(1)The Government may makes rules for carrying out all or any of the purposes of this Act.(2)In particular and without prejudice to the generality of the foregoing power, such rules may provide for or regulate-(a)all matters expressly required or allowed by this Act to be prescribed;(b)the matters in respect of which provision shall be made in the by-laws of a chit and the procedure to be followed in making, registering, altering and abrogating by-laws, and the conditions to be satisfied prior to such making, registration, alteration or abrogation;(c)the particulars which every chit agreement shall contain;(d)the method of valuation of grains by the Registrar in a grain chit, for the purposes of security under section 12;(e)[ the rate of interest to be paid to the foreman in respect of the amount of cash security deposited with the Government under section 12;] [This clause was substituted by section 6 of the Tamil Nadu Chit Funds (Amendment) Act, 1975 (Tamil Nadu Act 14 of 1975)](f)the procedure to be followed by the Registrar for the release of security given by the foreman under section 12;(g)the maintenance of registers and books of accounts by the foreman, the safe custody of books, papers and documents in the Registrar's office and also for the destruction of such books, papers and documents as need no longer be kept;(h)the procedure to be followed for the winding up of a chit under Chapter IX; and(i)the auditing of the balance sheets and profit and loss accounts and the issue of audit certificates.(3)(a)All rules made under this Act shall be published in the [Fort St. George Gazette] [Now see Tamil Nadu Government Gazzette.] and, unless they are expressed to come into force on a particular day, shall come into force on the day on which they are so published.(b)All notifications issued under this Act, shall, unless they are expressed to come into force on a particular day, come into force on the day on which they are published.(4)Every rule made or notification issued under this Act shall, as soon as possible, after it is made or issued, be placed on the table of both Houses of the Legislature and if, before the expiry of the session in which it is so placed or the next session, both Houses agree in making any modification in any rule or notification or both Houses agree that the rule or notification should not be made or issued, the rule or notification 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 rules or notification.
