Section 41:
Power of Central Government to make rules.
(1) The Central Government may, in
consultation with the Reserve Bank, by notification in the Official Gazette, make rules to give effect to
the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may
provide for--
(a) the manner of, and the procedure for payment of, compensation under this Act, including the
requirements subject to which the payment shall be made;
(b) the determination of persons to whom the said compensation shall be payable in all cases
including cases where shares have been held by more than one person, or where they have been
transferred before the appointed day, but the transfer has not been registered or where the shareholder
is dead;
(c) the circumstances under which claims for payment of the said compensation from persons
claiming through or under a shareholder may be entertained;
(d) the requirements to be complied with before receipt of the said compensation by a
shareholder, whose share certificate has been lost, destroyed, mutilated or stolen;
(e) the requirements, subject to which information regarding the payment of the said
compensation may be granted or refused and the conditions subject to which such information may be
given.
1[(3) Every rule made by the Central Government under this Act 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 in two or more successive sessions, and if , before the expiry of 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. Subs. by Act 4 of 2005, s. 2 and the Schedule, for sub-section (3) (w.e.f. 11-1-2005).