Section 70 in The Orissa State Financial Corporation General Regulations, 2003
70. Delegation of Powers.
- (i) Without prejudices to the powers conferred under the Act or these Regulations, the Board may, if deemed expedient, authorise the Executive Committee or a Committee appointed under Section 21 or 18 (3) or the Managing Director to decide on delegation in respect of any of the matters, whether referred to in these Regulations or not. Delegation so decided by the Executive Committee/Committee/Managing Director, as the case may be, shall be reported to the board immediately.(ii)Delegation of Powers to Managing Director or any other officer of the Corporation. - Without prejudice to the generality of the powers conferred or restrictions imposed under the Act or Regulations, the Managing Director or any other officer shall, subject to such restrictions or instructions as may be considered necessary by the Board or the authority who has been delegated necessary powers by the Board in this behalf, exercise the following powers :-(a)all the powers and duties of the Board and doing of all such acts or things as the Corporation is authorised to exercise or do;(b)to operate bank and other accounts either singly or jointly with a Director or any other officer of the Corporation authorised in this behalf by the Board or the authority who has been delegated necessary powers by the Board in this behalf and to draw, accept and endorse bills of exchange or any other instruments in the current or authorised business of the Corporation and to sign all other accounts, receipts, documents etc. connected with such business;(c)to organise and supervise the office, maintain discipline and exercise such powers in connection with appointment, promotion, determination of service, transfers, suspension and granting of leave to the staff of the Corporation etc. and to allocate duties to the staff and make such other arrangements as may be necessary for the efficient discharge of the functions of the Corporation;(d)to incur such expenditure for the day to day administration of the office and conduct of business as may be necessary;(e)Without prejudice to the generality of the provisions of Sub-regulations (a) to (d) above, the Managing Director or any other officer shall, subject to such restrictions or instructions as may be considered necessary by the Board or the authority who has been delegated necessary powers by the Board in this behalf, have the following powers -(aa)to refer any claim or demand by or against the Corporation to arbitration and observe and perform the awards.(bb)to decide about the actual operation of accounts of the Corporation, authority to execute all documents on behalf of the Corporation, authority to deal with any legal matter either of the Corporation or on its behalf.(cc)to enter into all negotiations and contracts and rescind and vary all such contracts and execute and do all such acts, deeds and things in the name and on behalf of the Corporation as may be considered expedient for or in relation to any of the matters aforesaid or otherwise for the business of the Corporation.(dd)to institute, conduct, defend, compound or abandon any legal proceedings by or against the Corporation or its officers or otherwise concerning the affairs of the Corporation, and also to compound and allow time for payment or satisfaction of any debt due, or of any claim or demand by or against the Corporation.(iii)It will be in order for the Board or the Managing Director, as they may deem fit, to delegate to a Committee of the Board/Managing Director, or any other officer of the Corporation respectively, any of their powers/duties under these Regulations by a general or special order, subject to such conditions and limitations, as may be specified, in the said order.
