Bare Act Search Results

Oil Industry Development Act 1974 Chapter II

Title: The Oil Industry Development Board

State: Central

Year: 1974

.....or other person. (6) The Board may do all such things as may be incidental to or consequential upon the discharge of its functions under this Act. Section 6 - Functions of the Board (1) Subject to the provisions of this Act and the rules made there under, the Board shall render, in such manner, to such extent and on such terms and conditions as it may deem fit, financial and other assistance for the promotion of all such measures as are, in its opinion, conducive to the development of oil industry. (2) Without prejudice to the generality of the provisions of sub-section (1), the Board may render assistance under that sub-section by-- (a) making grants or advancing loans to any oil industrial concern or other person who is engaged or is to engage in any activity referred to in clause (k) of section 2; (b) guaranteeing on such terms and conditions as may be agreed upon loans raised by any oil industrial concern or other person which are repayable within a period not exceeding twenty-five years and are floated in the market or loans raised by an oil industrial concern or other person from any bank which is a scheduled bank, or a State co-operative bank, as defined.....

Oil Industry (Development) Act, 1974 Complete Act

State: Central

Year: 1974

.....under section 10-in respect of such concern shall be entitled to any compensation for the loss of office or for the premature termination under this Act of the contract entitling him to be in charge of such management. (2) Nothing contained in sub-section (1) shall affect the right of any Director or other person referred to therein to recover from the oil industrial concern moneys recoverable otherwise than by way of such compensation. (1) Where the management of an oil industrial concern, being a company as defined in the Companies Act, 1956-, is taken over by the Board, then, notwithstanding anything contained in the said Act or in the memorandum or articles of association of such concern,- (a) it shall not be lawful for the shareholders of such concern or any other person to nominate or appoint any person to be a Director of such concern; (b) no resolution passed at any meeting of the shareholders of such concern shall be given effect to unless approved by the Board; (c) no proceeding for the winding up of such concern or for the appointment of a receiver in respect thereof shall lie in any court, except with the consent of the Board. (2) Subject to the provisions contained.....

Oil Industry Development Act 1974 Section 11

Title: Effect of Notified Order Appointing Director

State: Central

Year: 1974

Section 11 - Effect of notified order appointing Director On the issue of a notified order under section 10-- (a) all persons holding office as Director of the oil industrial concern or in charge of the mangement of such concern immediately before the issue of the notified order shall be deemed to have vacated their offices as such; (b) the Directors appointed under section 10 shall take such steps as may be necessary to take into their custody or under their control the property, effects and actionable claims to which the oil industrial concern is, or appears to be, entitled and all the property and effects of the concern shall be deemed to be in the custody of the Directors as from the date of the notified order; (c) the Directors appointed under section 10 shall for purposes be the Directors of the oil industrial concern duly constituted under the Companies Act, 1956 and shall alone be entitled to exercise all the powers of the Directors of the concern, whether such powers are derived from the said Act or from the memorandum or articles of association of the concern or from any other source. OIL INDUSTRY DEVELOPMENT ACT 1974 Section 11 - Effect of notified.....

Coal Mines (Conservation and Development) Act, 1974 Complete Act

State: Central

Year: 1974

.....of the Coal Board as the principal agency to administer the provisions of the Act The 1952 Act provides for the imposition of a cess on all The said Act was enacted at a time when almost the entire coal raised and despatched, and on all coke manufactured coal industry was in private hands In view of the and despatched from the collieries in India While the said nationalisation of the coal mines the continued existence of provisions are being retained in the Bill, the maximum rate the Coal Board is no longer necessary because most of the at which the cess may be levied and collected is being functions of the Coal Board may be better discharged by the increased from four rupees to ten rupees per tonne keeping public sector undertakings which have been set up to work in view the increased cost of conservation and development and develop the nationalised coal mines The Bill, therefore, provides for the abolition of the Coal Board and makes Gaz of Ind 30-4-74, Pt II S 2, Ext, P 397 Act 55 of 1985.-Section 4of the Coal Mines (Conservation and Development) Act, 1974 (28 of 1974), enables the Central Government to exercise such powers and take such measures as it may deem necessary or as.....

