- Except as otherwise provided in these rules, the provisions of the Central Treasury Rules, the Delegation of Financial Power Rules 1958, and the General Financial Rules 1962, of the Central Government, for the time being in force, shall subject to such modifications or adaptations as may be made by the Board therein with the previous approval of the Central Government, apply to all financial transactions of the Board.[28. Powers and Duties of Chairman. - (1) The Chairman shall preside over the meetings of the Board.(2)The Chairman shall have power to require the Board or any committee thereof to defer taking action in pursuance of any decision taken by the Board or the Committee, as the case may be, pending a reference to the Central Government on such decision.(3)Where a matter has to be disposed of by the Board or a Committee and a decision in respect of that matter cannot wait till a meeting of the Board or the Committee, as the case may be, is held or till the circulation of the resolution relating to that matter among the members of the Board or Committee, as the case may be, the Chairman may take the decision himself.(4)Where the Chairman takes a decision under sub-rule (3), he shall submit the same for ratification to the Board or the Committee, as the case may be, at its next meeting.Provided that where the Board or the Committee modifies or cancels the action taken by the Chairman, such modification or cancellation shall be without prejudice to the validity of any action taken before such modification or cancellation.
