law: National Bank for Agriculture and Rural Development Act, 1981 
  60. Power of Board to
  
  make regulations.- 
  1.     
  
    The
  
  Board may, with the previous approval of the Central Government and in
  
  consultation with the Reserve Bank, by notification, make regulations not
  
  inconsistent with this Act to provide for all matters for which provision is
  
  necessary or expedient 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 all or any of the following matters, namely:-
  a.     
  
    the
  
  fees or allowances that may be paid to the directors or members of the Advisory
  
  Council;
  b.    
  
    the
  
  times and places of the meetings of the Board or the Executive Committee or the
  
  Advisory Council and the procedure to be followed at such meetings including
  
  the quorum necessary for the transaction of business;
  c.     
  
    the
  
  number of directors constituting the Executive Committee and the functions that
  
  such Committee shall discharge;
  d.    
  
    the
  
  manner and terms of issue and redemption of bonds and debentures by the
  
  National Bank;
  e.     
  
    the
  
  manner of election of directors under clause (f) of sub-section (1) of section
  
  6;
  f.     
  
   
  g.    
  
    The
  
  form and manner in which the balance-sheets and the accounts of the National
  
  Bank shall be prepared or maintained;
  h.     
  
   
  i.      
  
    the
  
  duties and conduct, salaries, allowances and conditions of service of officers
  
  and other employees;
  j.      
  
    the
  
  establishment and maintenance of provident or other benefit funds for employees
  
  of the National Bank; and
  k.     
  
    such
  
  other matters for which the Board may consider it expedient or necessary to
  
  provide for by way of regulations.
  1.     
  
  
  2.     
  
  
  3.     
  
    Any
  
  regulation which may be made by the Board under this Act may be made by the
  
  Reserve Bank, in consultation with the Central Government, before the expiry of
  
  three months from the date of establishment of the National Bank, and any
  
  regulation so made may be altered and rescinded by the Board in the exercise of
  
  its powers under this Act.
  4.     
  
    The
  
  power to make regulations conferred by this section shall include the power to
  
  give retrospective effect to the regulations or any of them from a date not
  
  earlier than the date of commencement of this Act, but no retrospective effect
  
  shall be given to any regulation so as to prejudicially affect the interest of
  
  any person to whom such regulation may be applicable.
  5.     
  
    The
  
  Central Government shall cause every regulation made under this Act to be laid,
  
  as soon as may be after it is made, before each House of Parliament, while it
  
  is in session, for a total period of thirty days which may be comprised in one
  
  session or in two or more successive sessions, and if, before the expiry of the
  
  session immediately following the session or the successive sessions aforesaid,
  
  both Houses agree in making any modification in the regulation or both Houses
  
  agree that the regulation should not be made, the regulation 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 regulation.