Sick Textile Undertakings( Nationalisation) Act, 1974 Section 23

Title: Admission or Rejection of Claims

State: Central

Year: 1974

..... (c) the reception of evidence on affidavits; (d) the issuing of any commission for the examination of witnesses. (6) Any investigation before the Commissioner shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of the Indian Penal Code and the Commissioner shall be deemed to be a Civil Court for the purposes of section 195 and Chapter XXVI of the Code of Criminal Procedure. 1973. (7) A claimant who is dissatisfied with the decision of the Commissioner may prefer an appeal against the decision to the principal Civil Court of original jurisdiction within the local limits of whose jurisdiction the sick textile undertaking is situated : Provided that where a person who is a Judge of a High Court is appointed to be the Commissioner, such appeal shall lie to the High Court for the State in which the sick textile undertaking is situated, and such appeal shall be heard and disposed of by not less than two-Judges of that High Court.

Oil Industry Development Act 1974 Section 9

Title: Special Provisions for Enforcement of Claims by the Board

State: Central

Year: 1974

.....under this section shall also have the power to appoint a receiver and to exercise all other powers incidental thereto. OIL INDUSTRY DEVELOPMENT ACT 1974 Section 9 - Special provisions for enforcement of claims by the Board (1) Where an oil industrial concern or other person in breach of any agreement, makes any default in repayment of any loan or advance or any instalment thereof or in meeting its or his obligations in relation to any other assistance rendered by the Board or otherwise fails to comply with the terms of the agreement with the Board or where the Board requires an oil industrial concern or other person to make immediate repayment of any loan or advance and the concern or other person fails to make such repayment, then, without prejudice to the provisions of section 69 of the Transfer of Property Act, 1882, any officer of the Board generally or specially authorised by the Board in this behalf may apply to the court for one or more of the following reliefs, namely :-- (a) for an order for the sale of the property pledged, mortgaged, hypothecated or assigned to the Board as security for the loan or advance; or (b) for an ad interim injunction where there.....

Sick Textile Undertakings( Nationalisation) Act, 1974 Section 20

Title: Claims to Be Made to the Commissioner

State: Central

Year: 1974

Every person having a claim against the owner of a sick textile undertaking shall prefer such claim before the Commissioner within thirty days from the specified date : Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days he may entertain the claim within a further period of thirty days but not thereafter.

Sick Textile Undertakings( Nationalisation) Act, 1974 Section 21

Title: Priority of Claims

State: Central

Year: 1974

The claims arising out of the matters specified in the Second Schedule shall have priorities in accordance with the following principles namely : (a) Category I will have precedence over all other categories and Category II will have precedence over Category III and so on; (b) the claims specified in each of the categories except Category IV shall rank equally and be paid in full, but if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; (c) the liabilities specified in Category IV shall be discharged, subject to the priorities specified in this section, in accordance with the terms of the secured loans and the priority inter se of such loans, and (d) the question of payment of a liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.

Sick Textile Undertakings( Nationalisation) Act, 1974 Section 22

Title: Examination of Claims

State: Central

Year: 1974

(1) On receipt of the claims under section 20, the Commissioner shall arrange the claims in the order of priority specified in the Second Schedule and examine the same in accordance with the said order. (2) If on examination of the claims, the Commissioner is of the opinion that the amount paid to him under this Act is not sufficient to meet the liabilities specified by any lower category, he shall not be required to examine the liabilities in respect of such lower category.

Oil Industry Development Act 1974 Section 28

Title: Protection of Action Taken in Good Faith

State: Central

Year: 1974

Section 28 - Protection of action taken in good faith No suit, prosecution or other legal proceeding shall lie against the Central Government or the Board or any committee constituted by the Board or any member of the Board or of such committee or any officer or other employee of the Central Government or of the Board or any agent of or any other person authorised by the Central Government or the Board for anything which, is in good faith done or intended to be done under this Act or the rules made there under. OIL INDUSTRY DEVELOPMENT ACT 1974 Section 28 - Protection of action taken in good faith No suit, prosecution or other legal proceeding shall lie against the Central Government or the Board or any committee constituted by the Board or any member of the Board or of such committee or any officer or other employee of the Central Government or of the Board or any agent of or any other person authorised by the Central Government or the Board for anything which, is in good faith done or intended to be done under this Act or the rules made there under.