Power to make rules

(1) The State Government may, by notification in the official Gazette, make rules for carrying out the provisions of this Act. (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, - (a) the conditions and ie criteria to be fulfiled by the applicant institution for availing the Government guarantee; (b) the principles and the manner of conducting the risk~ weight analysis of the creditworthiness of the applicant institution and rating/ranking the applicant institution according to such principles; (c) the manner of determination and levy of the amount of the commission for extending Government guarantee; (d) any other matter which is required to be, or may be, prescribed. (3) Every rule made under this Act shall be laid, as soon as may be after it is made before the Legislature of Manipur, while it is in session, for a total period of thirty days which may comprise in one session or in two more successive sessions, and if, before the expiry of the session immediately following the session or successive sessions aforesaid, the House agrees in making any modification in the rule or the House agrees 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 wt under that rule.

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, -
   • (a) the conditions and ie criteria to be fulfiled by the applicant institution for availing the Government guarantee;
   • (b) the principles and the manner of conducting the risk~ weight analysis of the creditworthiness of the applicant institution and rating/ranking the applicant institution according to such principles;
   • (c) the manner of determination and levy of the amount of the commission for extending Government guarantee;
   • (d) any other matter which is required to be, or may be, prescribed.
2. (3) Every rule made under this Act shall be laid, as soon as may be after it is made before the Legislature of Manipur, while it is in session, for a total period of thirty days which may comprise in one session or in two more successive sessions, and if, before the expiry of the session immediately following the session or successive sessions aforesaid, the House agrees in making any modification in the rule or the House agrees 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 wt under that rule.