(1) A member may resign his office by giving notice of his intention thereof in writing to the Government; and on the acceptance of his resignation, he shall be deemed to have vacated his office as such member.
(2) A casual vacancy in the office of a member shall be filled by nomination of another person from the concerned category and the member so nominated shall hold office for the residue period of the term of the office of his predecessor.
(3) No act or proceeding of the Board shall be invalid merely on the ground of the existence of any vacancy, or any defect in the constitution or the Board.
47. Government may, from time to time, make grants and advance loans to the Board to the extent of the Fund available for the purposes of this Act, on such terms and conditions as the Government may, in each case, determine.
Resignation.
Grants and loans.
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48. Subject to the provisions of this Act, the Fund shall vest in and be held and applied by the Board as trustees for the purposes of this Act.
49. Without prejudice to the generality of the provisions of section 48, the Fund shall be utilised by the Board, which may,-
(a) grant to the affected workmen such sums as the Board may decide; and such sums shall not be less than the minimum wages in force for the General Engineering Industry;
(b) contribute towards the share capital for the formation of an Industrial Workers Co-operative Society;
(c) grant such other financial assistance to the Industrial Workers Co-operative Societies; or
(d) take such measures as the Board may consider necessary for promoting the welfare of affected workmen.
50. Subject to the provisions of this Act, the Board may from time to time, with the previous sanction of the Government, and subject to such conditions as may be specified by the Government in this behalf, borrow sums required for the purpose of this Act.
51. The Government may from time to time, give to the Board such directions as in their opinion are necessary or expedient for incurring the expenditure from the fund or for carrying out the purposes of this Act and it shall be the duty of the Board to comply without fail all such directions.
Vesting of Fund.
Application of Fund.
Borrowings.
Directions by the Government.
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