Section-49 Power of Central Government to make rules

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Section-49 Power of Central Government to make rules.-

1.     The Central Government, in consultation with the Reserve Bank, may, by notification in the Official Gazette, 1*[make rules to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provision of this Act].

2.     In particular, and without prejudice to the generality of the foregoing power, such rules may provide for—

a.     the procedure for the payment of compensation 2* under this Act;

b.    the determination of persons to whom the said compensation shall be payable in all cases, including cases where shares in the Imperial Bank have been held by more than one person, or where they have been transferred before the appointed day but the transfer has not been registered or where the shareholder is dead;

c.     the manner of appointment of a director under clause or clause of section 19, and all other matters connected therewith or incidental thereto.

3.     Every rule made by the Central Government 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 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.

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