(1) The Government may make rules 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 or regulate— Manual of Goa Laws (Vol. I) – 696 – Chit Funds Act
(a) all matters expressly required or allowed by this Act to be prescribed;
(b) the matter in respect of which provisions shall be made in the bye-laws of a chit and the procedure to be followed in making, registering, altering and abrogating byelaws, and the conditions to be satisfied prior to such making, registration, alteration or abrogation;
(c) the particulars which every chit agreement shall contain;
(d) the restrictions and conditions subject to which and the manner in which, any security given by a foreman under section 12 may be changed or substituted;
(e) the procedure to be followed by the Registrar for the release of security given by the foreman under section 12;
(f) the maintenance of registers and books of accounts by the foreman, the safe custody of the books, papers and documents in the Registrar's office and also for the destruction of such books, papers and documents as need no longer be kept;
(g) the procedure to be followed for the winding up of a chit under Chapter IX; and
(h) the auditing of the balance sheets and profit and loss accounts and the issue of audit certificates.
(3) (a) All rules made under this Act shall be published in the Official Gazette and, unless they are expressed to come into force on a particular day, shall come into force on the day on which they are published.
(b) All notifications issued under this Act shall, unless are expressed to come into force on a particular day, come into force on the day on which they are published.
(4) All rules made and all notifications issued under this Act shall, as soon as may be after they are made or issued be laid before the Legislative Assembly, Goa, Daman and Diu while it is, in session for a total period of fourteen days which may be comprised in one session or in two, successive sessions, and if, before the expiry of the session in which they are so laid or the session immediately following, the Legislative Assembly makes any modification in the rule or notification or decides that the rule or notification should not be made or issued, the rule or notification 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 or notification.