(1) The Corporation may, with the previous sanction of the State Government, make regulations, not inconsistent with this Act and the rules made thereunder, for the administration of the affairs of the Corporation.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:—
(a) the time and place of meetings of the Corporation and the procedure to be followed in regard to transaction of business at such meetings;
(b) the conditions of appointment and service and the scales of pay of officers and employees of the Corporation other than the Managing Director, the General Manager and the Chief Accounts Officer not inconsistent with the extant rules of the State Government.