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Section 43 – The Unit Trust of India Act,1963

The Unit Trust of India Act,1963

Section 43. Regulations

(1) The Board may, with the previous approval of the Reserve Bank, make regulations not inconsistent with this Act to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act.

(2) In particular and without prejudice to the generally of the foregoing power, such regulations may provide for–

(a) The form and manner of maintenance of the register of contributing institutions and the particulars to be contained therein;

(b) The face value of a contribution certificate, its from and the particulars to be contained therein;

(c) The manner of transfer of a contribution certificate;

(d) The rights and liabilities of a contributing institution;

(e) The holding and conduct of election under this Act, including the final decision on doubts or disputes regarding the validity of elections;

(f) The fees and allowances that may be paid to the trustees;

(g) The times and places of the meeting of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for the transaction of business;

(h) The fees and allowances that may be paid to the members of a committee, other than trustees;

(i) The institutions with which money may be kept on deposit;

(j) The manner of distribution of income to the contributing institutions;

(k) The form and manner in which the balance-sheet and the accounts of the Trust shall be prepared and maintained;

(l) The date on which the books of accounts of the Trust shall be balanced and closed each year;

(m) The duties and conduct, salaries and allowances, and other conditions of service of officers and other employees of the Trust;

(n) The establishment and maintenance of provident or other benefit funds for officers and other employees of the Trust; and

(o) Any other matter which is to be, or may be, prescribed.

(3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank within three months of the establishment of the Trust and any regulation so made may be altered or rescinded by the Board in the exercise of its powers under this Act.

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The Unit Trust of India Act,1963

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