(1) The State Government may, by notification in the Official Gazette make rules not inconsistent with this Act for carrying out all or any of the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for the following matters, namely:-
(i) the honoraria and allowances to be paid to the members of the Board or the Executive Committee;
(ii) the manner in which meetings of the Board and the Executive Committee shall be held:
(iii) the forms of the budget, the annual report and the annual financial statement shall be made available to the State Government;
(iv) the procedure and conditions for the grant of loans and recovery of the dues of the Agency
(v) the duties and power of the Managing Director.
(3) Every rule made under the section shall be laid as soon as may be after it is made, before each House of the State Legislature while it is in session for a total period of not less than fourteen days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following 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.