Section 23 · Power of Corporation to make regulations

(1) The Corporation may, with the previous sanction of the Central Government, by notification in the Official Gazette, 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 manner in which meetings of ¹[the General Council, the Board and other committees of the Corporation] shall be convened, the fees for attending such meetings and the procedure to be followed thereat;

(b) the methods of appointment, the conditions of service and the scales of pay of the officers (other than the ²[managing director]) and other employees of the Corporations;

(c) the duties and conduct of officers and other employees of the Corporation; and

(d) any other matter in respect of which the Corporation is empowered or required to make regulations under this Act.

(3) The Central Government may, by notification in the Official Gazette, rescind any regulation which it has sanctioned and thereupon the regulation shall cease to have effect.