chhatramani/nepal_legal_acts_corpus_english huggingface dataset:
Insolvency Act, 2006

Added by the Act to Amend Some Acts Relating to Money Laundering Prevention and Business Environment Promotion, 2023 (2080).20A. Contract May Be Terminated: Notwithstanding anything contained in the prevailing law, if the Court has ordered the initiation of insolvency proceedings concerning a company under subsection (2) of section 10, and if it appears that continuing any contract for the supply of goods or services made by the company in the past would unnecessarily increase the company's liability, the company or the Liquidator may terminate such contract with the permission of the Court. 21. Meeting of Creditors to Be Called: (1) To ascertain the views of the creditors of an insolvent company regarding its future plans, the Investigating Officer shall, before submitting his or her report to the Court, call a meeting of such creditors to discuss the report, and every person appearing as a creditor of the company from the company's accounts and other records shall also be called to such meeting.

(2) Notice shall be given to every person appearing as a creditor under subsection (1), specifying the place, date, time, and subject of discussion, allowing a minimum of seven days' time, and the notice of such meeting shall also be published at least twice in a national daily newspaper.

(3) While giving notice under subsection (2), it may be given by written letter, telex, telephone fax, email, or other electronic communication medium that can be recorded.

(4) If any person other than those mentioned in subsection (1) claims to be a creditor of the company, the Investigating Officer may require proof thereof and detailed particulars of the claim against the company.

(5) The Investigating Officer may reject the claim of a person who fails to provide the proof or particulars under subsection (4), and upon such rejection, such person shall not be entitled to attend the meeting of creditors. Provided that, a person shall not be deemed to be a creditor of the company merely by reason of having participated in the meeting of creditors.

(6) The Investigating Officer shall chair the meeting of creditors.

(7) Decisions of the meeting of creditors shall be made by a simple majority. In case of a tie, it shall be determined by a lottery system. The Investigating Officer may determine the voting method by establishing the voting rights of creditors in proportion to the claims submitted regarding debts that are immediately due or payable by the company.

(8) Directors of the company or officials invited by the Investigating Officer may participate in the meeting of creditors.
Insolvency Act, 2006

Provided that, they shall not participate in the voting.

(9) No question shall be raised in any court regarding the meeting of creditors and the work performed by it, except upon a petition filed by an interested person stating the cause and basis of being aggrieved by the meeting. 22. Court May Issue Order: (1) Within seven days of receiving the report submitted by the Investigating Officer under subsection (1) of section 18, or a resolution passed by the meeting of creditors, or a restructuring program submitted by the company, or any other passed resolution, the Court may, if it deems appropriate, issue any of the following orders:-
(a) To dissolve the company immediately,
(b) To implement the restructuring program of the company,
(c) To wait for a period specified by the Court if there is a possibility of improvement without immediately dissolving the company,
(d) To extend the period of insolvency proceedings for further investigation and submission of a report as directed by the Court, or
(e) To revoke the order issued under subsection (2) of section 10.

(2) If an order is made to dissolve the company or to implement the restructuring program under subsection (1), the Court shall appoint an Insolvency Practitioner as the Liquidator of the company or to conduct the restructuring program, and order the dissolution of the company or the implementation of the restructuring program, and the person so appointed shall complete such task within the period specified by the Court at the time of appointment.

(3) Notwithstanding anything contained elsewhere in this section, if an Investigating Officer files a petition stating that a company has already become insolvent or is in a state where its immediate dissolution is unavoidable, or even if a company is insolvent, that a proposed restructuring program prepared for its improvement can be considered at a meeting of creditors to be called under Chapter 4, and if the Court deems it appropriate to issue such an order, the Court may issue any of the following orders:-
(a) To terminate the investigation into insolvency proceedings before the expiry of that period,
(b) That the Investigating Officer need not call a meeting of creditors, or
(c) To dissolve the company or to restructure the company.

(4) The Court may also issue any other order it deems fit, besides those mentioned in subsection (1) or (3). Chapter 4

Restructuring Program of Company

23.
Insolvency Act, 2006

Chapter 4

Restructuring Program of Company

23. Restructuring Program to Be Prepared: (1) If the Court orders the restructuring of a company under subsection (2) of section 22, the Restructuring Manager shall prepare a written restructuring program for the company.

(2) The program prepared under subsection (1) shall include the following programs:-
(a) Capitalizing the company's debt and altering the capital structure,
(b) Selling part of the company's assets to pay creditors' claims,
(c) Changing the nature of the claims of the company's creditors and issuing securities therefor,
(d) Issuing shares to the company's creditors against their claims and making them participate in the capital investment,
(e) Merging the company with another company,
(f) Changing the management of the company, or
(g) Doing any other necessary act deemed appropriate by the Court for restructuring the company. 24. Meeting of Creditors to Be Called: (1) The Restructuring Manager appointed by order of the Court to restructure the company under subsection (2) of section 22 shall, within fifteen days of commencing work, give notice to all creditors of the company to submit their respective claims with evidence, following the procedure under subsections (2) and (3) of section 21, and in addition to publishing such notice in national daily newspapers at least twice, such notice may also be posted on a website.

(2) Within fifteen days of the issuance of the notice under subsection (1), all creditors, whether secured or unsecured, having any type of debt claim against the company shall submit details of their debt claim to the Restructuring Manager along with evidence proving such claim.

(3) Within fifteen days of receiving the details of claims under subsection (2), the Restructuring Manager shall call a meeting of creditors following the procedure under subsections (2) and (3) of section 21, and while calling the meeting, a copy of the restructuring program shall be sent along with the notice.

(4) The Restructuring Manager shall chair the meeting called under subsection (3).

(5) The meeting of creditors may be conducted and adjourned as necessary.
Insolvency Act, 2006

Provided that, such a meeting shall not be adjourned for a period exceeding the restructuring period without an order of the Court.

(6) Directors of the company may attend the meeting of creditors and answer questions raised by the creditors regarding the company's business and financial position.

(7) At the meeting of creditors called under subsection (3), a discussion shall be held on the details of the restructuring program presented by the Restructuring Manager, and subject to subsection (7) of section 21, a resolution shall be passed on any one of the following matters:-
(a) To accept the restructuring proposal presented by the Restructuring Manager, without any amendment or with amendments, or
(b) To dissolve the company immediately without accepting the proposal under clause (a). Amended by the Act to Amend Some Acts Relating to Money Laundering Prevention and Business Environment Promotion, 2023 (2080).(8) When voting on the resolution under subsection (7), arrangements shall be made for separate voting by unsecured creditors, i.e., those lending to the company without taking security, based on the proportion of the loan given by them or the company's liability. Provided that, a secured creditor shall not have the right to vote.

