Section 145 - Amendment of section 49. - Finance Act, 2021

Amendment of section 49. 145. In the principal Act, in section 49,- (i) in sub-section (1), for the word Corporation , the word Board shall be substituted; (ii) in sub-section (2),- (a) in clause (a), for the word Corporation , the word Board shall be substituted; (b) clause (c) shall be omitted; (c) in clause (e), for the word Fund , the words fund or funds shall be substituted; (d) for clause (h), the following clause shall be substituted, namely:- (h) the manner in which meetings of the Board and its Committees shall be held, the business to be transacted and procedure to be followed thereat, and the quorum therefor; ; (e) clause (i) shall be omitted; (f) after clause (m), the following clauses shall be inserted, namely:- (n) the manner of election of directors under clause (f) of sub-section (2) of section 4; (o) the form and manner of registers to be kept and maintained under sub-section (1) of section 5B; (p) the manner of nomination by an individual registered member or joint holder of shares, the manner of variation or cancellation of such nomination, and the manner of nomination in favour of a minor, under section 5E; (q) the manner in which and the conditions subject to which shares, including partly paid-up shares, may be issued, held, transferred and registered; (r) the maintenance and operation of the funds and reserves under section 24; (s) the form and manner in which the books and records referred to in section 24A may be kept; ; (iii) after sub-section (2), the following sub-section shall be inserted, namely:- (2A) Any reference in the regulations as in force immediately before the coming into force of section 132 of the Finance Act, 2021 to Investment Committee shall be construed as a reference to the Investment Committee of the Board referred to in section 19A. .