55Power of the Board to make regulations

(1) The Board may, with the previous approval of ¹*** the Central Government, by notification, 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 all or any of the following matters, namely:--

(a) the fees and allowances that may be paid to the directors for attending the meetings of the Board or its committees under sub-section (5) of section 7;

²[(aa) the manner in which directors shall be elected under clause (ca) of sub-section (1) of section 6;]

(b) the times and places at which the Board may meet, and the rules of procedure that may be followed in regard to the transaction of business under sub-section (1) of section 11;

(c) the number of members that the Executive Committee may consist, the functions that it may discharge and times and places at which it shall meet and the rules of procedure that it may follow in the transaction of business under section 12;

(d) the manner and terms of issue and redemption of bonds and debentures under clause (a) of sub-section (1) of section 15;

(e) the manner in which and the conditions subject to which the National Housing Bank may borrow in foreign currency under sub-section (1) of section 16;

(f) the form in which the statements, information, etc., is to be furnished under section 32;

³[(fa) the form of application to be made under section 36E and the documents to be annexed to such application;

(fb) the form in which notice of demand is required to be served on the borrower under sub-section (1) of section 36F;

(fc) the manner in which the property shall be transferred under sub-section (2) of section 36G;

(fd) the form in which the appeal can be filed with the Appellate Tribunal under section 36S and the amount of fee required to be deposited with such appeal;]

(g) the special fund, reserve fund and other funds to be created under sub-section (2) of section 37;

(h) the form and manner in which the balance-sheet and accounts shall be prepared and maintained under sub-section (1) of section 38;

(i) the duties and conduct, salaries, allowances and conditions of service of the officers and other members of staff of the National Housing Bank under section 43;

(j) the establishment and maintenance of provident fund and any other fund for the benefit of officers and other members of staff of the National Housing Bank under section 43; and

³[(ja) the manner in which nomination may be made under sub-section (1) of section 47A; and]

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

(3) Any regulation which may be made by the Board under this Act may be made ⁴***, in consultation with the Central Government, before the expiry of three months from the date of establishment of the National Housing Bank, and any regulation so made may be altered and rescinded by the Board in the exercise of its powers under this Act.

(4) The power to make regulations conferred by this section shall include the power to give retrospective effect to the regulations or any of them from a date not earlier than the date of commencement of this Act, but no retrospective effect shall be given to any regulation so as to prejudicially affect the interests of any person to whom such regulation may be applicable.

(5) The Central Government shall cause every ⁵[rules, regulation or scheme] made under this Act to 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 ⁴[rules, regulation or scheme] or both Houses agree that the ⁴[rules, regulation or scheme] should not be made, the ⁴[rules, regulation or scheme] 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 ⁴[rules, regulation or scheme.]