Constitution of the Board

The Board shall be a body corporate by the name aforesaid having perpetual succession and a common seal and shall by the said name sue and be sued. Where any employer, liable to pay contribution to the fund under section 4 is adjudicated as insolvent or in case such employer is a company, an order of winding up is made, the liability in respect of the amount due from such employer under this Act or the scheme shall, where the liability therefore has accrued before the order of adjudication or winding up is made be deemed to be included among the debts under section 64 of the Insolvency Act, 1955 (2 of 1956) or under section 530 of the Companies Act, 1956 (Central Act 1 of 1956) which are to be paid in priority to all other debts, in the distribution of the property of the insolvent or the asset of the company being wound up as the case may be. (1) The Government may, by notification in the Gazette, make rules to carry out the provisions of this Act. (2) Every rule made under this Act shall be laid, as soon as may be after it is made, before the Legislative Assembly while it is in session for a total period of fourteen days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, the Legislative Assembly makes any modification in the rule or decides that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, 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.