Power of Board to make regulations

Notwithstanding anything contained in the Kerala Co-operative Societies Act, 1969 (21 of 1969), or the rules made thereunder, the Board shall have general power of supervision over the primary banks and may, with the approval of the Trustee, make regulations not inconsistent with this Act or the rules made thereunder— (a) for the inspection of the account books and proceedings of primary banks; (b) for the submission of returns and reports by primary banks in respect of their transactions; (c) for the periodical settlement of accounts between primary banks and the Agricultural Development Bank for the payment of the amounts recovered by primary banks on Gehan or mortgage or hypothecation transferred, or deemed under the provisions of section 13 to have been transferred to the Agricultural Development Bank; (d) prescribing the form in which application to primary banks for loans should be made and for the valuation of the properties offered as security for such loans; (e) for the investment of moneys realised from Gehan or mortgage or hypothecation; and (f) generally for the purpose of safeguarding the interest of the parties concerned and for carrying out the purposes of this Act.