(9) The restructuring program passed and approved under subsection (7), or the resolution made to dissolve the company upon its rejection, shall be submitted to the Court for approval, and if the Court issues an order approving such resolution, it shall be implemented. 25.
Insolvency Act, 2006

25. Restructuring Manager to Submit Report: (1) The Restructuring Manager shall submit a report to the Court within the restructuring period, including details of the company's operations, assets and financial position, and if a restructuring program has been proposed, details thereof.

(2) If a restructuring program has been proposed in the report under subsection (1), the following matters shall be mentioned in relation to such program:-
(a) A brief description and analysis of the proposed program,
(b) Details of the possible impact on the company's creditors if the proposed program is implemented,
(c) A comparative statement of the returns and impacts that creditors might receive if the company were immediately dissolved, compared to what they might receive if the restructuring program is implemented, and
(d) The opinion of the Restructuring Manager, including his or her conclusion, that the company will not become insolvent if the restructuring program is implemented.

(3) Except as provided below, the restructuring program proposal prepared under subsection (1) shall have no formal format:-
(a) Full details of the program to be implemented by the company in the future and a written description of the relevant proposal,
(b) Details of how restructuring the company without immediate dissolution would provide greater benefit to the company's creditors if the program is implemented,
(c) Details that no part of the proposed program is illegal or prohibited by prevailing law,
(d) Details that if the program is implemented, the company will cease to be in an insolvent state or will not become insolvent.

(4) The program prepared under this section shall also include details of the expenses incurred during the investigation period of insolvency proceedings or the restructuring period, and the remuneration of the Investigating Officer or Restructuring Manager. 26. Notice to Be Given If Restructuring Program Details Cannot Be Submitted: (1) If the details of the restructuring program cannot be submitted to the Court within the restructuring period, the Restructuring Manager shall file a petition in the Court stating the reasons.

(2) If a petition under subsection (1) is received, the Court may, if it deems reasonable, revoke the order for restructuring and issue an order for the dissolution of the company. 27.
Insolvency Act, 2006

27. Claim Against Approved Restructuring Program May Be Objected: (1) A creditor not agreeing with the restructuring program approved under subsection (7) of section 24 may file a petition of objection in the Court within seven days, stating the following grounds and reasons:-
(a) The restructuring program approved by the majority at the meeting of creditors is not consistent with the interests of creditors other than secured creditors,
(b) There was a serious irregularity in calling or conducting the meeting of creditors, and the program approved by that meeting is not favorable to the interests of creditors other than secured creditors,
(c) False or misleading information was provided, or material information was concealed, regarding the company or the restructuring program.

(2) If a petition under subsection (1) is received, the Court shall order the company and the Restructuring Manager to submit a written statement in the matter within a period of seven days.

(3) After receiving the written statement under subsection (2), or upon the expiry of

(ज) कुनै व्यक्तिउपर कम्पनीले दाबी गर्न सक्ने ऋण, दायित्व वा अन्य कुनै दाबीको सम्बन्धमा त्यस्तो व्यक्तिसँग मिलापत्र गर्ने,

(झ) कम्पनीको जायजेथा बिक्री गर्ने तथा सोबापत प्राप्त रकम यस ऐनबमोजिम वितरण गर्ने, र

(ञ) कम्पनी खारेज गर्न आवश्यक अन्य सबै काम कारबाही गर्ने, गराउने । (२) उपदफा (१) मा लेखिएको अतिरिक्त देहायका काम गर्नु लिक्विडेटरको कर्तव्य हुनेछ:-

(क) कम्पनीको जायजेथा सङ्कलन गर्ने, संरक्षण गर्ने र बिक्री गर्ने,

(ख) कम्पनीको व्यवसाय र वित्तीय अवस्थाको जाँचबुझ गर्ने,

(ग) परिच्छेद-६ को अधीनमा रही साहूको ऋण दाबी स्वीकार गर्ने,

(घ) यस ऐनबमोजिम दायित्व भुक्तानीको लागि निर्धारण भएको प्राथमिकताक्रमको अधीनमा रही कम्पनीको जायजेथाको बिक्रीबाट प्राप्त रकम वितरण गर्ने,

(ङ) साहूहरूको सभा बोलाउने र सञ्चालन गर्ने,

(च) आफ्नो काम कारबाहीको प्रतिवेदन तयार गरी अदालत तथा कार्यालयमा प्रस्तुत गर्ने,

(छ) कम्पनीको दर्ता खारेजीलाई सहज तुल्याउने, र

(ज) कम्पनीको कुनै सञ्चालक वा कर्मचारी वा शेयरवाला वा कुनै व्यक्तिले कम्पनी वा त्यसका साहूहरूलाई जालसाजी, ठगी वा झुक्याउने कार्य गरे नगरेको बारेमा जाँचबुझ गर्ने र त्यस्ता व्यक्तिको विरुद्धमा आवश्यक कानुनी कारबाही चलाउने । (३) उपदफा (१) वा (२) मा लेखिएको काम, कर्तव्य र अधिकारका अतिरिक्त लिक्विडेटरले कम्पनीको कुनै सम्पत्ति कसैले प्रयोग गरेको भए सो फिर्ता लिने वा त्यस्तो सम्पत्ति वा बदर भएको कारोबारबाट रकम फिर्ता लिन कानुनी कारबाही चलाउनेसस्ता अन्य कामसमेत गर्न सक्नेछ । तर कम्पनीको जायजेथ
Insolvency Act, 2006

