generate 40v dc and 350mA current from ac main.

Some googling for 'switched mode power supply' (SMPS) should give plenty of hits to guide you.
 
step voltage down using transformer, add bridge rectifier and filtering capacitor
transformer can be 30VAC out, 15W. rectifier can be four 1N4002 diodes, capacitor can be 1000uF/63V
 
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