Section 51: Liquidation of Small Industries Bank.

No provision of law relating to the winding up of companies or corporations shall apply to the Small Industries Bank and that Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct. 2[51 A. Power to make rules by Central Government.—(1) The Central Government may, by notification, make rules to carry out the provisions of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—

(i) the procedure for filing and hearing of appeal against the refusal to register the transfer of shares by the Board under sub-section (3) of section 20D; and (ii) any other matter which has to be, or may be, prescribed by rules under this Act.] 52. Power to make regulations.—(1) The Board may [Omitted] by notification, make regulations not inconsistent with the provisions of this Act to provide for all matters for which provision 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— (a) the removal of Director under sub-section (8) of section 6; (aa) the places of meetings of the Board under this Act and the procedure to be followed at such meetings including the quorum necessary for transaction of business and the manner of adoption of resolution under section 6; (ab) the functions to be discharged by the Executive Committee under sub-section (2) of section 12; (ac) the places of meetings of the Executive Committee and the procedure to be followed at such meetings under sub-section (4) of section 12; (ad) such fees and allowances which may be paid to the directors and members of the Executive Committee under section 12A; (ae) the particulars to be prescribed in the register of shareholders under clause (iv) of sub-section (1) of section 20B; (af) the procedure relating to maintenance of register of shareholders in electronic form under sub-section (2) of section 20B; (ag) the matters relating to the annual general meeting under sub-section (3) of section 20G;

(b) the form and manner in which the balance-sheets and the accounts of the Small Industries Development Assistance Fund under sub-section (1) of section 25 and the Small Industries Bank under sub-section (1) of section 28 shall be prepared;

(c) the manner in which nominations may be made in terms of sub-section (1) of section 46;

(d) generally the efficient conduct of the affairs of the Small Industries Bank;

(e) any other matter which is to be, or may be, prescribed. (3) Every rule made by the Central Government, and every regulation made by the Board under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation. [53. Amendment of certain enactments.]—Rep. by the Repealing and Amending Act, 2001 (30 of 2001), s. 2 and The First Schedule (w.e.f. 3-9-2001). 54. Power to remove difficulties.—If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, in consultation with the Development Bank, by order, do anything, not inconsistent with such provisions, for the purpose of removing the difficulty:

Provided that no such order shall be made after the expiration of three years from the date on which this Act receives the assent of the President. THE FIRST SCHEDULE [See section 36(3)] Declaration of fidelity and secrecy I,........................., do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as director, member of............. committee, auditor, officer, other employee (as the case may be) of the Small Industries Development Bank of India and which properly relate to the office or position held by me in or in relation to the said Bank. I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the Small Industries Development Bank of India or to the affairs of any person having any dealing with the said Bank, nor will I allow any such person to inspect or have access to any books or documents belonging to or in the possession of the said Bank relating to the business of the said Bank or the business of any person having any dealing with the said Bank. Signed before me. (Signature)