ाबाट भुक्तानी नहुने खर्च गर्न पाउने छैन । (४) उपदफा (१), (२) वा (३) मा लेखिएको अधिकार प्रयोग गर्न वा कर्तव्य पालना गर्न लिक्विडेटरलाई आवश्यक खर्च वा पारिश्रमिकको भुक्तानी गर्न कम्पनीमा पर्याप्त रकम नभए तापनि निजले त्यस्तो अधिकारको प्रयोग र कर्तव्यको पालना गर्नु पर्नेछ । (५) लिक्विडेटरलाई यस परिच्छेदबमोजिम कुनै अधिकार प्रयोग गर्दा वा कर्तव्य पालना गर्दा बाधा अडकाउ परेमा सोको फुकुवाको लागि निजले अदालतमा निवेदन दिन सक्नेछ र त्यसरी निवेदन पर्न आएमा अदालतले मनासिब ठहर्‍याएमा बाधा अडकाउ फुकुवाई दिन सक्नेछ । ४१. साहूले रकम दिन सक्ने: (१) खारेजीमा परेको कम्पनीले कुनै काम कारबाही गर्दा साहूहरूलाई हित हुने वा लाभ पुग्न सक्ने भएमा सो काम गर्न त्यस्तो कम्पनीको साहूले लिक्विडेटरलाई सापटीस्वरूप रकम दिन सक्नेछ । (२) उपदफा (१) बमोजिम लिएको रकम त्यस्तो काम कारबाहीबाट प्राप्त रकमबाट नै भुक्तानी गर्नु पर्नेछ । (३) कम्पनीले स्वीकार गरेको ऋणको दाबी रकमसमेत उपदफा (१) बमोजिम प्राप्त रकमबाट भुक्तानी गर्ने आदेशका लागि कुनै साहूले अदालतमा निवेदन दिन सक्नेछ । (४) उपदफा (३) बमोजिम निवेदन परेकोमा उपदफा (१) बमोजिमको रकमबाट त्यस्तो ऋण भुक्तानी हुन अदालतले मनासिब ठानेमा सो प्रयोजनका लागि आदेश गर्न सक्नेछ । ४२. लिक्विडेटरले प्रतिवेदन पेश गर्नु पर्ने: (१) लिक्विडेटरले आफू नियुक्त भएको मितिले तीन महिनाभित्र कम्पनी ख ारेजीका सम्बन्धमा भएको काम कारबाहीको प्रगति प्रतिवेदन तयार गरी अदालत र कार्यालयमा पेश गर्नु पर्नेछ । (२) उपदफा (१) बमोजिम पेश भएको प्रतिवेदनमा अन्य कुराको अतिरिक्त देहायका कुरा खुलाउनु पर्नेछः-

(क) कम्पनीको जारी पूँजी, शेयरधनीले लिन कबुल गरेको पूँजी तथा चुक्ता पूँजीको रकम,

(ख) कम्पनीको जायजेथा र दायित्वको अनुमानित रकम,

(ग) कम्पनीको आर्थिक असफलताको कारण सम्बन्धमा लिक्विडेटरको राय,

(घ) कम्पनीको प्रवर्द्धन, संस्थापना वा कम्पनी तथा यसका सञ्चालक र शेयरधनीहरूको काम कारबाहीका सम्बन्धमा थप जाँचबुझ गर्न आवश्यक भएको सम्बन्धमा लिक्विडेटरको राय,

(ङ) लिक्विडेटरले उचित ठहराएको अन्य आवश्यक कुरा । ४३. साहूको सभा बोलाउनु पर्ने: (१) लिक्विडेटरले दफा ४२ बमोजिम आफ्नो प्रतिवेदन तयार गर्नुअघि र त्यसपछि आवश्यकता अनुसार समय समयमा कम्पनीका साहूहरूको सभा बोलाउनु पर्नेछ । (२) उपदफा (१) बमोजिम साहूको बैठक बोलाउँदा दफा २१ को उपदफा (२) र (३) को रीत पुऱ्याई बोलाउनु पर्नेछ । (३) साहूको सभाको अध्यक्षता लिक्विडेटरले गर्नेछ । (४) साहूको सभासम्बन्धी अन्य कुराहरूका सम्बन्धमा दफा २४ का व्यवस्थाहरू आवश्यक हेरफेर सहित लागू हुनेछन् । ४४. साहूहरूको समिति गठन हुन सक्ने: (१) दफा ४३ बमोजिम भएको साहूको सभाले कम्पनी खारेज गर्ने सम्बन्धमा लिक्विडेटरलाई सहयोग पुऱ्याउन बढीमा पाँचजनासम्मको साहूको समिति गठन गर्न सक्नेछ । (२) उप
Insolvency Act, 2006

दफा (१) बमोजिम गठित समितिको कार्यक्षेत्र, बैठकसम्बन्धी कार्यविधि वा अन्य आवश्यक कुराहरू त्यस्तो समिति गठन गर्दाका बखत साहूको सभाले तोकेबमोजिम हुनेछ । ४५. ऋण दाबी पेश गर्न म्याद दिनु पर्ने: (१) लिक्विडेटरले खारेजीमा परेको कम्पनीका सबै साहूहरूलाई तोकिएको ढाँचामा आफ्नो ऋण दाबी पेश गर्न पन्ध्र दिनको म्याद सूचना दिनु पर्नेछ । (२) उपदफा (१) बमोजिम दिएको सूचना राष्ट्रिय स्तरको पत्रपत्रिकामा कम्तीमा दुईपटक प्रकाशन गर्नुपर्नेछ । (३) उपदफा (१) बमोजिमको म्यादभित्र दाबी पेश नगरेका साहूहरूको दाबीलाई लिक्विडेटरले स्वीकृत गर्न सक्नेछ । तर सो म्यादभित्र दाबी पेश गर्न नसकेको मनासिब कारण सहित लिक्विडेटर समक्ष निवेदन गरेमा निजले त्यस्तो निवेदनको व्यहोरा मनासिब भए त्यस्तो दाबी स्वीकार गर्न सक्नेछ । ४६. कम्पनी खारेजका सम्बन्धमा अदालतले आदेश दिन सक्ने: यस परिच्छेदमा अन्यत्र जुनसुकै कुरा लेखिएको भए तापनि खारेजीको प्रक्रियामा रहेको कुनै कम्पनीका सम्बन्धमा अदालतले कुनै पनि बखत देहायको आदेश जारी गर्न सक्नेछः-

