Chapter VI MISCELLANEOUS

Execution of contracts:

Exemption from tax on wealth and income Exemption from tax on wealth and income.— Notwithstanding anything contained in the Wealth-tax Act, 1957, the Income-tax Act, 1961, or any other enactment for the time being in force relating to tax on wealth, income, profits or gains, the Corporation shall not be liable to pay wealth-tax, income-tax or any other tax in respect of its wealth, income, profits or gains derived.

Power to make rules.—

1. (1) The Government may, by notification in the Andhra Pradesh Gazette, make rules for carrying out all or any of the purposes of this Act.
2. (2) Every rule made under this Act shall immediately after it is made, be laid before the Legislative Assembly of the State 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 the Legislative Assembly agrees in making any modification in the rule or in the annulment of the rule, the rule shall from the date of notification of such modification or annulment have effect only in 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.

Power to make regulations:

1. (1) The Corporation may, with the previous approval of the Government, make regulations not inconsistent with this Act and the rules made thereunder, for the administration of the affairs of the Corporation.
2. (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 conditions of service and the scales of pay and allowances of officers and other employees of the Corporation other than those appointed by the Government;
   • (b) the time and place of meetings of the Board, the procedure to be followed in regard to the transaction of business at such meetings and the quorum necessary for the transaction of business at a meeting;
   • (c) the authentication of the seal of the Corporation;
   • (d) the maintenance of minutes of the meetings of the Board and the transmission of copies thereof to the Government;
   • (e) the persons by whom, and the manner in which, payments, deposits and investments may be made on behalf of the Corporation;
   • (f) the custody of moneys required for the current expenditure of the Corporation and investment of moneys not so required;
   • (g) the maintenance of accounts.

Protection of action taken in good faith: No suit, prosecution or other legal proceedings shall lie against the Corporation or any member or any officer or other employee of the Corporation for anything which is in good faith done or intended to be done in pursuance of this Act or any rule or regulation made thereunder.

Power to remove difficulties:

1. (1) If any difficulty arises in giving effect to the provisions of this Act, the Government may, by order published in the Andhra Pradesh Gazette, make such provisions, not inconsistent with the provisions of this Act, as appear to them to be necessary or expedient for removing the difficulty: Provided that no such order shall be made after the expiration of two years from the commencement of this Act.
2. (2) Every order made under this section shall, as soon as may be after it is made, be laid before the Legislative Assembly of the State.