Power of the Nigam to make regulations

(1) The Nigam may, with the previous approval of the State Government make regulations not inconsistent with this Act and the rules made thereunder, providing for all matters for which no rules have been framed under this Act and for which provision is necessary and 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 the following matters, namely:- (a) the manner in which and the conditions subject to which the shares of the Nigam shall be transferable; (b) the fees and allowances that may be paid to the directors; (c) 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 transaction of business; (d) the number of directors constituting the executive committee and the functions which such committee shall discharge; (e) the functions which any other committee may discharge under this Act; (f) the fees and allowances that may be paid to the member of a committee other than directors; (g) the manner in which appeal lie to the State Government or the specified authority; (h) delegation of powers and functions of the Board to the committees or to the Chairman, the Managing Director and other officers of the Nigam; (i) the manner and terms of issue and redemption of bonds and debentures and other securities by the Nigam; (j) the manner and conditions subject to which the Nigam may borrow moneys; (k) the form and manner in which the balance sheet and accounts of the Nigam shall be prepared and maintained; (l) the form of returns, statements and estimates required to be prepared under this Act; (m) duties and conduct, salaries, allowances and conditions of service of the employees of the Nigam; (n) establishment and management of provident fund or other benefit funds for employees of the Nigam; and (o) generally for the efficient conduct of the affairs of the Nigam.