Section Section 4
of the International Financial Services Centres Authority Act; 2019,in so far as
Section 4 of the International Financial Services Centres Authority Act; 2019,in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned:] 58. Power of the Central Board to make regulations. (1) The Central Board may; with the previous sanction of the 2[Central Government], [by notification in the Official Gazette, make regulations consistent with this Act to provide for all matters for which provision is necessary or convenient for the purpose of giving effect to the provisions of this Act. (2 In particular without prejudice to the generality of the foregoing provision, such regulations may provide for all O any of the following matters, namely: 7*
the manner in which the business of the Central Board shall be transacted, and the procedure to be followed at meetings thereof; g the conduct of business of Local Boards and the delegation to such Boards of powers and functions; h) the delegation of powers and functions of the Central Board 8 **x to Deputy Governors_ Directors Or officers of the Bank; the formation of Committees of the Central Board, the delegation of powers and functions of the Central Board to such Committees, and the conduct of business in such Committees; the constitution and management of staff and superannuation funds for the officers and servants of the Bank; the manner and form in which contracts binding on the Bank may be executed; the provision of an official seal of the Bank and the manner and effect of its use; (m_ the manner and form in which the balance-sheet of the Bank shall be drawn up and in which the accounts shall be maintained; the remuneration of Directors of the Bank; the relations of the scheduled banks with the Bank and the returns to be submitted by the scheduled banks to the Bank; D) the regulation of clearing-houses for the ?[banks (including post office savings banks)]; 1Q[(pp) the regulation of fund transfer through electronic means between the banks or between the banks and other financial institutions referred to in clause (c) of
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