law: State Financial Corporations Act, 1951 
  48. Power of Board to make regulations 
  (1) The Board may, after consultation with the Development Bank
  
  and with the previous sanction of the State Government, make regulations not
  
  inconsistent with this Act and the rules made thereunder 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-
  (a) the holding and conduct of elections under
  
  this Act, including the final decision on doubts or disputes regarding the
  
  validity of elections;
  (b) the manner in which, and the conditions
  
  subject to which, the first allotment of the shares of the Financial
  
  Corporation shall be made;
  (c) the manner in which, and the conditions
  
  subject to which, the shares of the Financial Corporation may be held and
  
  transferred and generally all matters relating to the rights and duties of
  
  shareholders;
  (d) the manner in which general meetings shall
  
  be convened, the procedure to be followed thereat and the manner in which
  
  voting rights may be exercised;
  (e) the calling of meetings of the Board, and
  
  of the Executive Committee, fees for attending meetings thereof and the conduct
  
  of business thereat;
  (f) the manner and the terms of issue and
  
  repayment of bonds and debentures by the Financial Corporation;
  (g) the conditions which the Financial
  
  Corporation may impose in granting loans or advances;
  26[***]
  
  
  (i) the forms of returns and statements required under this Act;
  (j) the duties and conduct of officers, other
  
  employees, advisers and agents of the Financial Corporation.
  (k) the establishment and maintenance of
  
  provident or other benefit funds for employees of the Financial Corporation;
  (l) the taking over of the management of any
  
  industrial concern on a breach of its agreement with the Financial Corporation;
  (m) the appointment of 2[committees] for the
  
  purposes of this Act, fee for attending meetings thereof and the conduct of
  
  business thereat; and
  (n) generally, the efficient conduct of the
  
  affairs of the Financial Corporation.
  (3) All regulations made under this section shall be published
  
  in the Official Gazette and any such regulation shall have effect from such
  
  earlier or later date as may be specified in the regulations.