(1) The Board may ¹*** by notification, make regulations not inconsistent with the provisions of this Act 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 power, such regulations may provide for—

²[(a) the removal of Director under sub-section (8) of section 6;

(aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6;

(ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12;

(ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12;

(ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A;

(ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B;

(af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B;

(ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;]

(b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared;

(c) the manner in which nominations may be made in terms of sub-section (1) of section 46;

(d) generally the efficient conduct of the affairs of the Small Industries Bank;
(e) any other matter which is to be, or may be, prescribed.

³[(3) Every rule made by the Central Government, and every regulation made by the Board 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 rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or 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 rule or regulation.]

1. The words "with the previous approval of the Development Bank " omitted by Act 7 of 2000, s. 25 (w.e.f. 27-3-2000).
2. Subs. by s. 25, ibid., for clause (a) (w.e.f. 27-3-2000).
3. Subs. by s. 25, ibid., for sub-section (3) (w.e.f. 27-3-2000).