(क) कम्पनीको खारेजी मुलतबी गर्ने वा अन्त्य गर्ने,

(ख) कम्पनीको जायजेथा लिक्विडेटरलाई बुझाउन लगाउने,

(ग) किस्ता तलब माग गरिएको रकम भुक्तानी गर्ने,

(घ) कम्पनीको कुनै सम्पत्ति कसैले भोगचलन गरिरहेको शङ्का भएमा सो भोगचलन रोक्ने, वा

(ङ) लिक्विडेटरलाई आफ्नो काम र कर्तव्य पालना गर्दा वा अधिकार प्रयोग गर्द ा बाधा अवरोध पुऱ्याउने व्यक्तिलाई पक्राउ गर्ने । ४७. कम्पनीको दर्ता खारेज गर्ने: यस परिच्छेद बमोजिम कुनै कम्पनी खारेज गर्न नियुक्त भएको लिक्विडेटरले कम्पनी खारेज गर्दा यस ऐन वा अन्य प्रचलित कानुनमा निर्धारण गरेको कार्यविधि अपनाई कम्पनीको दर्ता खारेज गर्नेछ । परिच्छेद-६

साहूको दाबी तथा भुक्तानी विधि

४८. साहूले दाबी पेश गर्नु पर्ने: (१) दामासाहीमा परेको कम्पनीको साहूले पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले तोकेको म्यादभित्र तोकिएको ढाँचामा त्यस्तो कम्पनीले भुक्तानी गर्न बाँकी रहेको वा भुक्तानीयोग्य ऋणको दाबी पेश गर्नु पर्नेछ । (२) उपदफा (१) बमोजिमको दाबी पेश गर्दा साहूले त्यस्तो दाबीलाई पुष्टि गर्ने कुनै सबुद प्रमाण पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले माग गरेमा सोसमेत पेश गर्नु पर्नेछ । (३) उपदफा (२) बमोजिम पेश भएको दाबीलाई पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले जाँचबुझ गरी पूरा वा आंशिकरूपमा स्वीकार वा इन्कार गर्न सक्नेछ । (४) उपदफा (३) बमोजिम पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले ऋणको दाबी पूरै वा आंशिकरूपमा इन्कार गरेमा सोको कारणसहितको लिखित जानकारी दाबी पेश गर्ने साहूलाई सात दिनभित्र दिनु पर्नेछ । (५) उपदफा (४) बमोजिम प्राप्त गरेको जानकारी चित्त नबुझ्ने साहूले पन्ध्र दिनभित्र पुनरावेदन अदालतमा पुनरावलोकनका लागि निवेदन गर्न सक्नेछ । (६) प्रचलित कानुनबमोजिम कम्पनीलाई ऋण दिने
Insolvency Act, 2006

विदेशी साहूले पनि कम्पनीउपर ऋण दाबी भए यस दफाबमोजिम दाबी पेश गर्न सक्नेछ । ४९. ब्याजको दाबी लिन सकिने: साहूको दामासाहीमा परेको कम्पनीले ऋण लिँदा बखत सम्पन्न करारबमोजिम ब्याज तिर्ने शर्तमा ऋण लिएको भए सो ब्याजसमेत दफा ४८ को उपदफा (१) बमोजिम गरेको दाबीमा समावेश गर्न सकिनेछ । तर अदालतले कम्पनी खारेज गर्ने वा कम्पनीको पुनर्संरचना कार्यक्रम कार्यान्वयन गर्ने आदेश गरेको मितिपछिको ब्याजको दाबी गर्न सकिने छैन । ५०. निर्धारण भै नसकेको वा भैपरी आउने दायित्वको दाबी: (१) दफा ४८ मा लेखिएदेखि बाहेक दामासाहीमा परेको कम्पनीले कुनै करार पालना नगरेको वा उल्लङ्घन गरेको कारणबाट पुगेको क्षति वा चुक्ता गर्नु पर्ने क्षतिपूर्ति वा अन्य कुनै देवानी दायित्व सृजना हुने जस्ता कामबाट उत्पन्न दायित्वको रकम निर्धारण भै नसकेको दायित्वबापतको दाबी वा कुनै जमानत सम्झौताअन्तर्गत कम्पनीले दिएको जमानतमा ऋणीले दायित्व पूरा नगरी कम्पनीको दायित्व कायम भई नसकेको भैपरी आउने दायित्वको दाबी दफा ४८ को उपदफा (१) बमोजिम प्रस्तुत गर्न सकिनेछ । (२) उपदफा (१) बमोजिमको दाबी प्राप्त भएकोमा पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले त्यस्तो दाबी दफा ४८ को उपदफा (३) बमोजिम स्वीकार वा इन्कार गरी सोही दफाको उपदफा (४) बमोजिम सूचना दिनु पर्नेछ । (३) उपदफा (२) बमोजिम त्यस्तो दाबी स्वीकार भएकोमा पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले त्यस्तो दा बीको अनुमानित रकमसमेत निर्धारण गर्नु पर्नेछ । (४) उपदफा (३) मा जुनसुकै कुरा लेखिएको भए तापनि त्यस्तो दाबीको रकम निर्धारण गर्न पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले अदालतमा निवेदन गर्न सक्नेछ र त्यसरी निवेदन पर्न आएमा अदालतले त्यस्तो दाबीको अनुमानित रकम निर्धारण गर्नु पर्नेछ । (५) उपदफा (२) बमोजिम दाबी इन्कार गरेको वा उपदफा (३) बमोजिम निर्धारण गरेको त्यस्तो दाबीको अनुमानित रकममा चित्त नबुझ्ने व्यक्तिले सोको सूचना पाएको पन्ध्र दिनभित्र अदालतमा उजूर गर्न सक्नेछ । ५१. परिपक्व भई नसकेको दाबी: पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले कम्पनीउपर पर्न आएको भुक्तानी गर्ने समय भइनसेको अपरिपक्व ऋण दाबीमा तोकिएबमोजिम छुट दिन सक्नेछ । ५२. विदेशी मुद्राको दाबी: यस ऐनबमोजिम विदेशी मुद्रामा भएको ऋण वा अन्य दायित्वको दाबीलाई कम्पनी खारेजी, दामासाही वा त्यसको पुनर्संरचनाका लागि अदालतमा निवेदन गरेको मितिमा नेपाल राष्ट्र बैङ्कले निर्धारण गरेको विनिमय दर अनुसार नेपाली मुद्रामा हिसाब गरी भुक्तानी गर्नु पर्नेछ । ५३. ऋणको समायोजन गर्ने: (१) दामासाहीमा परेको कम्पनी र त्यस्तो कम्पनीउपर ऋण दाबी गर्ने साहूबीच अन्य कारोबार भएको रहेछ भने देहायबमोजिम ऋण वा त्यस्तो ऋण दाबी वा कारोबारको समायोजन गर्नु पर्नेछः-

