(1) There shall be an Advisory Board to aid and advise the Custodian in the discharge of his duties:
Provided that the Advisory Board shall be dissolved on the constitution of a Board of Directors under clause (b) of sub-section (2) of section 13:
Provided further that the Central Government may, if it is of opinion that it is necessary so to do, dissolve the Advisory Board at any other time.
(2) The Advisory Board shall consist of such persons ,as the Central Government may, by notification in the Official Gazette, appoint.
13. (/) The Cential Government may, after consultation with the Reserve Bank, frame a scheme for carrying out the provisions of this Ordinance in relation to existing banks
(2) In particular, and without prejudice to the generality of the foregoing power, the said scheme may provide for all or any of the following matters, namely:—
(a) the capital structure of the corresponding new bank, so however that the paid-up capital of any such bank 3hall not be In excess of fifteen crores of rupees;
(b) the constitution of the Board of Directors, by whatever name called, of the corresponding new bank and all such matters in connection therewith or incidental thereto as the Central Government may consider to bp necessary or expedient;
(c) the manner of thp payment of the compensation to the shareholders of the exi&ting hank;
(d) such incidental, consequential and supplemental matters as may be necessary to carry out the provisions of this Ordinance.
CHAPTER IV MISCELLANEOUS
14. (/) Every corresponding new bank shall cause its books to be closed ind balanced on the 31st day of December of each year and shall appoint, with the previous, approval of the Reserve Bank, auditors for the audit of its accounts,
(2) The audited accounts of every corresponding new bank shall be verified and signed and transmitted to the Central Government and the Reserve Bank in such manner as may be prescribed, (?) After making provisions for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other matters for which provision is necessary under any law, or which are usually provided for by banking companies, a corresponding bank shall transfer the balance of profits to the Central Government.
Advisory Board to aid and advise the Custodian Power of Central Government to frame scheme.
Closure of accounts and disbursal of profits &Efc. i] THE GAZETTE OF INDIA EXTRAORDINARY 221