(1) No act or proceeding of [be Board or of any committee of the Board sh:
be invalid merely by reason of- (8.) any vacancy in or defect in the composition of tbe Board or Committee, the case may be; or
(b) any defect in the nomination of any person acting as a Director ot the Niga or member of tbe Committee; or
(c) any defect or irregularity in the procedure of the Board or Committee, the case may be.
(2) No act done by any person acting in, good faith as a director of the Nigam. ( as a member of a Committee of the Board shall be deemed to' be; invalid merely on tl ground that be was disqualified to be a director or a member Or that there was any defe ill his appointment.
Protection of action under the Act.
36. No suit or other legal proceeding shall lie against the Nigam or any othe person authonised by the Nigam to discharge any functions under this, Act for any 10:
or damage caused or likely to be caused by anything which is in good faith done c intended to be done in the pursuance of this Act.
Declaration 37. Every director, member of the Board or Committee, auditor, Officer or othe ~:c~~~:.itY and - employee of the Nigam or an employee of the State Government whose services ar utiliscd by the Nigam, shall before entering upon his duties, make a declaration of fidelit and secrecy in the form prescribed by regulations.
Delegation o~ powers.
3($. The BOJrd may delegate to any committee of the Board or to the Chai, ..u 0 Managing Director or any other officer of the Nigam such of its powers and function under this Act as it may deem necessary.
Money due to 39. All moneys recoverable by the Nigam under this Act or under any agreemen Nigam recove- which provides for recovery of any amount payable thereunder as arrears of rand revenu rable as arrears - '.
of Land shall on :1 certificate signed by the Managing Director or any person authorised by hin Revenue. in this behalf be recoverable as arrears of land revenue.
Power of the 40. (1) The State Government may make rules not inconsistent with the provision:
State Govern-ment to make of this A ct to give effect to the provisions of this Act.
rules.
(?) All rules made under this section shall be laid on the table of the Legislative Assembly.
PTower of the 41. (1) The Nigam l11:1Y,with the previousapproval of the State Government make NIgam to make . .. . . ... .. ..
regulations. regulations not inconsistent WIth this Act and the rules made thereunder, providing for all matters for which no rules have been framed under this Act and for which provision I is necessary or 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 the following matters, namely :-
(a) the manner in which .and the conditions subject to which the shares of the . Nigam shall be transferable;
J ' I i/1 I 1 1815 ,1 allowances that may be paid to. the. directors ;~_:s ti d 1 -f the meetings. Df the Board Dr of any committee CDn-imes an paces ts: .
tit t d d till At' the procedure to. be. followed at such meetingsS 1 U e un er S c ana .~, ..
. . . --'>n<;ac.tion of business :including the quorum necessary Dr I1-cu._. _ '
(d) . +-vittee and the fun-the number of directors constituting the executive comu., ctions which such committee shall discharge ;
the
(e) the functions which any other committee may discharge under this Act;
(f) the fees and allowances that may be paid to the member of a commitTee other than directors;
(g) the manner in which appeal shall lie to the State Government Or the specified authority;
(bJ) delegation of powers and functions of the Board to' the committees. or to the Chairman, the Managing Director and other officers of tfieNigam";
(i) the manner and terms of issue and redemption of bonds and debentures an other securities by the Nigam;
(j) the manner and conditions subject to which the Nigam may borrow moneys ;
(k) the form and manner in which the balance sheer and accounts of the Nigam shall be prepared and maintained;
(1) the form of returns statements and estimates required to be prepared under this Act;
(m) duties an.d conduct, salaries, allowances and conditions. of service of the employees of the Nigam;.
(0) establishment and management of provident fund Dr other benefit funds for employees of the Nigam; and (D) generally' for the efficient conduct of the affairs of the Nigam.
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