(क) एक पक्षले अर्को पक्षलाई तिर्न बाँकी रहेको रकम निर्धारण गर्ने,

(ख) खण्ड (क) बमोजिम निर्धारण गरिएको रकमब
Insolvency Act, 2006

ाट एक पक्षले अर्कोलाई भुक्तानी गर्नु पर्ने रकम घटाउने,

(ग) खण्ड (ख) बमोजिम घटाउँदा कायम हुन आएको रकमलाई मात्र कम्पनीले भुक्तानी गर्नु पर्ने ऋण रकमको दाबी कायम गर्ने । (२) उपदफा (१) मा जुनसुकै कुरा लेखिएको भए तापनि कम्पनी दामासाहीमा परिसकेको थाहा पाएको वा थाहा पाउनु पर्ने मनासिब कारण भएको बखत त्यस्तो कम्पनीलाई ऋण दिने वा कम्पनीबाट ऋण लिने व्यक्तिले निजले

कम्पनीलाई दिनु पर्ने रकमबाट निजले कम्पनीबाट प्राप्त गर्न बाँकी रकम घटाउनको लागि दाबी गर्न पाउने छैन । स्पष्टीकरणः यस दफाको प्रयोजनको लागि “दामासाहीमा परिसकेको कम्पनी” भन्नाले कम्पनीको पुनर्संरचना वा खारेजीका लागि अदालतमा निवेदन दर्ता भएको अवस्थाको कम्पनी सम्झनु पर्छ । ५४. सुरक्षित साहूले दाबी गर्न सक्ने: (१) सुरक्षित साहूले कुनै पनि बखत कम्पनीउपर ऋणको दाबी गर्न सक्नेछ र पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले दफा ४८ को उपदफा (३) बमोजिम उक्त दाबी स्वीकार वा इन्कार गर्न सक्नेछ । (२) उपदफा (१) बमोजिम दाबी गरिने रकम सुरक्षणमा रहेको सम्पत्तिको बजारमूल्यबाट प्राप्त रकम र सुरक्षित साहूले कम्पनीबाट भुक्तानी पाउनु पर्ने बाँकी रकमको फरक रकममा मात्र सीमित रहनु पर्नेछ । (३) उपदफा (२) बमोजिम सुरक्षित सम्पत्तिको मूल्य र भुक्तानी पाउनु पर्ने बाँकी रकमबीच फरक भएको रकमका सम्बन्धमा सुरक्षित साहू र दामासाहीमा परेको कम्पनीबीच विवाद भएमा सो विषयमा चित् त नबुझ्ने पक्षले अदालतमा निवेदन दिन सक्नेछ र यसरी परेको निवेदनउपर विचार गरी अदालतले त्यस्तो फरक रकमको निर्धारण गरि दिन सक्नेछ । ५५. शेयरधनीको दाबी: दामासाहीमा परेको कम्पनीको शेयरधनीसमेत रहेको कुनै साहूले कम्पनीउपर दाबी गरेमा कम्पनीको शेयरबापत चुक्ता गर्नु पर्ने किस्ता रकम निजले भुक्तानी नगरेको भए उक्त रकम भुक्तानी गर्न पर्ने अवस्था भइसकेको वा भुक्तानी गर्नु पर्ने अवस्था आउन सक्ने भएमा यसरी भुक्तानी गर्नु पर्ने सम्भावित रकमसम्मको निजको दाबी स्वीकार हुने छैन । ५६. ऋण स्वीकार भएमा साहू मानिने: (१) दामासाहीमा परेको कम्पनीउपर दाबी गर्ने व्यक्तिको ऋण दाबी यस परिच्छेदबमोजिम स्वीकार भएमा निजले साहूको हैसियत प्राप्त गर्नेछ । (२) उपदफा (१) बमोजिमको हैसियत प्राप्त गर्ने व्यक्तिले साहूको सभामा भाग लिने, स्वीकृत ऋण दाबीको हदसम्म मतदान गर्ने र यस ऐनबमोजिम ऋण रकमको भुक्तानी प्राप्त गर्ने अधिकार प्राप्त गर्नेछ । ५७. दायित्वको भुक्तानी क्रम: (१) लिक्विडेटरले खारेजीमा परेको कम्पनीको दायित्व यस ऐनबमोजिम फछ्र्यौट गर्दा उपलब्ध रकमलाई देहायबमोजिमको प्राथमिकताका आधारमा दायित्वको भुक्तानी गर्नु पर्नेछः-

(क) दफा ११ को उपदफा (४) बमोजिम नियुक्त अन्तरिम प्रशासकले सम्पादन गरेको कार्यसँग सम्बन्धित सम्पूर्ण खर्च तथा पारिश्रमिक,

(ख) परिच्छेद-२ बमोजिम फछ्र्यौट गर्नु पर्ने अन्य रकमहरू,

(ग) दफा १० को उपदफा (३) र
Nepal Pharmacy Council Act, 2000

Nepal Pharmacy Council Act, 2057

Royal Seal and Date of Publication
2057.10.18

Certification and Date of Publication
2066.10.7

Amending Acts

1. Republic Strengthening and Some Nepal Laws Amendment Act, 2066 2066.10.7
2. Some Nepal Laws Amendment, Consolidation, Adjustment and Repeal Act, 2074 2074.6.30
3. Some Nepal Acts Amendment Act to Make them Consistent with the Constitution of Nepal, 2075 2075.11.19

Act No. 14 of the year 2057



An Act Made to Provide for the Nepal Pharmacy Council

Preamble: Whereas it is desirable to provide for a Nepal Pharmacy Council to make the pharmacy profession systematic, scientific, and effective;

This Act is enacted by the Parliament in the twenty-ninth year of the reign of His Majesty King Birendra Bir Bikram Shah Dev. Chapter 1
Preliminary

1. Short Title and Commencement: (1) This Act may be called the "Nepal Pharmacy Council Act, 2057".

(2) This Act shall come into force on such date as the Government of Nepal may appoint by notification in the Nepal Gazette This Act has been published as a notice in the Nepal Gazette by the Government of Nepal to come into force from the date 2058.6.8. 2. Definitions: Unless the subject or context otherwise requires, in this Act:-

(a) "Council" means the Nepal Pharmacy Council established pursuant to Section 3.

