Section 70 in The Rajasthan Financial Corporation General Regulations, 2002
70. Delegation of powers.
- (i) Without prejudice to the powers conferred under the Act or these Regulations, the Board may, if deemed expedient, delegate to the Managing Director or any other officer of the Corporation or to any Committee appointed under section 21 subject to such conditions and limitations, if any, as may be specified by general or special order, such of its powers and duties as may be deemed necessary.(ii)Delegation of Powers to Managing Director or any other officer of the Corporation. - Without prejudice to the generally of the powers conferred or restrictions imposed under the Act or Regulations, the Managing Director or any other officer shall, subject to such restrictions or instruments as may be considered necessary by the Board or the authority who has been delegated necessary powers by the Board in this behalf, exercise the following powers:-(a)to operate band and other accounts either singly or jointly with a Director or any other officer of the Corporation authorised in this behalf by the Board or the authority who has been delegated necessary powers by the Board in this behalf and to draw, accept and endorse bills of exchange or any other instruments in the current or authorised business of the Corporation and to sign all other accounts, receipts, documents etc. connected with such business;(b)to organise and supervise the office, maintain discipline and exercise such powers in connection with appointment, promotion, determination of service, transfers, suspension and granting of leave to the staff of the Corporation etc. and to allocate duties to the staff and make such other arrangement as may be necessary for the efficient discharge of the functions of the Corporation;(c)to incur such expenditure for the day to day administration of the office and conduct of business as may be necessary;(d)without prejudice to the generality of the provisions of sub-Regulations (a) to (c), above, the Managing Director or any other officer shall, subject to such restrictions or instruments as may be considered necessary by the Board or the authority who has been delegated necessary powers by the Board in this behalf, have the following powers:-(aa)to refer any claim or demand by or against the Corporation to arbitration and observe and perform the awards.(bb)to decide about the actual operation of accounts of the Corporation, authority to execute all documents on behalf of the Corporation, authority to deal with any legal matter either of the Corporation or on its behalf.(cc)to enter into all negotiations and contracts and rescind and very all such contracts and execute and do all such acts, deeds and things in the name and on behalf of the Corporation as may be considered expedient for or on relation to any of the matters aforesaid or otherwise for the business of the Corporation.(dd)to institute, conduct, defend, compound or abandon any legal proceedings by or against the Corporation or its officers or otherwise concerning the affairs of the Corporation and also to compound and allow time for payment or satisfaction of any debt due, or of any claim or demand by or against the Corporation.
