Regulation 10 Member not to participate in meetings in certain cases
Every Member, who is directly or indirectly concerned or interested in any business coming up for consideration at a meeting
of the Governing Board, shall, as soon as possible, after the relevant circumstances have come to his knowledge, disclose the
nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Governing Board and
the Member shall not take part in any deliberation or decision of the Governing Board with respect to that business.
Explanation: The expression “directly or indirectly” referred to in this regulation shall include any concern or interest of a
Member either by himself or through his relatives within the meaning of definition of section 2(77) of the Companies Act,
2013 or by reason of being a partner or director of that concern.
VL Note : –
Regulation 11 Obligation of a Member to give information of disqualification
(1) A Member shall, as soon as possible, inform the Board if he becomes subject to any of the disqualifications specified in
section 190 of the Code.
(2) The Board shall inform the Central Government, if it comes to the notice of the Board that any Member has attracted any
of the disqualifications referred to in sub-regulation (1).
VL Note : –
Regulation 12 Declaration of fidelity
(1) The Chairperson and every Whole Time Member, before entering upon his duties, shall take an Oath of Office and
Secrecy, in the format given at Schedule I.
(2) Every Member, before joining upon his duties, shall sign a Charter of Conduct confirming his allegiance to the highest
standards of ethics and integrity, in the format given at Schedule II.
Provided that the Members already in office shall sign the Charter within two months of the Regulations coming into force.
VL Note : –