Section 45 in The M.P. (Rajya) Bhumi Vikas Nigam Adhiniyam, 1976
45. Power of the Nigam to make regulations.
(1)The Nigam may with the previous approval of the State Government, make regulations not inconsistent with this Act and the rules made thereunder, providing for all matters which no rules have been framed under this Act and for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act.(2)In particular, and without prejudice to the generalities of the foregoing power, such regulations may provide for the following matters, namely :-(a)the manner in which and conditions subjects to which the shares of the Nigam may be transferred and generally all matters relating to rights and duties of the shareholders;(b)the fees and allowances that may be paid to the Directors;(c)the times and places of the meetings of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business;(d)the number of directors constituting the executive committee and the functions which such committee shall discharge;(e)the functions which any other committee may discharge under this Act;(f)the fees and allowances that may be paid to the member of a committee other than Directors;(g)the manner in which appeal shall lie to Chairman of the Board against the order of the Managing Director;(h)delegation of powers and functions of the Board to the committees or to the Chairman, the Managing Director and other officers of the Nigam;(i)the manner and terms of issue and redemption of bonds and debentures and other securities by the Nigam;(j)the rate of interest at which, and conditions subject to which the Nigam may grant special loans;(k)the rate at which additional interest may be charged from land holder in respect of amounts in default;(l)the manner and conditions subject to which the Nigam may borrow money;(m)the form and manner in which the balance sheet and accounts of the Nigam shall be prepared and maintained;(n)the forms of returns, statements and estimates required to be prepared under this Act;(o)duties and conduct, salaries, allowances and conditions of service of the employees of the Nigam;(p)establishment and management of provident fund or other benefit funds for employees of the Nigam;(q)determination of local offices of the Nigam for the purpose of payment of instalments by land holders under this Act;(r)generally for the efficient conduct of the affairs of the Nigam.
