Section 7
Power to make rules.
The International Monetary Fund and Bank Act, 1945
About this Act
An Act to implement the International Monetary Fund and Bank Agreements.
1[(1)] The Central Government may, by notification in the Official
Gazette, make rules for giving effect to the provisions set out in the Schedule, and generally for carrying
out the purposes of this 2[Act].
3[(2) Every rule made under this section shall be laid, as soon as may be after it is made, before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or 4[in two or more successive sessions], and if before the expiry of 5[the session immediately following the session or the successive sessions aforesaid], both Houses agree in making any modification in the rule, or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.]
3[(2) Every rule made under this section shall be laid, as soon as may be after it is made, before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or 4[in two or more successive sessions], and if before the expiry of 5[the session immediately following the session or the successive sessions aforesaid], both Houses agree in making any modification in the rule, or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.]
Notes
1. Renumbered as sub-section (1) by Act 25 of 1959, s. 5.
2. Subs. by s. 2, ibid., for "Ordinance".
3. Ins. by s. 5, ibid.
4. Subs. by Act 67 of 1982, s. 4, for "in two successive sessions" (w.e.f. 15-1-1983).
5. Subs. by s. 4, ibid., for certain words (w.e.f. 15-1-1983).
2. Subs. by s. 2, ibid., for "Ordinance".
3. Ins. by s. 5, ibid.
4. Subs. by Act 67 of 1982, s. 4, for "in two successive sessions" (w.e.f. 15-1-1983).
5. Subs. by s. 4, ibid., for certain words (w.e.f. 15-1-1983).