Industrial Reconstruction Bank of India Act,1984
Act No : 62
Section :
Power to make rules.
68. Power to make rules.- (1) The Central Government may, by notification in the Official Gazette, make rules to carry out the provisions of this Act. (2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) institutions and agencies in, and outside, India, payment of whose loans may be guaranteed, counter-guaranteed or indemnified by the Reconstruction Bank, as may be specified under sub-section (1) of section 18; (b) institutions and agencies which may be provided with the line of credit by the Reconstruction Bank for grant of loans and advances by them to industrial concerns as may be specified under clause (d) of sub-section (1) of section 18; (c) persons who may be appointed to act as the agents of the Reconstruction Bank as required by clause (q) of sub-section (1) of section 18; (d) borrowing of foreign currency from any source, other than the source specified in sub-section (1) of section 23; (e) the powers which may be exercised and duties which may be performed by any director or administrator appointed under sub-section (1) of section 44; (f) the manner in which and the conditions subject to which an insurance or provident fund may be constituted by the Reconstruction Bank as required by sub-section (1) of section 62; (g) any other matter which is required to be, or may be, prescribed. (3) Every rule 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, 588 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 succesive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule 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.
