(1) The Corporation may, with the previous approval of the State Government make regulations consistent with this Act and the rules made there under, and to carry out the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power such regulations may provide for all matters expressly required or allowed by this Act to be provided by regulations.
(3) All rules made under this section shall be published in the Official Gazette and shall be laid for not less than thirty days before the State Legislature as soon as possible after they are made, and shall be subject to rescission by the Legislature, or to such modification as the Legislature may make, during the session in which they are so laid, or the session immediately following.
(4) Any rescission or modification so made by the State Legislature shall be published in the Official Gazette and shall thereupon take effect.