WC Act 41Chapter V · Miscellaneous
Section 41 · Power to make rules
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(1) The appropriate Government may, by notification in the Official
Gazette, make rules to carry out the purposes of this Act.
(2) Without prejudice to the generality of the foregoing power, such rules may provide for--
(a) the additional functions which a Warehousing Corporation may perform;
(b) the manner of nomination and election of the directors of the Central Warehousing Corporation and the period within which such directors shall be nominated or elected;
(c) the term of office of, and the manner of filling casual vacancies among, and the remuneration payable to, the directors of a Warehousing Corporation;
(d) the manner of choosing directors on the Executive Committee of a Warehousing Corporation;
(e) the authorised capital of a State Warehousing Corporation 1[within the maximum limit specified by or under sub-section (1) of section 19];
(f) the form of the annual statement of accounts and the balance sheet to be prepared by a Warehousing Corporation;
(g) the deposit of moneys of a Warehousing Corporation in a scheduled bank or a cooperative bank;
(h) the manner of issuing shares of a Warehousing Corporation, the calls to be made in respect thereof, and all other matters incidental to the issue of shares;
2[(i) the form and manner in which returns, statistics, accounts and other information are to be furnished, under section 31A, by a Warehousing Corporation;]
3[(j)] any other matter which has to be or may be prescribed.
(3) Every rule made by the Central Government under this section shall 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 4[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 rule or both Houses agree that the rule should not be made, the rule 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.
(2) Without prejudice to the generality of the foregoing power, such rules may provide for--
(a) the additional functions which a Warehousing Corporation may perform;
(b) the manner of nomination and election of the directors of the Central Warehousing Corporation and the period within which such directors shall be nominated or elected;
(c) the term of office of, and the manner of filling casual vacancies among, and the remuneration payable to, the directors of a Warehousing Corporation;
(d) the manner of choosing directors on the Executive Committee of a Warehousing Corporation;
(e) the authorised capital of a State Warehousing Corporation 1[within the maximum limit specified by or under sub-section (1) of section 19];
(f) the form of the annual statement of accounts and the balance sheet to be prepared by a Warehousing Corporation;
(g) the deposit of moneys of a Warehousing Corporation in a scheduled bank or a cooperative bank;
(h) the manner of issuing shares of a Warehousing Corporation, the calls to be made in respect thereof, and all other matters incidental to the issue of shares;
2[(i) the form and manner in which returns, statistics, accounts and other information are to be furnished, under section 31A, by a Warehousing Corporation;]
3[(j)] any other matter which has to be or may be prescribed.
(3) Every rule made by the Central Government under this section shall 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 4[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 rule or both Houses agree that the rule should not be made, the rule 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.
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