Clause 135 - Amendment of section 48. - Finance Bill, 2021

Amendment of section 48. 135. In section 48 of the principal Act, in sub-section (2),- (i) in clause (a), for the word members , the word directors shall be substituted; (ii) for clause (aa), the following clauses shall be substituted, namely:- (aa) the manner of disclosure of interest by a director under section 4B; (ab) the conditions subject to which the Board may consent to related party transactions under section 4C; (ac) the securities and instruments which may be issued under section 5; (ad) the manner of reservation in favour of life insurance policyholders and allotment against such reservation, in relation to a public issue, under clause (a) of sub-section (9) of section 5; ; (iii) for clause (g), the following clause shall be substituted, namely: (g) the conditions under the first proviso to clause (d) of sub-section (2) of section 19C; ; (iv) after clause (h), the following clauses shall be inserted, namely:- (ha) the manner in which general meetings shall be held, and the business to be transacted and procedure to be followed thereat; (hb) the quorum for a general meeting, and the manner of holding the meeting if it could not be held for want of quorum and was adjourned under section 23A; (hc) the manner in which persons may attend a general meeting and exercise their vote; (hd) the manner in which notices may be served on behalf of the Corporation upon members or other persons; (he) the form and manner in which the financial statements referred to in sub-section (8) of section 24B may be issued, circulated or published; (hf) matters that may be prescribed under clause (n) of sub-section (1) of section 24C; (hg) the manner and procedure of selection and conditions of appointment of auditors under sub-section (1) of section 25; (hh) the form in which an auditor who has resigned shall indicate the reasons and other facts relevant to the resignation under sub-section (2) of section 25A; (hi) the matters to be prescribed under clause (j) of sub-section (3) of section 25B; (hj) the duties and powers of the Corporation s auditor with reference to the audit of a branch or office of the Corporation and the auditor thereof, under sub-section (6) of section 25B; .