Section 133: Power to frame By-laws and Procedures

1) The Board of Directors may, in order to operate its institutional, administrative and business transactions in a systematic manner, frame byelaws on any or all of the following matters subject to this Act and the terms and conditions, limitations and norms as prescribed by the Rastra Bank:-

(a) On appointment, promotion, transfer, dismissal, remuneration, allowances, gratuity, pension, leave, code of conduct, discipline, and terms and conditions of services and formation of such services,

(b) On financial administration of the bank or financial institution,

(c) On writing off of credits,

(d) On other matters as prescribed by the Rastra Bank from time to time.

2) In addition to the matters as referred to in sub-section (1), a bank or financial institution may frame procedures/guidelines on the following matters as may be necessary:-

(a) On meeting of the Board of Directors and procedures of the General Meeting,

(b) On delegation of authority by the Board of Directors to Director, Chief Executive, Official or employee,

(c) On the terms and conditions of the contract to be concluded on behalf of bank or financial institutions,

(d) On the procedures of the use of the seal of bank or financial institutions,

(e) On valuation of non-banking assets to be mortgaged at the time of disbursement of credits or at the time of auction,

(f) On other actions and proceedings to be carried out under this Act by banks or financial institutions,

(g) On crushing documents and papers,

(h) On other matters as prescribed by the Rastra Bank from time to time.