The Industrial Finance Corporation Act, 1948

43. Power of Board to make regulations.

1. The Board may, 4*[with the previous approval of the Development Bank], [and by notification in the official Gazette]5* make regulations not inconsistent with this Act 6*[and the rules made there under] to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act.
2. In particular and without prejudice to the generality of the foregoing power, such regulations may provide for-

1. the holding and conduct of elections under this Act, including the final decision of doubts or disputes regarding the validity of elections;
2. the manner in which and the conditions subject to which the first allotment of shares of the Corporation shall be made;

1. S. 42 re-numbered as sub-section (1) of that section by Act 66 of 1960. s. 8.
2. Subs. by Act 52 of 1975, s. 23, for certain words (w.e.f. 16-2- 1976).
3. Ins. by Act 66 of 1960, s. 8.4. Subs. by Act 74 of 1972, s. 21, for certain words.
4. Ins. by Act 50 of 1986, s. 21 (w.e.f. 2.2.1987).
5. Ins. by Act 78 of 1952, s. 30.

3. the manner in which and the conditions subject to which the shares of the Corporation may be held and transferred, and generally all matters relating to the rights and duties of shareholders;
4. the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised;
5. the calling of meetings of the 1*[Board], fees for attending meetings thereof and the conduct of business thereat;

ee      2*[ the delegation of powers and functions of the Board to the Chairman 3*[,Managing Director] or to officers of the Corporation;]

6. the manner and terms of issue and redemption of bonds and debentures by the Corporation;
7. the conditions which the Corporation may impose in granting loans or advances;
8. 4*[" the conditions and limitations subject to which the Corporation may enter INTO business under the proviso to clause (iii) of sub-section (3) of section 26;]
9. the manner and conditions subject to which the Corporation may borrow in foreign currency FROM foreign lenders;
10. the forms of returns and statements required under this Act;
11. 5*[ the duties and conduct, salaries, allowances and conditions of service of officers and other employees and of advisers and agents of the Corporation;]

kk      6*[the establishment and maintenance of provident or other benefit funds for employees of the Corporation;]

12. the disclosure of interest, direct or indirect, of a Director in any industrial concern;
13. 7*[the taking over of the management of any industrial concern on a breach of its agreement with the Corporation and the powers and duties of Directors 3*[or Administrator] under section 30C;]

1. Subs. by Act 74 of 1972, s. 21, for "Board and of the Central Committee".
2. ns. by Act 28 of 1955, s. 22.3. Ins. by Act 50 of 1986, s. 21 (w.e.f. 2.2.1987).
3. Subs. by Act 2 of 1982, s. 19 (w.e.f. 12.3.1982).
4. Subs. by Act 28 of 1955, s. 22, for the former cl. (k).
5. Ins. by Act 45 of 1949, s. 3.7. Subs. by Act 78 of 1952, s. 30, for the former cl. (m).

14. appointment of 1*[advisory] committees for technical and other advice for purposes of this Act, 2*[fees for attending meetings thereof and the conduct of business thereat];3* * * * *

nn     4*[ the election of an auditor under sub-section (1) of section 34;]

15. generally, the efficient conduct of the affairs of the Corporation.5* * * * *

3. Every regulation 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 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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