Section 40. Regulations.

(1) The Board, with the previous sanction of the Government by notification, make regulations not inconsistent with this Act and the Rules made thereunder, for enabling it to perform its functions under this Act. (2) In particular and without prejudice to the generality of the foregoing power, such regulation may provide for all or any of the following matters, namely- (a) the terms and conditions of appointment and service and the scales of pay of Officers and servants of the Board other than the Secretary including the payment of travelling and daily allowances in respect of journeys undertaken by such Officers and servants for the purposes of this Act; (b) the time and place of meetings of the Board, the procedure to be followed in regard to transaction of business at such meetings and the quorum necessary for the transaction of such business at a meeting; (c) functions of committees and the procedure to be followed by such committees in the discharge of their functions; (d) the delegation of powers and duties to the Standing Finance Committee, Secretary or any employees of the board; (e) the maintenance of minutes of meeting of the Board and transmission of copies thereof to the Government and the Khadi and Village Industries Commission; (f) the persons by whom and the manner in which payments, deposits and investments may be made on behalf of the Board. (g) the custody of moneys required for the current expenditure of the Board and investment of moneys not so required; and (h) the maintenance of accounts; (3) The Government may, by notification, rescind any regulations made under this section and thereupon, the regulation shall cease to have effect.