Section 68 in The Industrial Reconstruction Bank Of India Act, 1984
68. Power to make rules.
(1)The Central Government may, by notification in the Official Gazette, make rules to carry out the provisions of this Act.(2)Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--(a)institutions and agencies in, and outside, India, payment of whose loans may be guaranteed, counter-guaranteed or indemnified by the Reconstruction Bank, as may be specified under sub-section (1) of section 18;(b)institutions and agencies which may be provided with the line of credit by the Reconstruction Bank for grant of loans and advances by them to industrial concerns as may be specified under clause (d) of sub-section (1) of section 18;(c)persons who may be appointed to act as the agents of the Reconstruction Bank as required by clause (q) of sub-section (1) of section 18;(d)borrowing of foreign currency from any source, other than the source specified in sub-section (1) of section 23;(e)the powers which may be exercised and duties which may be performed by any director or administrator appointed under sub-section (1) of section 44;(f)the manner in which and the conditions subject to which an insurance or provident fund may be constituted by the Reconstruction Bank as required by sub-section (1) of section 62;(g)any other matter which is required to be, or may be, prescribed.(3)Every rule 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 succesive 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 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 rule.Power of Reconstruction Bank to make regulations.(1)The Board may, with the previous sanction of the Central Government, [by notification in the Official Gazette.] [Inserted by Act 66 of 1988, Section 50 (w.e.f. 30-12-1988) ] make regulations, not inconsistent with the provisions of this Act and the rules made thereunder, to provide for all matters for which regulations are necessary or expedient for the purpose of giving effect to the provisions of this Act and of the rules made thereunder.(2)In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--(a)restrictions relating to the powers which may be exercised by the Chairman, in pursuance of the provisions of sub-section (2) of section 9;(b)the time and place at which the Board shall meet and the rules of procedure (including quorum) which shall be observed by the Board in regard to the transaction of business at its meetings, as required by sub-section (1) of section 14;(c)(i)the constitution of the Executive Committee or other committees and the functions thereof;(ii)the time and place at which such committees shall meet; and(iii)the rules of procedure (including quorum) which shall be observed by each Committee in relation to the transaction of business at its meetings, as required by section 15;(d)fees and allowances which may be paid to the directors and members of the committee, as required by section 17;(e)conditions and limitations, subject to which an industrial concern may enter into any kind of business, as required by clause (i) of sub-section (2) of section 19;(f)the form and manner in which the balance sheet and accounts of the Reconstruction Assistance Fund shall be prepared, as required by sub-section (1) of section 29;(g)the form and the manner in which the balance sheet and accounts of the Reconstruction Bank shall be prepared, as required by sub-section (1) of section 32;(h)the duties, conduct, salaries, allowances and conditions of service of officers and other employees (whether employed on regular basis or on contract) of the Reconstruction Bank and all those who are appointed for the management of any undertaking, the management of which has been taken over; and(i)any other matter which is required to be, or may be, provided for by regulations.(3)The Central Government shall cause every regulation made under this Act to 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.
