Section 54: Powers of the Board to make regulations

54. Powers of the 3[Board] to make Regulations.⸺(1) 2[*******] (2) 2[The Board of Directors may make regulations consistent with this Act and falling under the Board’s domain, in particular to provide for any of the following matters], namely: (a) 3[* * * * * * *] (b) 3[* * * * * * *] (c) 3[* * * * * * *] (d) 3[* * * * * * *] (e) 3[* * * * * * *] (f) 2[* * * * * * *] (g) 3[* * * * * * *] (h) 2[* * * * * * *] (i) 2[* * * * * * *] (j) recruitment of officers and servants of the Bank including the terms and conditions of their service 1[performance management, promotion, compensation, rotation,] constitution of superannuation, beneficial and other funds, with or without bank’s contribution, for the officers and servants of the Bank ; their welfare, providing amenities, medical facilities, grant of loans and advances ; their betterment and uplift ; (k) the manner and form in which contracts binding on the Bank may be executed; (l) the provision of an official seal of the Bank and the manner and effects of its use ; (m) the manner and form in which the balance sheet of the Bank shall be drawn up, and in which the accounts shall be maintained ; (n) 1[* * * * * * *] (o) the relations of the scheduled banks with the Bank and the returns to be submitted by the scheduled banks to the Bank ; (p) 1[* * * * * * *] (q) the circumstances in which, and the conditions and limitations subject to which, the value of any lost, stolen, mutilated or imperfect bank note may be refunded as of grace; (r) the denomination, form, issue, negotiability, encashment and repatriation of the instruments mentioned in 2[clause] (8) of section 17 ; (s) 3[* * * * * * *] (t) generally for making any provision necessary or convenient for the conduct of the business, discharge of functions and for purposes of management of the Bank. (3) Copies of all regulations made under this section shall be available to the public on 1[request].

Effective date: 1956-04-18

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