Section 29 in The U.P. Sahkari Gram Vikas Banks Act, 1964
29. Power of the Board to make regulations.
- The Board may, subject to the approval of the Trustee, make regulations not inconsistent with the provision of this Act, the rules and the bye-laws of [Uttar Pradesh Sahkari Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] providing for all or any of the following matters:-(a)fixing the period of debentures and the rate of interest payable thereon;(b)calling in debentures after giving notices to debenture-holders;(c)issue of new debentures in place of debentures damaged or destroyed;(d)converting one class of debentures into another bearing a different rate of interest;(e)inspection of the account books and proceedings of [Gram Vikas Banks] [Substituted by U.P. Act 19 of 1994.];(f)submission of return and reports by [Gram Vikas Banks] [Substituted by U.P. Act 19 of 1994.] in respect of their transactions;(g)periodical settlement of accounts between [Gram Vikas Banks] [Substituted by U.P. Act 19 of 1994.] and the [Uttar Pradesh Sahkari Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] and for the payment of the amounts recovered by the [Gram Vikas Banks] [Substituted by U.P. Act 19 of 1994.] on mortgages transferred or deemed under Section 12 to have been transferred to the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.];(h)specifying the form in which application to [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] or the [Uttar Pradesh Sahkari Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] for loans should be made and the procedure to be followed in the advancement of such loans;(i)valuation of the properties offered as security for loans;(j)investment of moneys realised from mortgagors; and(k)generally for any other matter in respect of which the Board considers the provisions should be made for the purposes of this Act:Provided that the regulations framed under clause (i) shall be subject to the approval of the State Government.
