Clause 138 - Power of Central Government to make rules. - Finance Bill, 2015

Power of Central Government to make rules. 138. (1) The Central Government may, by notification, make rules for carrying out the purposes of this Chapter. (2) Without prejudice to the generality of the foregoing provision, the Central Government may prescribe-- (a) the terms and other conditions of office of the Chairperson and other Members of the Board under sub-section (4) of section 123; (b) the terms and conditions of Government securities under sub-section (3) of section 125; (c) the manner of making payments to and claims by, holders of Government securities under sub-section (2) of section 126; (d) the manner of maintenance of register of holders under sub-section (1) of section 127; (e) the manner of making and cancelling nomination under sub-sections (1) and (3) of section 128; (f) the manner of transfer of Government securities under sub-section (1) of section 129; (g) the manner of issue of certificate of Government securities under sub-section (2) of section 131; (h) the sources of funds for the Agency under clause (b) of sub-section (1) of section 135; (i) the manner of maintenance of accounts and form of annual report of the Agency under subsections (1) and (3) of section 136. (3) Every rule made under this Chapter 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 to make any modification in the rule or both Houses agree 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.