# The Finance Act, 2021, Section 144: Amendment of section 48

- Act: The Finance Act, 2021
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2021/section/144/

## Text

Amendment of section 48. 144. In section 48 of the principal Act, in sub-section (2),— (i) | in clause (a), for the word "members", the word "directors" shall be substituted; (ii) | for clause (aa), the following clauses shall be substituted, namely:— "(aa) the manner of disclosure of interest by a director under section 4B; (ab) the conditions subject to which the Board may consent to related party transactions under section 4C; (ac) the securities and instruments which may be issued under section 5; (ad) the manner of reservation in favour of life insurance policyholders and allotment against such reservation, in relation to a public issue, under clause (a) of sub-section (9) of section 5;"; (iii) | after clause (h), the following clauses shall be inserted, namely:— "(ha) | the manner in which general meetings shall be held, and the business to be transacted and procedure to be followed thereat; (hb) | the quorum for a general meeting, and the manner of holding the meeting if it could not be held for want of quorum and was adjourned under section 23A; (hc) | the manner in which persons may attend a general meeting and exercise their vote; (hd) | the manner in which notices may be served on behalf of the Corporation upon members or other persons; (he) | the form and manner in which the financial statements referred to in sub-section (8) of section 24B may be issued, circulated or published; (hf) | matters that may be prescribed under clause (n) of sub-section (1) of section 24C; (hg) | the manner and procedure of selection and conditions of appointment of auditors under sub-section (1) of section 25; (hh) | the form in which an auditor who has resigned shall indicate the reasons and other facts relevant to the resignation under sub-section (2) of section 25A; (hi) | the matters to be prescribed under clause (j) of sub-section (3) of section 25B; (hj) | the duties and powers of the Corporation's auditor with reference to the audit of a branch or office of the Corporation and the auditor thereof, under sub-section (6) of section 25B; (hk) | the details, procedure and documents under sub-section (6) of section 28C.".

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