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UTTAIl PKAD&SH GAZETTE, JUJSTL 26, 1955                                        rPABT

Executive Committee or an Advisory Committee by any person acting
a.s Director of the Board or member of the Executive CmmmUer
or of an Advisory Committee, shall, notwithstanding that it shall
Afterwards bs discovered that there was some defect in the appoint-
ment of such persons or that they or any of them were, disqualified,
be as valid as if «ueh every person had been duly appointed and duly

oh Delegation of pdwers to the Managing Director • Without pre-
judice to the powers conferred under these regulations, Mir Managm^
Director or may exercise the following powers

(i) to negotiate and carry on the authorised business of
the Corporation in accordance with instructions which thr Board
may issue from time to time ;

(iij to operate accounts either singly or jointly with a director
or any officer of the Corporation authorised in tins bohalT by
the Board from time to time and to draw, accept and endorse
bills of exchange and ofchsr instruments m tho current and autho-
rised business of the CorporaLion and to sign all other aoftmmtw,
receipts and documents connected with such business ;

(iii) to organise and supervise tho office, maintain dispipliiu-
and exercwe such powers m connection with appointment, pr<>-
motion, termination of .service and leave of the stuff r>f the (Jnr-
poration as may be given by the Board in this behalf tmrl to
allocate duties to the staff and mako Much other an'angtmienLs
as may he necessary for the efficient dinchargt- of the runcl-ionMof
the Corporation ; and

(iv) to incur such expenditure as may be necessary lor Ihii
day-to-day adminiHtration of the office of I/he Cnrporntiorij
subject to the approval of the Chairman in the, ctvso of any
item costing more than Ra. 1,000.

Provided that the Managing Director, or in his absence, <m officer
of the Corporation nominated by him in his behalf, and whero no
nomination has been HO made the Chairman of the Corporation whull
have the power to transact all the usual business of the Corporation,
other than business relating to granting of loans or advances to induwtriyJ
concerns which may be transacted by the Klxeoutivo Committoc,
if in the opinion of the Managing Director or such officer or fJhuirnwTi,
action cannot be deferred until the next meeting of tho Executive
Committee provided that such action is reported to the Executive,
Committee at its ?iext meeting.

52. Manner and form in which contracts binding on the Corporation
may he executed—Contracts mi bdi/ilf of Mio Corporation may ho intuit;
as follows :

(a) Any contract which is by law required to bo in wril<itif>
may be mvide on behalf of the Corporation in writing, signed
by the Mimiging Director or by the Weoretary, where HO
authorised by the Managing Director in wiling,'and may in
the same manner be varied or discharged.

(6) Any contract which would be valid if made by parol
only may be made by parol in on behalf of the Corporation' by tho
Managing Director or by the Secretary, where HO luithoiiHod
by the Managing Director in writing, and may in the same, mtuuior
be varied or discharged.

33. Accounts receipts and documents of the Corporation by whom
to be signed—The Managing Director, or such other officer of th o
Corporation as the Board may, by notification in the official Oazet If
authorise in this behalf, may issue, execute, endorse and tran,sier
promissory notes, bonds, stock receipts, stock debentures nhares
securities and documents of title in goods standing in the name of or
held by, the Corporation, and to draw, accept and endorse bills of'wc-
uhange and other instruments in the current and authorised buHine-ss
of the Corporation and to sign all other accounts, receipts and documents
connected -with such business.

-      H.   Plaints etc tyr whom to be s&netl-PlaintH,
latunniM, affidavit and all otluu- document*