Section 40A:5A-26 - Rules and regulations; inapplicability of act to powers of local finance board under P.L.1947, c. 151a. The Local Finance Board is authorized to adopt, amend and repeal rules and regulations to effectuate the purposes of this act.b. This act shall not limit the powers of the Local Finance Board or the director to regulate the financial affairs of authorities in the manner authorized by P.L. 1947, c. 151 (C. 52:27BB-1 et seq.).