(1) The corporation may, with the previous approval of the state Government make regulations not inconsistent with this Act and the rules made thereunder for the administration of the Corporation.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for or any of the following matters, namely:
(a) salaries and allowances and conditions of service of the Managing Director and employees of the Corporation and travelling and daily allowances to be paid to the Chairman and non-official members;
(b) times and places of, and the procedure in regard to the transaction of business in. the meeting of the Corporation;
(c) any other matter for which provision is to be or may be made in the regulations.
(3) Until any regulations are made by the Corporation under sub-section (1) any regulations which may be so made by it, may be made by the State Government, and any regulations so made may be altered or rescinded by the Corporation in exercise of its power under subsection (1).