In section 48 of the principal Act, in sub-section (2),—(i)in clause (a), for the word “members”, the word “directors” shall be substituted;(ii)for clause (aa), the following clauses shall be substituted, namely:—“(aa) the manner of disclosure of interest by a director under section 4B;(ab)the conditions subject to which the Board may consent to related party transactions under section 4C;(ac)the securities and instruments which may be issued under section 5;(ad)the manner of reservation in favour of life insurance policyholders and allotment against such reservation, in relation to a public issue, under clause(a)of sub-section (9) of section 5;”;(iii)for clause (g), the following clause shall be substituted, namely:––“(g) the conditions under the first proviso to clause (d) of sub-section (2) of section 19C;”;(iv)after clause (h), the following clauses shall be inserted, namely:—“(ha) the manner in which general meetings shall be held, and the business to be transacted and procedure to be followed thereat;(hb)the quorum for a general meeting, and the manner of holding the meeting if it could not be held for want of quorum and was adjourned under section 23A;(hc)the manner in which persons may attend a general meeting and exercise their vote;(hd)the manner in which notices may be served on behalf of the Corporation upon members or other persons;(he)the form and manner in which the financial statements referred to in sub-section (8) of section 24B may be issued, circulated or published;(hf)matters that may be prescribed under clause (n) of sub-section (1) of section 24C;(hg)the manner and procedure of selection and conditions of appointment of auditors under sub-section (1) of section 25;(hh)the form in which an auditor who has resigned shall indicate the reasons and other facts relevant to the resignation under sub-section (2) of section 25A;(hi)the matters to be prescribed under clause (j) of sub-section (3) of section 25B;(hj)the duties and powers of the Corporation’s auditor with reference to the audit of a branch or office of the Corporation and the auditor thereof, undersub-section (6) of section 25B;”.(hk)the details, procedure and documents under sub-section (6) of section 28C.
