Chapter VII MISCELLANEOUS

(1) No provision of law other than this Act, relating to the winding up, dissolution or liquidation of the companies or corporations shall apply to the Corporation. (2) The Governor may, if the Corporation exceeds its powers, or upon receipt of a report under section 27, call upon the Board to show cause why it should not be dissolved, and if no explanation is offered within the specified period, or if the Governor is not satisfied with the explanation, he may dissolve the Board from such date as may be specified.

(1) When the Board is dissolved under section 28- (i) all directors shall, from the date of dissolution, vacate their offices; (ii) all powers and duties of the Board shall, during the period of dissolution, be exercised and performed by such person or persons as the State Government may appoint in this behalf; (iii) all funds and other property vested in the Corporation shall during the period of dissolution, vest in the State Government. (2) The Governor may, in his discretion, reconstitute the Board after such period as he may think fit.

Save as otherwise expressly provided in this Act, no civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Corporation or any officer or authority appointed under this Act is empowered by or under this Act to determine and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act.

No suit or other legal proceedings shall lie against the Corporation or any director including the Executive Director, or any officer or employee or any other person authorised by the Corporation to discharge any functions under this Act for any loss or damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act.

All instruments executed by or on behalf of the Corporation in relation to its business shall be exempt from payment of stamp duty and registration fee:

(1) The Board may, from time to time, with the previous sanction of the State Government, make regulations not inconsistent with this Act and the rules made thereunder for the purpose of giving effect to the provisions of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for- (a) the time and places of meetings of the Board and the procedure to be followed in relation to such meetings including the quorum necessary for the transaction of business; (b) the conditions which the Corporation may impose in granting loans or entering into other arrangements; (c) the rate of interest on loans; (d) duties which the Executive Director shall perform; (e) the duties, conduct, salary, allowances and conditions of service of officers and other employees of the Corporation; (f) the delegation of powers and functions to the officers and employees of the Corporation; (g) the establishment and maintenance of provident and other benefit funds for the officers and employees of the Corporation; (h) generally, the efficient conduct of the affairs of the Corporation.

(1) The State Government may, by notification, make rules to carry out all or any of the purposes 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 terms and conditions of appointment of directors and the fees and allowances payable to them; (b) the form in which certificate shall be issued by the Executive Director, the period within which an appeal shall be filed and the procedure that shall be observed in determining the amount and in appeal under section 24; (c) the form and manner in which accounts shall be maintained, and the balance sheet and profit and loss account shall be prepared; (d) any other matter which is required to be or may be prescribed. (3) Every rule made under this section shall be laid as soon as may be after it is made before the House of the State Legislature while it is in session for a total period of ten days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session in which it is so laid or the 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 rules 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.