Powers of Board to make regulations

Notwithstanding anything contained in the Himachal Pradesh Co-operative Societies Act, 1968, or the rules made thereunder, the Board shall have a general power of supervision over the Primary Agriculture and Rural Development Banks and may make regulations not inconsistent with this Act or the rules made thereunder-. (a) for the inspection of the account books and proceeding of the Primary Agriculture and Rural Development Banks; (b) for the submission of returns and reports by the Primary Agriculture and Rural Development Banks in respect of their transactions; (c) for the periodical settlement of accounts between the Primary Agriculture and Rural Development Banks and the State Bank and for the payment of the amounts recovered by the Primary Agriculture and Rural Development Banks and on gehan or mortgage or hypothecation transferred, or deemed under the provisions of section 38 to have been transferred, the State Bank; (d) prescribing the form in which application to a Agriculture and Rural Development Bank for loans should be made and for the valuation of the properties offered as security for such loan; (e) prescribing the proportions by which the property, to which gehan, mortgage or hypothecation relates, should exceed the amount for the time being due on the gehan or mortgage or hypothecation for security to be sufficient within the meaning of Explanation under section 22; (f) for the maintenance and utilisation of guarantee funds. (g) for the investment of money realised from the person creating or executing a gehan or mortgage or hypothecation; and (h) generally for the purpose of safeguarding the interest of the parties concerned and for carrying out the purposes of this Act.