Unit Trust of India Act,1963
Act No : 52
Section :
Regulations.
43. Regulations. (1) 1*["The Board, with the previous approval of the Development Bank, may, by notification in the Official Gazette,"] 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 form and manner of maintenance of the register of contributing institutions and the particulars to be contained therein; (b) the face value of a contribution certificate, its form and the particulars to be contained therein; (c) the manner of transfer of a contribution certificate; (d) the rights and liabilities of a contributing institution; (e) the holding and conduct of elections under this Act, including the final decision on doubts or disputes regarding the validity of elections. (f) the fees and allowances that may be paid to the trustees; (g) 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; (h) the fees and allowances that may be paid to the members of a committee, other than trustees; 2*["(i)the institutions to which loans or advances may be granted or with which money may be kept in deposit; (ia) special papers or securities floated by governments or banks in which investment may be made; (ib) the particulars which may be included in an application under section 19B;] ---------------------------------------------------------------------- 2. Subs. by Act 63 of 1985, s. 11 (w.e.f. 23.4.1986) 160M (j) the manner of distribution of income to the contributing institutions; (k) the form and manner in which the balance-sheet and the accounts of the Trust shall be prepared and maintained; (l) the date on which the books of accounts of the Trust shall be balanced and closed each year; (m) the duties and conduct, salaries and allowances, and other conditions of service of officers and other employees of the Trust; (n) the establishment and maintenance of provident or other benefit funds for officers and other employees of the Trust; 1* * * 2*[(nn)the extent to which and the circumstances under which nominations may be recognized and trust may be taken notice of; and] (o) 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 by the Reserve Bank within three months of the establishment of the Trust and any regulation so made may be altered or rescinded by the Board in the exercise of its powers under this Act. 3*["(4) Every regulation 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, 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."]
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