REGISTERED No. D. (D.N.)-72
The Gazette of India
EXTRAORDINARY
PART II—Section 3-Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 459J NEW DELHI, MONDAY, OCTOBER 11, 1982/ASVINA 19, 1904
Separate paging la given to this part in order that It may be filed as a separate compilation
828 Gl/82
(1)
2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]3
the Central Government, hereby makes the following re- gulations for the National Bank for Agriculture and Rural Development, namely :
CHAPTER I
INTRODUCTORY
Short title and commencement.—1. (i) These regulations may be called the National Bank for Agriculture and Rural Development General Regulations, 1982.
(ii) They shall come into force on the 12&
2. Definitions.—In these regulations, unless there is any- thing repugnant in the subject or context—
(a) 'Act' means the National flank for Agriculture and Rural Development Act, 19S1 ^61 of 1981);
(b) 'section' means a section of the Act;
(c) other expressions med and not defined in these regulanons but uscj in the Act have the meanings respectively assigned to them in the Act.
CHAPTER II
MEETINGS OF THE, BOARD
3. Meetings of the Boaid.—\i) The Board shall ordinarily meet once a quarter in each year.
(ii) Meetings of the Board shall be convened by the Chairman, and, in, his absence, by Managing Director and shall bo ordinal ily held at Bombay but if ,io directed by the Board, mny be held at any other place in India.
(iii) Any five directors may, for the purpose of the consideration of tile business to be spceilicd in their re- quisition, iequire the Chairman to convene a meeting ot the Board and the Chairman shall, on receipt of su^ch requisi- tion, convene a meeting of the Board giving sufficient notice:
Provided that the date of the meeting so convened shall not be later than 21 days from the dale of the requisition.
((iv) Except in respect of the first meeting of the Board, ordinarily not less than one clear foitnight's notice shall be given of each meeting of Lhe Board and such notice shall be sent to every director to his registcied address. Should it be found netessaiy to convene an emergency meeting, a notice of nor lcss than seven days shall bo given to every director who is at that time in India, to enable him to attend.
(v) No business other than that for which the meet- ing was convened shall be discussed at a meeting of the Board, except with the consent of the Chairman of the meeting and a majority of the directors present, unless one clear week's notice has been given of the iamo in writ- ing to the Chairman.
(vi) Six directors shall form a quorum for the transac- tion of the business at a meeting of the Board.
MINISTRY OF FINANCE
(vii) A copy of the proceedings of each meeting of the Board shall be circulated for the information of the directors as soon as possible after the minutes of that meeting are signed by the Chairman.
RESERVE BANK OF INDIA
Rural Planning and Credit Department
NOTIFICATION
Bombay, the 10th August, 1982
Nationnl Bank for Agriculture and Rural Development General Regulations, 1982
S,O. 723(E).—In exercise of the powers conferred by sub-section (3) of section 60 of the National Bank for Agriculture anrf Rural Development Act, 1981, (61 of 1981), Ihe Reserve Bank of India, in consultation with 4. Fees for Directors.—The director not being a Managing Director or a whole-time director, or an offlcei of Govern- ment or of the Reserve Bank of India shall bo paid fees by the National Bank as follows ;
(a) For attending meetings of the Board.—Rs. 200 for each meeting.
(b) For attending to any other work for the National Bank.—Such sum as the Board may hx from time to time having regard to nature and amount of work involved.
5. Payment of travelling and Halting Allowances to Directors.—In addition to the fees to which a Director may be entitled under regulation 4, every such director travelling m connection with the work of the National
4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]Bank shall be reimbursed his travelling and halting expenses if any, on such basis as may be fixed from time to time toy the Central Government after Consultation with the Reserve Bank.
6. Resolution without meeting valid.—A resolution In writing circulated to all the directors in India and approved and signed by a majority of such directors who are then in India, one of whom shall be the Chairman, shall be valid and ^tiectv-* and shall be deemed to be the resolution passed Board on the date on which it is ,-ipproved and
the last signatory to the resolution :
raided t any resolution passed as aforesaid shall b"
"placed before die next meoting of the Board.
CHAPTER Til
GENERAL PROVISIONS
7. Manner and form in which contracts binding on tht National Bank may be executed.—(1) Contracts on behalf of the National Bank may be made as* follows :
(1) Any contract which, if made between private persons, would by law be required to be in wriling nnd signed byi the parties to be charged therewith, may be made on behalf of the National Bank in writing and signed by any person acting under its authority, express or implied, and may in
" the same manner be varied or discharged.
