Power to make rules -(1) The Government may, by notification, make

rules for carrying out all or any of the purposes of this Act.

1. (2) In particular and without prejudice to the generality of the foregoing power such rules may provide for all or any of the following matters, namely:-
   • (i) the quorum at the Board's meetings, the method of arriving at its decisions, the appointment of the staff, the remuneration of its members and all other matters relating to the members of the Board and the conduct of its business;
   • (ii) the form of application for aid, the manner of making, the applications and the information to be given in such applications provided that no such rule shall require any applicant or recipient of aid to divulge any information relating to the technical detail of any process or any patent owned by him;
   • (iii) the manner of conducting inquiries and the matters to be specially inquired into in dealing with applications for aid and the powers to be exercised by the Director for conducting such inquiries;
   • (iv) the mode of ascertaining the value of the assets of an industry, or of any property offered as collateral security for a loan;
   • (v) the nature of the security to be taken for the due application of loans and the rates of interest at which and the condition under which loans may be given, and the creation of a mortgage, floating charge or collateral security under section 8;
   • (vi) the inspection of the premises, buildings, plant and stock on hand and the accounts of any industry for which aid has been granted;
   • (vii) the mode of keeping and auditing the accounts and of furnishing returns of any industry in respect of which aid has been granted;
   • (viii) the appointment and functions of directors appointed on behalf of the Government of the specifying of methods of control of industry in respect of which aid has been granted;
   • (ix) the mode of application of profits in cases in which the condition under which loans have been made have not been fulfilled;
   • (x) the fixing of the period for the repayment of loans; and
   • (xi) the recovery of any moneys due under this Act and the penal interest payable therefor.
2. (3) Every rule made under this Act shall, immediately after it is 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 from the date on which the modification or annulment is notified, have effect 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.