Section 24 in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
24. Power to make regulations.-
(1)The Board of Directors of a corresponding new bank may, after consultation with the Reserve Bank and with the previous sanction of the Central Government, make regulations, not in consistent with the provisions of this Act and any rule or scheme made thereunder, to provide for all matters for which provision is expedient for the purpose of giving effect to the provisions of this Act.(2)In particular and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely : --(a)the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat ;(b)the manner in which the business of the local boards shall be transacted and the procedure in connection therewith ;(c)the delegation of powers and functions of the board of directors of a corresponding new bank to the general manager, director, officer or other employee of that bank ;(d)the conditions or limitations subject to which the corresponding new bank may appoint officers, advisers and other employees fix their remuneration and other terms and conditions of service ;(e)the duties and conduct of officers, advisers and other employees of the corresponding new bank;(f)the establishment and maintenance of superannuating, pension, provident or other funds for the benefit of officers or employees of the corresponding new bank or of the dependants of such officers or employees and the granting of superannuating allowances, annuities and pension payable out of such funds;(g)the conduct and Defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings;(h)the provision of seal for the corresponding new bank and the manner and effect of its use ;(i)the form and manner in which contracts binding on the corresponding new bank may be executed ;(j)the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank ;(k)the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or employees of the corresponding new bank or their dependants ;(l)the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and(m)generally for the efficient conduct of the affairs of the corresponding new bank.
