39Power to make regulations

(1) The Board may, with the previous approval of the Central Government, make regulations not inconsistent with 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--

(a) the times and places of the meetings of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for the transaction of business;

(b) the fees and allowances that may be paid to the directors and the members of a committee;

(c) the form and manner in which the balance-sheets and the account of the Export Development Fund and the Exim Bank shall be prepared;

(d) the duties and conduct, and the terms and conditions of service of the officers and other employees of the Exim Bank;

(e) the establishment and maintenance of provident fund or any other fund for the benefit of the officers and other employees of the Exim Bank; and

(f) any other matter which is to be, or may be, prescribed.

(3) 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 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.