(1)A licensed institution may frame Bye- laws for systematically operating its business and implementing the objectives of this Act. Such bye-laws shall come into force after being approved by the Rastra Bank.
(2) Without prejudice to the generality of the powers conferred by Sub-section (1), a licensed institution may frame Bye- laws on any or all of the following matters:
(a) Rules of procedure of the meetings of Board and the general meeting;
(b) Delegation of powers by the Board to any director or employee;
(c) Appointment, promotion, transfer, dismissal, salary, allowance, gratuity, pension, leave, carry on, discipline and conditions of service of the employees of the licensed institution, and formation of such service;
(d) Conditions of contracts to be made on behalf of the licensed institution;
(e) Matters relating to financial administration of the licensed institution;
(f) Procedures for using the seal of the licensed institution;
(g) Such other functions as required to be performed by the licensed institution pursuant to this Act.