The Industrial Finance Corporation Act, 1948
42. Power of Central Government to make rules.
- 1* 2*[The
Central Government may, in consultation with the Development Bank and by
notification in the Official Gazette, make rules not inconsistent with the
provisions of this Act, to give effect to the provisions of this Act, and where
there is any inconsistency between the rules and the regulations made under
this Act the rules shall prevail.
- 3*[Every rule made under this section 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 2*[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 rule or both Houses agree that the rule
should not be made, the rule shall thereafter have effect only in such modified
FROM 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 rule.]
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