Regulation 4

(1) The Governing Board may amend the bye-laws by a resolution passed by votes in favour being not less than three times the number of the votes, if any, cast against the resolution, by the directors. (2) A resolution passed in accordance with sub-regulation(1) shall be filed with the Board within seven days from the date of its passing, for its approval. (3) The amendments to the bye-laws shall come into effect on the seventh day of the receipt of the approval, unless otherwise specified by the Board. (4) The insolvency professional agency shall file a printed copy of the amended bye-laws with the Board within fifteen days from the date when such amendment is made effective. Composition of the Governing Board.

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