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Power of the Board to make regulations

§29

Summary

29. Power of the Board to make regulations. - The Board may, subject to the approval of the Trustee, make regulations not inconsistent with the provision of this Act, the rules and the bye-laws of 1[Uttar Pradesh Sahkari Gram Vikas Bank] providing for all or any of the following matters:- (a) fixing the period of debentures and the rate of interest payable thereon; (b) calling in debentures after giving notices to debenture-holders; (c) issue of new debentures in place of debentures damaged or destroyed; (d) converting one class of debentures into another bearing a different rate of interest; (e) inspection of the account books and proceedings of 1[Gram Vikas Banks]; (f) submission of return and reports by 1[Gram Vikas Banks] in respect of their transactions; (g) periodical settlement of accounts between 1[Gram Vikas Banks] and the 1[Uttar Pradesh Sahkari Gram Vikas Bank] and for the payment of the amounts recovered by the 1[Gram Vikas Banks] on mortgages transferred or deemed under Section 12 to have been transferred to the 1[Uttar Pradesh Gram Vikas Bank]; (h) specifying the form in which application to 1[Gram Vikas Bank] or the 1[Uttar Pradesh Sahkari Gram Vikas Bank] for loans should be made and the procedure to be followed in the advancement of such loans; (i) valuation of the properties offered as security for loans; (j) investment of moneys realised from mortgagors; and (k) generally for any other matter in respect of which the Board considers the provisions should be made for the purposes of this Act: Provided that the regulations framed under clause (i) shall be subject to the approval of the State Government.

29. Power of the Board to make regulations. - The Board may, subject to the approval of the Trustee, make regulations not inconsistent with the provision of this Act, the rules and the bye-laws of 1[Uttar Pradesh Sahkari Gram Vikas Bank] providing for all or any of the following matters:- (a) fixing the period of debentures and the rate of interest payable thereon; (b) calling in debentures after giving notices to debenture-holders; (c) issue of new debentures in place of debentures damaged or destroyed; (d) converting one class of debentures into another bearing a different rate of interest; (e) inspection of the account books and proceedings of 1[Gram Vikas Banks]; (f) submission of return and reports by 1[Gram Vikas Banks] in respect of their transactions; (g) periodical settlement of accounts between 1[Gram Vikas Banks] and the 1[Uttar Pradesh Sahkari Gram Vikas Bank] and for the payment of the amounts recovered by the 1[Gram Vikas Banks] on mortgages transferred or deemed under Section 12 to have been transferred to the 1[Uttar Pradesh Gram Vikas Bank]; (h) specifying the form in which application to 1[Gram Vikas Bank] or the 1[Uttar Pradesh Sahkari Gram Vikas Bank] for loans should be made and the procedure to be followed in the advancement of such loans; (i) valuation of the properties offered as security for loans; (j) investment of moneys realised from mortgagors; and (k) generally for any other matter in respect of which the Board considers the provisions should be made for the purposes of this Act: Provided that the regulations framed under clause (i) shall be subject to the approval of the State Government.

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