(b) "Chairperson" means the Chairperson of the Council.

(c) "Member" means a member of the Council and includes the Chairperson of the Council.

(d) "Drug" means a drug according to the Drug Act, 2035.

(e) "Pharmacist" means a person who has obtained at least a Master's Degree or an equivalent qualification in pharmacy from a recognized teaching institution.

(f) "Pharmacy Assistant" means a person who has obtained at least a Certificate or an equivalent qualification in pharmacy from a recognized teaching institution.

(g) "Pharmacy Profession" means the profession of drug production, quality maintenance, inspection and recommendation of drug factories, selection of technology for storage and supply of produced drugs, supervision of supply, drug registration, and certifying that a drug is useful, quality, effective, and safe for consumption, and includes hospital pharmacy.

(h) "Registered Pharmacist" means a Pharmacist whose name is registered in the Register.

(i) "Registered Pharmacy Assistant" means a Pharmacy Assistant whose name is registered in the Register.

(j) "Register" means the Register prepared pursuant to Section 15.

(k) "Registrar" means the person appointed or designated pursuant to Section 26.

(l) "Subject Committee" means the Subject Committee formed pursuant to Section 32.

(m) "Prescribed" or "as prescribed" means prescribed or as prescribed by the rules made under this Act. Chapter 2
Establishment, Formation, Functions, Duties and Powers of the Council

3.
Nepal Pharmacy Council Act, 2000

Chapter 2
Establishment, Formation, Functions, Duties and Powers of the Council

3. Establishment of Nepal Pharmacy Council: The Nepal Pharmacy Council is established to make the pharmacy profession systematic and scientific and to effectively operate it, and to make provisions for registration of names according to the qualifications of Pharmacists and Pharmacy Assistants. 4. Council to be an Autonomous Body: (1) The Council shall be an autonomous and corporate body with perpetual succession.

(2) The Council shall have its own seal for all its activities.

(3) The Council may, like an individual, acquire, use, sell, or otherwise dispose of movable and immovable property.

(4) The Council may, like an individual, sue or be sued in its own name. 5. Formation of the Council: (1) The Council established pursuant to Section 3 shall consist of the following members:–

(a) A Pharmacist nominated by the Government of Nepal from amongst Pharmacists who have obtained at least a Master's Degree in pharmacy and have at least ten years of experience in the pharmacy profession – Chairperson

(b) One Pharmacist nominated by the Government of Nepal from amongst senior Pharmacist teachers of teaching institutions teaching pharmacy – Member

(c) President, Nepal Pharmaceutical Association – Member

(d) Two Pharmacists nominated by the Government of Nepal from amongst eminent Pharmacists engaged in drug production and distribution – Member

(e) One person nominated by the Government of Nepal from amongst the heads of professional organizations of Pharmacists registered according to the prevailing law – Member

(f) Two senior Pharmacists, including one woman, nominated by the Government of Nepal on the recommendation of the Council – Member

(g) Drug Administrator according to the Drug Act, 2035 – Member

(h) Registrar – Secretary

(2) The Council may, if it deems necessary, invite any expert in the pharmacy field to participate in the meeting of the Council. 6. Term of Office of Members: (1) The term of office of a nominated member of the Council shall be four years. Members whose term has expired may be re-nominated, subject to the other provisions of this Act.

(2) If a vacancy occurs in the office of a member before the expiry of the term, such vacancy shall be filled for the remaining period through the procedure set forth in Sub-section (1) of Section 5. 7. Disqualification for Membership: The following persons shall not be eligible for nomination to the office of the Council:-

(a) A non-Nepali citizen,

(b) Whose name has been removed from the Register,

(c) Who is adjudged insolvent for inability to pay debts,

(d) Who has been convicted by a court of a criminal offense involving moral turpitude, and

(e) Who is of unsound mind. 8.
Nepal Pharmacy Council Act, 2000

8. Circumstances for Cessation of Membership: Membership of the Council shall be deemed to have ceased in the following circumstances:-

(a) If disqualified pursuant to Section 7,

(b) If a member resigns before the Chairperson and the Chairperson resigns before the Government of Nepal,

(c) If a member remains absent from three consecutive meetings of the Council without giving a notice with cause to the Council,

(d) Upon death, and

(e) If a member nominated by the Government of Nepal is removed by the Government of Nepal before the completion of the term. 9. Functions, Duties and Powers of the Council: The functions, duties and powers of the Council shall be as follows:-

(a) To prepare and implement necessary policies, plans and programs for conducting the pharmacy profession in a systematic and scientific manner.

(b) To grant recognition to teaching institutions teaching pharmacy and to certificates and degrees conferred by such institutions.

(c) To determine the standard regarding the curriculum, admission conditions and examination system of teaching institutions teaching pharmacy, and to demand necessary details regarding whether the determined standard has been maintained or not, and to revoke recognition, after completing the prescribed procedure, of certificates and degrees conferred by teaching institutions that do not maintain quality.

(d) To determine the qualifications required to practice the pharmacy profession and to register, as prescribed, the names of Pharmacists and Pharmacy Assistants fulfilling the determined qualifications in the Register of the Council.

(e) To remove, after completing the prescribed procedure, the name of a Registered Pharmacist or Pharmacy Assistant from the Register if such Pharmacist or Pharmacy Assistant violates or fails to comply with the prescribed professional code of conduct. 10.
Nepal Pharmacy Council Act, 2000

10. Meetings and Decisions of the Council: (1) The meeting of the Council shall ordinarily be held once every three months, and the Chairperson may call additional meetings if deemed necessary.

(2) The meeting of the Council shall be held at such date, time and place as determined by the Chairperson.

(3) If more than fifty percent of the total number of members of the Council are present, the meeting shall be deemed to have attained a quorum.

(4) The meeting of the Council shall be presided over by the Chairperson, and in the absence of the Chairperson, a member chosen by the members present from amongst themselves shall preside over the meeting.

(5) The decision of the majority shall prevail in the meeting of the Council, and in case of a tie, the person presiding over the meeting shall have a casting vote.

(6) The Secretary shall record the subjects discussed and the decisions made in the meeting of the Council in the decision book and obtain the signatures of the members present.

