Section 31
Powers of Central Government to make rules.
The National Bank for Financing Infrastructure and Development Act, 2021
About this Act
An Act to establish the National Bank for Financing Infrastructure and Development to support the development of longterm non-recourse infrastructure financing in India including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure and for matters connected therewith or incidental thereto.
(1) The Central Government may, by
notification, make rules to carry out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--
(a) institutions that may hold shares of the Institution under sub-section (3) of section 5;
(b) the manner of election of directors by shareholders under clause (e) of sub-section (1) of section 6;
(c) the terms and conditions of induction of independent directors to the Board under sub-section (5) of section 6;
(d) the fees and reimbursements in respect of independent directors under sub-section (3), and the term of office and other terms and conditions of service of, the Chairperson, Managing Director, Deputy Managing Directors and other directors of Board under sub-section (5), of section 9;
(e) manner of disclosure of interest by members of Board and of committees under sub-section (1) of section 16;
(f) the threshold for determination of beneficial interest by directors of the Institution or any relative of such director under the Explanation to sub-section (3) of section 18;
(g) conditions subject to which the Institution may enter into a contract or an arrangement under sub-section (1) of section 19;
(h) the parameters on the basis of which the external agency shall review the performance of the Institution under sub-section (2) of section 20;
(i) the rate of fees for Government under section 22;
(j) the form and manner in which the balance-sheet and accounts of the Institution shall be prepared under sub-section (1) of section 25;
(k) any other matter which is to be, or may be, prescribed.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--
(a) institutions that may hold shares of the Institution under sub-section (3) of section 5;
(b) the manner of election of directors by shareholders under clause (e) of sub-section (1) of section 6;
(c) the terms and conditions of induction of independent directors to the Board under sub-section (5) of section 6;
(d) the fees and reimbursements in respect of independent directors under sub-section (3), and the term of office and other terms and conditions of service of, the Chairperson, Managing Director, Deputy Managing Directors and other directors of Board under sub-section (5), of section 9;
(e) manner of disclosure of interest by members of Board and of committees under sub-section (1) of section 16;
(f) the threshold for determination of beneficial interest by directors of the Institution or any relative of such director under the Explanation to sub-section (3) of section 18;
(g) conditions subject to which the Institution may enter into a contract or an arrangement under sub-section (1) of section 19;
(h) the parameters on the basis of which the external agency shall review the performance of the Institution under sub-section (2) of section 20;
(i) the rate of fees for Government under section 22;
(j) the form and manner in which the balance-sheet and accounts of the Institution shall be prepared under sub-section (1) of section 25;
(k) any other matter which is to be, or may be, prescribed.