, Amendment of section 49.In the principal Act, in section 49,—(i)in sub-section (1), for the word “Corporation”, the word “Board” shall be substituted;(ii)in sub-section (2),—(a)in clause (a), for the word “Corporation”, the word “Board” shall be substituted;(b)clause (c) shall be omitted;(c)in clause (e), for the word “Fund”, the words “fund or funds” shall be substituted;(d)for clause (h), the following clause shall be substituted, namely:—“(h) the manner in which meetings of the Board and its Committees shall be held, the business to be transacted and procedure to be followed thereat, and thequorum therefor;”;(e)clause (i) shall be omitted;(f)after clause (m), the following clauses shall be inserted, namely:—“(n) the manner of election of directors under clause (e) of sub-section (2) of section 4;(o)the form and manner of registers to be kept and maintained under sub-section (1) of section 5C;(p)the manner of nomination by an individual registered member or joint holder of shares, the manner of variation or cancellation of such nomination, and themanner of nomination in favour of a minor, under section 5F;(q)the manner in which and the conditions subject to which shares, including partly paid-up shares, may be issued, held, transferred and registered;(r)the maintenance and operation of the funds and reserves under section 24;(s)the form and manner in which the books and records referred to in section 24A may be kept;”;(iii)after sub-section (2), the following sub-section shall be inserted, namely:—“(2A) Any reference in the regulations as in force immediately before the coming into force of section 123 of the Finance Act, 2021 to “Investment Committee” shall be construed as a reference to the Investment Committee of the Board referred to in section 19A.”.
