Amendment status not verified — confirm the current text below against the official source.
(1) The Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may prescribe – (a) the classes of industrial businesses or enterprises to which and the purposes for which aid may be given; (b) the constitution of the Board, the term of office of its members, the quorum at the Board’s meetings, the method of arriving at its decisions, the appointment of its staff, the remuneration of its members and all other matters relating to the conduct of its business; 512 (c) the manner of making applications for State aid and the information to be given in such applications, provided that no such rules shall require any applicant or grantee of aid to divulge any information relating to the technical details of any process or any patent owned by him; (d) the manner of conducting inquiries and the matters to be specially inquired into in dealing with applications for State aid and the powers to be exercised by the sanctioning authority conducting such inquiries; (e) the mode of ascertaining the value of the assets of an industrial business or enterprise or of any property offered as collateral security for a loan; (f) the nature of the security to be taken for the due application of loans and grants and the rates of interest at which and the conditions under which loans or grants may be given and the creation of a mortgage or collateral security under section 10; (g) the inspection of the premises, buildings, plant and stock on hand and the accounts of any industrial business or enterprise for which State aid has been granted; (h) the mode of keeping and auditing the accounts and of furnishing returns of any industrial business or enterprise in respect of which State aid has been granted; (i) the appointment and functions of Government directors or the prescribing of other methods of control of industrial business or enterprises in respect of which State aid has been granted; (j) the application of profits in cases in which the conditions under which loans or grants have been made have not been fulfilled; (k) the fixing of the period for the repayment of loans and the conditions and dates of the repayment of subsidies and grants; (1) the recovery of any moneys due under this Act; (m) the conditions under which and the security on which loans shall be granted to any industrial business or enterprise under this Act; (n) all matters connected with, or relating to the grant of aid by the Government under section 19 including all matters referred to in the foregoing clauses which are applicable to such grant. 513 (3) All rules made under this Act shall, as soon as possible after they are made, be laid before the Legislative Assembly, Puducherry, while it is in session for a total period of fourteen days, which may be comprised in one session or in two successive sessions, and, if before the expiry of session in which it is so laid or the session immediately following, the Legislative Assembly makes any modifications in the rule or decides that the rule should not be made, the rule 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. Powers of the Government as regards starting or conducting industries and giving aid of certain kinds