(1) The 1[Board] may, with the previous approval of the
Central Government, by notification in the Gazette of India, make regulations not inconsistent with this
Act and the rules made thereunder to provide for all matters for which provision is 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 powers and functions of the 1[Board] which may be delegated to the Zonal Managers;
2[(b) the method of recruitment of employees and agents of the Corporation and the terms and conditions of the agents;]
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;
(d) the territorial limits of each zone established under this Act and the business to be transacted in each Zone;
(e) the manner in which the 5[fund or funds] of the Corporation shall be maintained;
(f) the maintenance of separate funds and accounts at each of the zonal offices;
(g) the jurisdiction of each divisional office and the establishment of Councils representative of policy-holders in each area served by a divisional office for the purpose of advising the divisional office in respect of any matter which may be referred to it;
6[(h) the manner in which meetings of the Board and its Committees shall be held, the business to be transacted and procedure to be followed thereat, and the quorum therefor;]
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(k) the classification of policies, whether issued by the Corporation or by any insurer whose controlled business has been transferred to and vested in the Corporation, for the purposes of declaring differential bonuses, wherever necessary;
(l) the manner in which and the intervals within which the accounts of the various zonal offices, divisional offices and branch offices may be inspected and their accounts audited,
(m) the conditions subject to which any payment may be made by the Corporation.
9[(n) the manner of election of directors under clause (f) of sub-section (2) of section 4;
(o) the form and manner of registers to be kept and maintained under sub-section (1) of section 5B;
(p) the manner of nomination by an individual registered member or joint holder of shares, the manner of variation or cancellation of such nomination, and the manner of nomination in favour of a minor, under section 5E;
(q) the manner in which and the conditions subject to which shares, including partly paid-up shares, may be issued, held, transferred and registered;
(r) the maintenance and operation of the funds and reserves under section 24;
(s) the form and manner in which the books and records referred to in section 24A may be kept;]
9[(2A) Any reference in the regulations as in force immediately before the coming into force of section 132 of the Finance Act, 2021 to Investment Committee shall be construed as a reference to the Investment Committee of the Board referred to in section 19A.]
10[(3) Every regulation made 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 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].
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for--
(a) the powers and functions of the 1[Board] which may be delegated to the Zonal Managers;
2[(b) the method of recruitment of employees and agents of the Corporation and the terms and conditions of the agents;]
3* * * * *
4** * * *
;
(d) the territorial limits of each zone established under this Act and the business to be transacted in each Zone;
(e) the manner in which the 5[fund or funds] of the Corporation shall be maintained;
(f) the maintenance of separate funds and accounts at each of the zonal offices;
(g) the jurisdiction of each divisional office and the establishment of Councils representative of policy-holders in each area served by a divisional office for the purpose of advising the divisional office in respect of any matter which may be referred to it;
6[(h) the manner in which meetings of the Board and its Committees shall be held, the business to be transacted and procedure to be followed thereat, and the quorum therefor;]
7* * * *;
8* * * * *
(k) the classification of policies, whether issued by the Corporation or by any insurer whose controlled business has been transferred to and vested in the Corporation, for the purposes of declaring differential bonuses, wherever necessary;
(l) the manner in which and the intervals within which the accounts of the various zonal offices, divisional offices and branch offices may be inspected and their accounts audited,
(m) the conditions subject to which any payment may be made by the Corporation.
9[(n) the manner of election of directors under clause (f) of sub-section (2) of section 4;
(o) the form and manner of registers to be kept and maintained under sub-section (1) of section 5B;
(p) the manner of nomination by an individual registered member or joint holder of shares, the manner of variation or cancellation of such nomination, and the manner of nomination in favour of a minor, under section 5E;
(q) the manner in which and the conditions subject to which shares, including partly paid-up shares, may be issued, held, transferred and registered;
(r) the maintenance and operation of the funds and reserves under section 24;
(s) the form and manner in which the books and records referred to in section 24A may be kept;]
9[(2A) Any reference in the regulations as in force immediately before the coming into force of section 132 of the Finance Act, 2021 to Investment Committee shall be construed as a reference to the Investment Committee of the Board referred to in section 19A.]
10[(3) Every regulation made 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 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].
1. Subs. by Act 13 of 2021, s. 145, for dbqstCorporationdbqst (w.e.f. 30-6-2021).
2. Subs. by Act 8 of 2012, s. 9, for clause (b) (w.e.f. 31-3-2012).
3. Clause (bb) omitted by Act 1 of 1981, s. 3 (w.e.f. 31-1-1981).
4. Clause (c) omitted by Act 13 of 2021, s. 145 (w.e.f. 30-6-2021).
5. Subs. by s. 145, ibid., for Fund (w.e.f. 30-6-2021).
6. Subs. by Act 13 of 2021, s. 145, for clause (h) (w.e.f. 30-6-2021).
7. Clause (i) omitted by s. 145, ibid. (w.e.f. 30-6-2021).
8.Omitted by Act 8 of 2012, s. 9 (w.e.f. 31-3-2012).
9. Ins. by Act 13 of 2021, s. 145 (w.e.f. 30-6-2021).
10. Ins. by Act 1 of 1981, s. 3 (w.e.f. 31-1-1981).