Powor to make itgulatiom

(1) The Corporation may, with the previous approval of the State Government, make regulations consistent with this Act, and the Rules made thereunder, to carry out the purpose of this Act, and without prejudice to the generality of this power, such regulations may provide for-(a) the time and place of meetings, of the board and the procedure to be followed in regard to the transaction of business at such meetings; (b) the conditions of appointment and service and the scales of pay of officers and servants of the Corporation, other than the Managing Director; (c) deployment of funds of the Corporation and the officers of the Corporation who may operate its accounts; (d) the terms under which the Corporation may dispose of lands, buildings and amenities; (e) the additional terms and conditions subject to which lands and buildings in industrial estates and industrial areas may be held or used; (f) the conduct of business of the Executive Committee; (g) any other matter which is to be or may be provided by regulations. (2) All regulations made under this Act shall, as soon as may be, after they are made, be laid before the State Legislature for a total period of fourteen days which may be comprised in one or more sessions and if during the said period the State Legislature makes modifications, if any, therein, the regulations shall thereafter have effect only in such modified form, so, however that such modification shall be without prejudice to the validity of anything previously done under the regulations.