
done under that regulation."]
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