(7) Other procedures relating to the meeting of the Council shall be as determined by the Council itself. Chapter 3
Provisions Relating to Registration of Names

11. Not to Practice Pharmacy Profession without Registration: One year after the date of commencement of this Act, no person whose name is not registered in the Council shall practice the pharmacy profession. 12. Application for Registration: (1) A Pharmacist or Pharmacy Assistant wishing to get his/her name registered in the Council shall submit an application to the Council in the prescribed format.

(2) A Pharmacist or Pharmacy Assistant engaged in the pharmacy profession at the time of commencement of this Act shall submit an application under Sub-section (1) for registration of his/her name in the Council within six months from the date of commencement of this Act.

(3) A Pharmacist or Pharmacy Assistant submitting an application for registration under Sub-section (1) or (2) shall attach with the application the degree, certificate obtained from the teaching institution, and other documents, and the prescribed fee. 13. Scrutiny of Application: The Registrar shall conduct necessary scrutiny of the application received for registration pursuant to Section 12 and submit it to the relevant Subject Committee. 14.
Nepal Pharmacy Council Act, 2000

13. Scrutiny of Application: The Registrar shall conduct necessary scrutiny of the application received for registration pursuant to Section 12 and submit it to the relevant Subject Committee. 14. Inquiry and Recommendation on Application: (1) The Subject Committee shall conduct necessary inquiry into the application submitted by the Registrar pursuant to Section 13.

(2) If any matter is unclear during the inquiry under Sub-section (1), the Subject Committee may demand necessary evidence and documents from the concerned applicant to clarify such matters.

(3) It shall be the duty of the concerned applicant to submit the evidence and documents demanded under Sub-section (2) before the Subject Committee.

(4) If, upon inquiry under Sub-sections (1), (2) and (3), the applicant appears eligible for registration of his/her name in the Council, the Subject Committee shall recommend to the Council. 15. Registration of Name: If the name of an applicant recommended for registration by the Subject Committee after necessary inquiry under Section 14 appears suitable for registration in the Council, the Council shall decide to register the name of such applicant in the Register of the Council prepared in the prescribed format. 16. Issue of Name Registration Certificate: (1) The Registrar shall register in the Register the name of an applicant whose name registration has been decided by the Council under Section 15 and issue a name registration certificate to the applicant in the prescribed format.

(2) While preparing the Register under Sub-section (1), separate Registers shall be prepared for Pharmacists and Pharmacy Assistants. 17. Notification of Decision Not to Register: If the Council decides not to register the name of any applicant for name registration due to some reason preventing registration, the Registrar shall notify the concerned applicant of such decision. 18.
Nepal Pharmacy Council Act, 2000

17. Notification of Decision Not to Register: If the Council decides not to register the name of any applicant for name registration due to some reason preventing registration, the Registrar shall notify the concerned applicant of such decision. 18. Removal of Name from Register: (1) The name of a Registered Pharmacist or Pharmacy Assistant shall not be removed from the Register except in the following circumstances:-

(a) If he/she becomes of unsound mind,

(b) If he/she is adjudged insolvent for inability to pay debts,

(c) If a proposal to remove the name of such Pharmacist or Pharmacy Assistant from the Register on the charge of violating the prescribed professional conduct is passed by a two-thirds majority at the meeting of the Council,

(d) If he/she is proven guilty by a court of a criminal offense involving moral turpitude,

(e) If the name of an ineligible person has been registered due to fraud or mistake.

(2) Before submitting a proposal for removal of the name of any Registered Pharmacist or Pharmacy Assistant from the Register on charges mentioned in Clauses (c) and (e) of Sub-section (1), the Council shall constitute an Inquiry Committee to conduct necessary inquiries regarding the charges against such person and submit a report.

(3) The procedure to be followed by the Inquiry Committee constituted under Sub-section (2) while conducting inquiries shall be as prescribed. 19. Cancellation of Certificate: If the Council decides to remove the name of any Pharmacist or Pharmacy Assistant from the Register pursuant to Section 18, the Registrar shall remove the name of such person from the Register, cancel the certificate issued pursuant to Section 16, and notify the concerned person of such action. 20. Re-registration of Name: (1) If the name of any Registered Pharmacist or Pharmacy Assistant has been removed from the Register on charges mentioned in Clauses (a), (b) and (c) of Sub-section (1) of Section 18, the concerned person may, after at least one year from the date of such removal, submit an application to the Council under Section 12 for re-registration, stating a reasonable cause.

(2) If an application for re-registration is submitted under Sub-section (1), the Council may decide to re-register the name of such applicant if it deems it reasonable to do so.

(3) If the Council decides to re-register the name of the applicant under Sub-section (2), the Registrar shall re-register the name of such applicant in the Register and issue a certificate of re-registration to the applicant in the prescribed format. Chapter 4
Recognition of Academic Degrees and Certificates

21.
Nepal Pharmacy Council Act, 2000

Chapter 4
Recognition of Academic Degrees and Certificates

21. Recognition of Academic Degrees and Certificates: The Council shall recognize academic degrees and certificates conferred by any teaching institution in subjects related to the pharmacy profession. 22. May Request Details: (1) While granting recognition to any academic degree or certificate pursuant to Section 21, the Council may request from the concerned teaching institution the curriculum prescribed for such academic degree or certificate and the conditions prescribed for admission and other relevant details.

(2) It shall be the duty of the concerned teaching institution to provide the necessary details requested by the Council under Sub-section (1). 23. Inspection of Examination: (1) For the purpose of granting recognition to any academic degree or certificate under Section 21, an official of the Council or an officer deputed by the Council may inspect the examination system conducted by any teaching institution recognized by the Council.

(2) The inspector deputed under Sub-section (1) shall not interfere in any way with the examination conducted by such teaching institution during the inspection.

(3) The inspector inspecting the examination under Sub-section (2) shall prepare a report of the matters observed during the inspection of the examination system and submit it to the Council. 24. Withdrawal of Recognition: (1) If, upon considering the details received under Section 22 from the concerned teaching institution or the report received under Sub-section (3) of Section 23 regarding any academic degree or certificate recognized under Section 21, it appears that the curriculum, admission conditions and examination system determined by such teaching institution are not appropriate or adequate, the Council shall submit its report thereon to the Government of Nepal.

(2) Upon receiving the report of the Council under Sub-section (1), the Government of Nepal may request an explanation from the concerned institution on the matter.

