Amendment status not verified — confirm the current text below against the official source.
(1) The Government may, by notification, make rules to carry out all or any of the purposes 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:- (a) the terms and conditions of appointment, including salary and allowances, of 1 [the Chairman, the Vice-Chairman] and the Managing Director; 1Substituted for words “the Chairman” by Punjab Act No. 11 of 2012, Section 8, on and with effect from the 20th day of August, 2010. Powers to make rules. (b) the terms and conditions of appointment, including salary and allowances, of the directors referred to in clause (e) of the sub- section (1) of section 7; (c) the circumstances under which 1[the Chairman or the Vice- Chairman] or the Managing Director or a director referred to in clause (e) of sub-section (1) of section 7 shall be removable during the term of his office; (d) other functions which the Corporation may discharge in addition to those mentioned in sub-section (2) of section 15; (e) the form in which the certificate shall be granted by the Managing Director and the procedure that shall be observed for determining the amount; (f) the financing institutions for the purposes of priority of charge under section 21; (g) the form and manner in which accounts shall be maintained and the balance sheet and profit and loss account shall be prepared; and (h) any other matter which is required to be or may be prescribed. (3) Every rule made under this section shall be laid as soon as may be after it is made before the House of the State Legislative while it is in session for a total period of ten days which may be comprised in one session or in two or more successive sessions, and if before the expiry of the session in which it is so laid or the successive sessions aforesaid, the House agrees in making any modification in the rule or the House agrees 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 1Substituted for words “the Chairman” by Punjab Act No. 11 of 2012, Section 8, on and with effect from the 20th day of August, 2010. may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.