Food Corporations Rules, 1965.

These Rules are made in exercise of the powers conferred by section 44 of the Food Corporations Act, 1964. These Rules make provisions in respect of matters relating to the term of office of Chairman, Managing Director and other Directors of the Food Corporation of India, filling vacancies of Directors, remuneration and allowances of Chairman and the Managing Director, fees and allowances of Directors, and allowances to be paid to members of Advisory Committee. Further, the Rules provide for appointment of officers and other employees of the Corporation. The method of appointment, conditions of service and pay of Secretary of the Corporation is laid down.
Any funds of the Corporation not required for current expenditure may be placed in fixed deposit with the Reserve Bank of India or the State Bank of India (Rule 16). The Corporation may perform functions relating to clearance, handling, storage, transport and distribution of fertilizers (Rule 17). The Corporation may lend money to any person engaged in the production of foodgrains upon the security of growing or standing crops for any purpose connected with such production. (Rule 18). The form for annual statement of accounts and balance sheet of the Corporation is provided for. The Corporation may invest funds in government securities or shares of state-owned entities engaged in processing of foodgrains and other foodstuff or any other public or private undertaking.