Section 43 in The Industrial Finance Corporation Act, 1948
43. Power of Board to make regulations .-(1) The Board may, [with the previous approval of the Development Bank, ][and by notification in the Official Gazette] [ Inserted by Act 50 of 1986, Section 21 (w.e.f. 2.2.1987).] make regulations not inconsistent with this Act [and the rules made thereunder] [ Inserted by Act 78 of 1952, Section 30.] 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-(a)the holding and conduct of elections under this Act, including the final decision of doubts or disputes regarding the validity of elections;(b)the manner in which and the conditions subject to which the first allotment of shares of the Corporation shall be made;(c)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;(d)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;(e)the calling of meetings of the [Board] [ Substituted by Act 74 of 1972, Section 21, for " Board and of the Central Committee.], fees for attending meetings thereof and the conduct of business thereat;(ee)[ the delegation of powers and functions of the Board to the Chairman] [Inserted by Act 28 of 1955, Section 22 (w.e.f. 18.9.1955). ][, Managing Director] [ Inserted by Act 50 of 1986, Section 21 (w.e.f. 2.2.1987).][or to officers of the Corporation;] [Inserted by Act 28 of 1955, Section 22 (w.e.f. 18.9.1955). ](f)the manner and terms of issue and redemption of bonds and debentures by the Corporation;(g)the conditions which the Corporation may impose in granting loans or advances;(h)[ 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; ] [ Substituted by Act 2 of 1982, Section 19, for Cl. (h) (w.e.f. 12.3.1982).](i)the manner and conditions subject to which the Corporation may borrow in foreign currency from foreign lenders;(j)the forms of returns and statements required under this Act;(k)[ the duties and conduct, salaries, allowances and conditions of service of officers and other employees and of advisers and agents of the Corporation;] [ Substituted by Act 28 of 1955, Section 22, for Cl. (k) (w.e.f. 18.9.1955).](kk)[ the establishment and maintenance of provident or other benefit funds for employees of the Corporation;] [ Inserted by Act 45 of 1949, Section 3.](l)the disclosure of interest, direct or indirect, of a Director in any industrial concern;(m)[ 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 ] [ Substituted by Act 78 of 1952, Section 30, for Cl. (m).][or Administrator] [ Inserted by Act 50 of 1986, Section 21 (w.e.f. 2.2.1987).][under section 30-C;] [ Substituted by Act 78 of 1952, Section 30, for Cl. (m).](n)appointment of [advisory] [ Substituted by Act 78 of 1952, Section 30, for " ad hoc" ] committees for technical and other advice for purposes of this Act, [fees for attending meetings thereof and the conduct of business thereat] [ Inserted by Act 28 of 1955, Section 22 (w.e.f. 18.9.1955).]; [*] [ The word " and" omitted by Act 78 of 1952, Section 30.](nn)[ the election of an auditor under sub-section (1) of section 34;] [ Inserted by Act 78 of 1952, Section 30.](o)generally, the efficient conduct of the affairs of the Corporation.(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.] [ Inserted by Act 2 of 1982, Section 19 (w.e.f. 12.3.1982).][THE SCHEDULE [ Substituted by Act 50 of 1986, Section 22, for the Sch. (w.e.f. 2.2.1987).][See section 39(3)]DECLARATION ON FIDELITY AND SECRECYI .......................................... do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as Director, member of ...................committee, auditor, officer or other employee (as the case may be) of the Industrial Finance Corporation of India and which properly relate to the officer or position held by me in or in relation to the said Corporation.I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the Industrial Finance Corporation of India or to the affairs of any person having any dealing with the said Corporation, nor will I allow any such person to inspect or have access to any books or documents belonging to or in the possession of the said Corporation and relating to the business of the said Corporation or the business of any person having any dealing with the said Corporation.Signed before me.......................................SignatureDate ..................................... ]
