Power to make rules

Power to make rules :-

1. (1) The Government may, be notification, make rules for carrying out all or any of the purposes of this Act.
2. (3) In particular, and without prejudices to the generality of the foregoing power, such rules may provide for or regulate: -
   • (a) all matters expressly required or allowed by this Act to be prescribed.
   • (b) The matter in respect of which provision shall be made in the bye-laws of a chit and the procedure to be followed in making, registering, altering and abrogation;
   • (c) The particulars which every chit agreement shall contain;
   • (d) the method of valuation of grain or other commodity by the Registrar in a grain chit, for the purposes of security under section 12;
   • (e) the restrictions and conditions subject to which and the manner in which , any security given by a foreman under Section 12 may be changed or substituted;
   • (f) the procedure to be followed by the Registrar for the release of security given by the foreman under section 12;
   • (g) the maintenance of registers and books of accounts by the foreman, the safe custody of books, papers and documents in the Registrar’s office and also for the destruction of such books, papers and documents as need no longer be kept;
   • (h) the procedure to be followed for the winding up a chit under Chapter IX ; and
     • (i) the auditing of the balance sheets and profit and loss accounts and the issue of audit certificates.
3. (4) Every rules made under this Act, shall immediately after its made be laid before each House of the State Legislature if it is in session and if it is not in session, in the session immediately following, for a total period of fourteen days which may be comprised in one session or in two successive sessions and if before the expiration of the session in which it is so laid or the session immediately following , both Houses agree in making any modification in the rule or in the annulment of the rule, the rule shall form the date on which the modification or annulment is notified have effect only is such modified form or shall stand annulled 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.