(1) If at any time the Central Government is of opinion—
(a) that on account of grave emergency, the Board is unable to discharge the functions and duties imposed on it by or under the provisions of this Ordinance;
(b) that the Bc-ird has persistently made default in complying with any direction issued by the Central Government under this Ordinance or in the discharge of the functions and duties imposed on by or under the provisions of this Ordinance and as a result of such default the financial position of the Board or the administration of the Board has deteriorated; or
(c) that circumstances exist which render it necessary in the public interest so to do, the Central Government may, by notification, supersede the Board for such period, not exceeding six months, as may be specified in the notification.
(2) Upon the publication of_a notification under sub-section (2) superseding the Board,—
(a) all the members shall, as from the date of supersession, vacate their offices as such;
(b) all the powers, functions and duties which may, by or under the provisions of this Ordinance, be exercised or discharged by or on behalf of the Board, shall until the Board is reconstituted under sub-section (3), be exercised and discharged by such person or persons as the Central Government may direct; and"
(c) all property owned or controlled by the Board shall, until the Board is reconstituted under sub-section (3), vest in the Central Government.
(3) On the expiration of the period of supersession specified in the notification issued under sub-section (1), the Central Government may reconstitute the Board by fresh appointments and in such case any person or persons who vacated their offices under clause (a) sub-section
(2), shall not be deemed disqualified for appointment:
Provided that the Central Government may, at any time, before the expiration of the period of supersession, take action under this subsection.
(4) The Central Government shall cause a notification issued under sub-section (1) and a full repor.t of any action taken under this section and the circumstances leading to such action to be laid before each House of Parliament at the earliest.
IS. (1) The Board shall furnish to the- Central Government at such lime and in such form and manner as may be prescribed or as the Central Government may direct, such returns and statements and such particulars in regard to any proposed Or existing programme for the promotion and development of the securities market, as the Central Government may, from time to time, require.
(2) Without prejudice to the provisions of sub-section (1), the Board shall within sixty days, after the end| of each financial year, submit to the Central Government a report in such form, as may be prescribed, giving a true and full account of its activities, policy and programmes during the previous financial year. ' Power of Central Government to supersede the Board.
Returns and reports.
awe, 1J THE GA2ETTE QF 1NJ.UA KXTKAQRDINAHY 9
(3) A copy of the report received under sub-section (2) shall be laid, as soon as may be after it is received, before each House of Parliament.
1H. The Board may by general or special order In writing, delegate to any member, officer of the Board or any other person subject to such conditions, if any, as may be specified in the order, such of its powers and •functions under this Ordinance (except the powers under section 29 V as it may deem necessary- Delegation.