(3) The Government of Nepal shall consider the explanation received from the concerned teaching institution as requested under Sub-section (2), and if any other matter needs to be inquired into in this regard, it may conduct necessary inquiries, and based on that, the Government of Nepal may give necessary directives to the Council to withdraw recognition of any academic degree or certificate conferred by such teaching institution after a specified date.

(4) The Council shall make necessary decisions based on the directives given by the Government of Nepal under Sub-section (3).

(5) If a decision is made to withdraw recognition of any academic degree or certificate under Sub-section (4), a notice thereof shall be published in the Nepal Gazette. Chapter 5
Provisions Relating to Functions, Duties and Powers of Chairperson and Registrar

25.
Nepal Pharmacy Council Act, 2000

Chapter 5
Provisions Relating to Functions, Duties and Powers of Chairperson and Registrar

25. Functions, Duties and Powers of Chairperson: In addition to the functions, duties and powers mentioned elsewhere in this Act, the functions, duties and powers of the Chairperson shall be as follows:-

(a) To determine the priority of subjects to be discussed in the meeting of the Council,

(b) To monitor and evaluate plans and programs conducted by the Council and to give necessary directives in that regard,

(c) To conduct the business of the Council in an organized, effective and smooth manner,

(d) To perform other functions as prescribed. 26. Registrar: (1) For the conduct of the daily administrative business of the Council, the Government of Nepal may appoint any Pharmacist as the Registrar of the Council or designate any Pharmacist in the service of the Government of Nepal to serve as the Registrar of the Council.

(2) In addition to the functions, duties and powers mentioned elsewhere in this Act, the functions, duties and powers of the Registrar shall be as follows:-

(a) To perform the general administration and management of the Council.

(b) To manage or cause to manage the custody, control, and arrangement and maintenance of the Council's Fund and property.

(c) To formulate the annual programs and plans of the Council and submit them to the Council.

(d) To prepare the annual income-expenditure statement of the Council.

(e) To implement the budget, plans and programs approved by the Council.

(f) To make arrangements for internal and final audit of the Council.

(g) To act as a liaison officer between the Council and Pharmacists and Pharmacy Assistants.

(h) To perform or cause to perform other functions as directed by the Council.

(i) To perform other functions as prescribed.

(3) The remuneration and facilities of the Registrar shall be as prescribed. Chapter 6

Fund of the Council

27.
Nepal Pharmacy Council Act, 2000

Chapter 6

Fund of the Council

27. Fund of the Council: (1) The Council shall have its own separate Fund.

(2) The Fund under Sub-section (1) shall consist of the following amounts:-

(a) Amounts received from the Government of Nepal,

(b) Amounts received as loans, donations, assistance, grants or charity from any domestic or foreign person, institution or government,

(c) Amounts received from name registration and renewal of name registration in the Council,

(d) Amounts received in lieu of services provided by the Council,

(e) Amounts received from any other source.

(3) Before receiving loans, donations, assistance, grants or charity from any foreign person, institution or government under Clause (b) of Sub-section (2), the Council shall obtain prior approval of the Government of Nepal.

(4) The amounts received in the Fund of the Council shall be deposited by opening an account in a commercial bank.

(5) The operation of the Fund and account of the Council shall be as prescribed. 28. Accounts and Audit: (1) The accounts of income and expenditure of the Council shall be maintained as prescribed.

(2) The audit of the Council shall be conducted as prescribed.

(3) The Government of Nepal may, if it so desires, inspect or cause to be inspected the accounting work at any time. Chapter 7

Miscellaneous

29. Offense and Penalty: (1) If any person practices the pharmacy profession without registration in the Council contrary to Section 11, it shall be deemed to be an offense under this Act, and the person committing such offense shall be liable to amended by Some Nepal Laws Amendment, Consolidation, Adjustment and Repeal Act, 2074imprisonment for up to three years and a fine of up to thirty thousand rupees.

(2) Any person who does any act contrary to this Act or the rules or regulations made under this Act, other than as mentioned in Sub-section (1), shall be liable to a fine of up to two thousand rupees. 30. Authority for Investigation, Inquiry and Prosecution: The authority or body for investigation, inquiry and prosecution of the offense under Section 29, and the procedure relating thereto, shall be as prescribed by the Government of Nepal by notification in the Nepal Gazette. 31.
Nepal Pharmacy Council Act, 2000

30. Authority for Investigation, Inquiry and Prosecution: The authority or body for investigation, inquiry and prosecution of the offense under Section 29, and the procedure relating thereto, shall be as prescribed by the Government of Nepal by notification in the Nepal Gazette. 31. Dissolution of the Council: (1) If it appears to the Government of Nepal that the Council has been unable to exercise the powers conferred upon it under this Act or the rules or regulations made under this Act, or has abused its powers, or has exercised powers beyond those conferred, or has failed to perform the duties it is required to perform under this Act or the rules made under this Act, the Government of Nepal may dissolve the Council.

(2) If the Council is dissolved under Sub-section (1), the Government of Nepal may keep the Fund and property of the Council in its own custody and itself perform or cause to be performed, by constituting a committee, all the business to be performed by the Council until another Council is formed.

(3) If the Council is dissolved under Sub-section (1), the Government of Nepal shall ordinarily form another Council under Section 5 within three months.

(4) If another Council is formed under Sub-section (3), the Government of Nepal shall transfer the Fund and property kept in its custody under Sub-section (2) to such Council. 32. Subject Committee May be Formed: (1) The Council may, as required, form various Subject Committees.

(2) The functions, duties, powers, and procedures of the Subject Committee formed under Sub-section (1) shall be as specified by the Council. 33. Allowance and Other Facilities of Members: The allowance and other facilities to be received by the members of the Council and the Chairperson and members of the Subject Committee shall be as prescribed. 34. Employees of the Council: (1) The Council may appoint employees as required.

(2) The service, terms and facilities of employees appointed under Sub-section (1) shall be as prescribed. 35. Liaison with Government of Nepal: The Council shall maintain liaison with the Government of Nepal through amended by Some Nepal Acts Amendment Act to Make them Consistent with the Constitution of Nepal, 2075the Ministry of Health and Population. 36. Power to Make Rules and Regulations: (1) The Council may make necessary rules to implement the objectives of this Act, and such rules shall come into force upon approval by the Government of Nepal.

(2) The Council may, subject to this Act or the rules made under this Act, make regulations for the conduct of its daily business.