Section 10(4) in The Industrial Finance Corporation Act, 1948
(4)[Notwithstanding anything contained in sub-section (3), the Chairman or, in his absence, the Managing Director, is of opinion that circumstances exist which render it necessary for him to take immediate action in respect of any matter which is within the competence of the Board and that the interests of the Corporation may be prejudicially affected if such action is deferred until after the next meeting of the Board, then he may take such action in respect of that matter as he deems necessary and for such purpose, he may exercise all powers and do all acts and things which may be exercised or done by the Board ] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ][* * *] [ The words " or the Central Committee" omitted by Act 74 of 1972, Section 4.][, but in every such case, he shall, as soon as may be, after the action is taken, make a written report to the Board] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ][* * *] [ The words " or the Central Committee" omitted by Act 74 of 1972, Section 4.][containing a statement of the action taken and the circumstances under which it was taken.] [Substituted by Act 50 of 1986, Section 5, for certain words (w.e.f. 2.2.1987). ]
