Section 48 in The State Financial Corporations Act, 1951
48. Power of Board to make regulations .-
(1)The Board may, after consultation with the [Small Industries Bank] and with the previous sanction of the State Government, make regulations not inconsistent with this Act and the rules made thereunder 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 on doubts or disputes regarding the validity of elections;(b)the manner in which, and the conditions subject to which, the first allotment of the shares of the Financial Corporation shall be made;(c)the manner in which, and the conditions subject to which, the shares of the Financial Corporation may be held and transferred and generally all matters relating to the rights and duties of shareholders;(ca)[ the maintenance of register of shareholders, particulars to be entered in such register, the safeguards to be observed in the maintenance of register of shareholders on computer floppies or diskettes, compact disk or any other electronic form the inspection and closure of the register of shareholders and all other matters connected therewith under section 6; [ Iserted by Act 39 of 2000, Section 35 (w.e.f. 5.9.2000).](cb)the manner of nomination of directors under clause (d) of section 10;(cc)the entrusting or delegation of duties to the managing director by the Board under clause (c) of sub-section (1) of section 17;(cd)the functions of Executive Committee under sub-section (2) of section 18;(ce)the guidelines and prudential norms in accordance with which investment may be made under section 34;(cf)the manner in which nomination may be made under section 41-B; and(cg)the investments (whether by way of deposits in bank or otherwise) of the amounts which are not for the time being required for transaction of business;](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, and of the Executive Committee, fees for attending meetings thereof and the conduct of business thereat;(f)the manner and terms of issue and repayment of bonds and debentures by the Financial Corporation;(g)the conditions which the Financial Corporation may impose in granting loans or advances;[* * *] [ Clause (h) omitted by Act 43 of 1985, Section 30 (w.e.f. 21.8.1985).];(i)the forms of returns and statements required under this Act;(j)the duties and conduct of officers, other employees, advisers and agents of the Financial Corporation;(k)the establishment and maintenance of provident or other benefit funds for employees of the Financial Corporation;(l)the taking over of the management of any industrial concern on a breach of its agreement with the Financial Corporation;(m)the appointment of [committees] [ Substituted by Act 43 of 1985, Section 30, for " advisory committees for techmical and other advice" (w.e.f. 21.8.1985).] for the purposes of this Act, [fees for attending meetings thereof and the conduct of business thereat] [ Inserted by Act 56 of 1956, Section 25 (w.e.f. 1.10.1956).]; and(n)generally, the efficient conduct of the affairs of the Financial Corporation;(o)[ the form and manner in which the balance sheet and the accounts of the Financial Corporation shall be prepared; [ Inserted by Act 39 of 2000, Section 35 (w.e.f. 5.9.2000).](p)any other matter which is to be, or may be, prescribed.](3)[ All regulations made under this section shall be published in the Official Gazette and any such regulation shall have effect from such earlier or later date as may be specified in the regulations.] [ Substituted by Act 77 of 1972, Section 28, for sub-Section (3).][48-A. Laying of rules and regulations before State Legislature.- ][* * *] [ The words " Every rule made under section 47 and" omitted by Act 39 of 2000, Section 36 (w.e.f. 5.9.2000).][and every regulation made under section 48 shall be laid, as soon as may be after it is made, before the State Legislature.] [Inserted by Act 4 of 1986, Section 2 and Sch. (w.e.f. 15.5.1986). ][48-B. Power to make rules.-(1)The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.(2)In particular, and without prejudice to the generality of the foregoing power such rules may provide for the procedure for filing and hearing of appeals under sub-section (5) of section 5.(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 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 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.]
