Vidhi Codex

section 70

Power to frame rules

The Tuticorin Port Trust Act, 1924
Infrastructure1924119 of 119 sections available
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Statutory text
  1. (1) The Board may with the sanction of the [State Government] make rules under this Act to provide for-
    • (a) the person, if any, authorized to sign, the mode of affixing the corporate seal and of attestation of documents relating to Port Trust Securities;
    • (b) the manner in which payment of interest in respect of Port Trust Securities is to be made and acknowledged;
    • (c) the circumstances and the manner in which Port Trust Securities may be renewed;
    • (d) the circumstances in which such securities must be renewed before further payment of interest thereon can be claimed;
    • (e) the form in which securities delivered for renewal and conversion are to be receipted;
    • (f) the proof which is to be produced by persons applying for duplicate securities;
    • (g) the form and manner of publication of the notification mentioned in sub-section (2) of section 10 of the Indian Securities Act, 1920, as applied to Port Trust Securities and the manner of publication of the list mentioned in sub-section (3) of that section;
    • (h) the nature and amount of indemnity to be given by a person applying for the payment of interest on debentures alleged to have been wholly or partly lost or destroyed or for the issue of duplicate debentures;
      • (i) the conditions subject to which Port Trust securities may be converted;
    • (j) the amounts for which stock certificates may be issued;
    • (k) generally, all matters connected with the grant of duplicate, renewed and converted securities;
    • (l) the fees to be paid in respect of the issue of duplicate securities and of the renewal and conversion of Port Trust Securities; and
    • (m) the fees to be levied in respect of the issue of stock certificates.
  2. (2) The power to make rules under sub-section (1) is subject to the following conditions:-
    • (i) A draft of the rules shall be published in three consecutive issues of the [Official Gazette].
    • (ii) The same shall have no effect until approved by the [State Government] after such publication and until such approval has also been published in the [Official Gazette].
    • (iii) The [State Government] may at any time by notification cancel any rule published under the provisions of this section.

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