Section 11 in The National Bank For Agriculture And Rural Development General Regulations, 1982
11. Powers on behalf of the National Bank by whom to be exercised
.-(1) Subject to the provisions of the Act, any regulations made by the Board in regard to expenditure to be incurred by or on behalf of the National Bank and any directions, which may be given by the Chairman either generally or in any particular case in regard to the conduct of the business of the National Bank, the Managing Director and whole-time Directors are hereby severally empowered to exercise any or all the powers and do any or all acts and things which may be exercised or done by the National Bank.(2)Any other officer may, if authorised and to the extent that he is so authorised by the Chairman in this behalf, exercise all the powers in relation to matters pertaining to the department or office in which he is employed, and in relation to such matters do all acts and things which may be exercised or done by the National Bank, subject, however, to the conditions hereinafter specified, namely:-(a)the power to sanction or incur any expenditure on behalf of the National Bank shall be subject to regulations made by the Board;(b)any other power exercised or action taken shall be exercised or taken subject to such directions, if any, as may be given by any higher officer or authority in this behalf.(3)No power exercised, functions performed or act or thing done shall be deemed to be invalid or ineffective only on the ground that it is not a power exercised, functions performed, or act or thing done, by or on behalf of the National Bank, or that in the exercise of such power, performance of such function or the doing of any such act or thing, effect has not been given to any rule or direction referred to in sub-regulation (1) or in sub-regulation (2), or that in such rule or direction has been wrongly acted upon.
