State Agricultural Credit Corporations Act, 1968 Section 47 - Bare Act

Act Info:

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(1) The Board ¹ [after consultation with the Reserve Bank may]make regulations not inconsistent with the provisions of this Act, and the rules made thereafter, to provide for all matters 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 generality of the foregoing provisions, such regulations may provide for all or any of the following matters, namely;-

(a) duties which the managing director shall perform;

(b) fees and allowances which may be paid to every director for attending any meeting of the Board or any committee thereof or for attending to any other work of the Corporation;

(c) duties, conduct, salaries and allowances and conditions of service of officers and other employees of the Corporation;

(d) establishment and maintenance of provident and other benefit funds for the employees of the Corporation;

(e) the delegation of powers and functions to the officers and employees of the Corporation;

(f) the purposes connected with agricultural purposes for which the Corporation may grant loans and advances;

(g) the conditions subject to which the amount in the Stabilisation Fund may be utilised;

(h) the manner in which the amount in the Reserve Fund may be utilised;

(i) conditions which the Corporation may impose on any loan or advance made by it;

(j) any other matter which is, or may be, necessary for the efficient conduct of the affairs of the Corporation.

(3) Notwithstanding any thing contained in sub-section (1), the Reserve Bank may at any time within three months from the commencement of this Act make regulations with regard to any of the matters specified in sub-section (2) but the regulations so made may be rescinded or modified by the Board in exercise of the powers conferred on it by sub-section (1).

² [(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation, or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation]

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1. Substituted for "may, after consultation with the Reserve Bank" by Delegated Legislation Provisions (Amendment) Act, 1986 w.e.f. 15-05-1986.

2. Inserted by Delegated Legislation Provisions (Amendment) Act, 1986 w.e.f. 15-05-1986.

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