(ii) Any contract, which, if made between private per- sons, would by law be valid although made by parol only and not reduced in writing may bo made by puol on behalf of the National Bank by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
(2) All contracts made according to the provisions of this regulation shall be effectual in law and shall bind the National Bank and all other parties thereto and their legal representatives.
8. Accounts, Receipts and Documents of tho National Bank by whom to be signed.—Tho Chairman, the Managing Director, any whole time director and such oLicers of the National Bank or such other persona as the Board may authorise in this behalf by notification in tne Gazette of India are hereby severally empowered for find on behalf of the National Bank to execute lc*isc deeds, transfers, con- veyances, charges and other deeds relating to or affecting rights to or in immovable property, to endorfe and transfer promissory notes, stock-receipts, stocks, debentures, shares, securities and documents of title to goods, standing in the name of or held by the National Bank, and to draw, accept and endorse bills of exchange and other instruments in (he current and authorised business of the National Bank and to sign all other accounts, receipts and documents connected with such business.
9. Plaints etc. by whom to be signed.—Plaints, written statements, affidavits and other documents connected with legal proceedings may be signed and verified on behalf of the National Bank by any officer empowered by or under regulation 8 to sign documents for and on behalf of the National -qfld such officer mav appear in or before any court, tribunal or other body as the recognised agent of the National Bank for the purpose of the proceedings in thpt court, tribunal or other body.
10. No advance to be mad© to the officers of the National Bank without sanction of the Board.—An advance may be ,made to the Chairman, Managing Dircprtor, whole-itime director, officer or other employee of the National Bonk with the sanction of the authority specified in the relative regulations, rules, or schemes made or approved by the Board in terms of which the advance is to be made and Where no authority is specified in the relative regulations, rules or schemes, as the case may be, the advance may be sanctioned :
(a) to the Chairman, by the Board;
(b) to the Managing Director or the whole-time direc-
tor, by the Chairman;
(c) to officers and other employees, by the Managing Director lor a whole-time director, and su)bje"t to such general or special directions us may be issued by the Chairman or the Managing Director, by any other officer specified by the Chairman in this behalf.
11. Powers on behalf of the National Bank by whom to be exercised.— (1) Subject to the provisions of the Act, any regulations made by the Board in regard to expenditure to be incurred by or on brhalf of the National Bank and any directions, which may be given by the Chairman either generally or in any particular case in regard to the conduct of the business of the Natioral Bank, the Managing Director and whole-time directors are hereby severally empowered to exercise any or all the powers and do any or all acts and things which may be exercised or done by the National Bank.
(2) Any other officer may, if authorised and to the extent that he is so authorised by the Chairman in this behalf, exercise all the powers in relation to matters pertain- ing to the department or office in which he is employed, and in relation to such matters, do all acts and things which may be exercised or done by the National Bank, subject however to the conditions hereinafte- specified, namely ;
(a) the power to sanction or incur any expenditure on behalf of the National Bank shall be subject to regulations ftiade by the Board; ,
(b) any other power exercised or action taken shall be exercised Or taken subject to such directions, if any, as may be given by any higher officer or authority in this behalf.
(3) No power exercised, function^ performed or act or thing done shall be deemed to be invalid or ineffective only on tho ground that it is not a power exercised, functions performed, or act or thing done, by or on behalf of the National Bank, or that in the exercise of such power, per- formance of such function or the doing of any such act or thing, effect has not been given- to any rule or direction referred to in sub-regulation (1) or in sub-regulation (2), or that any sjich rule or direction has been wrongly acted upon.
12. Issije of Bonds.—(0 The bonds or debentures of the National Bank shall be issued over the signature of tho Chairman, or tho Managing Director, or any whole-time director which may be printed, engraved, lithographed or impressed by such other mechanical process as the National Bank may direct.
(li) A signature so printed, engraved, lithographed or otherwise impressed shall be valid as if it had been inscribed in the proper hand-writing of tho signatory himself.
13. Common seal of the National Bank.—The common seal of the National Bank shall be affixed to any instru- ment only in the presence of at least two directors who shall sign their names in tho instrument in token of their presence, and such signing shall be independent of thef signing of any person who may sign the instalment as ^ witness. Unless so signed as aforesaid, such insti-ument shall be of no validity.
14. Service of Notice to National Bank.—A notice may be served on the National Bank by delivering it to the Managing Director, any whole-lime director, or an officer authorised by the Managing Director in this behalf at, or by sending it by registered port to, the Head Office of the National Bank.
fRPCD. No. 1'62/NB. 2/82-R3]
H. B. SH1VAMAGGI. Executive Director