Bare Act Search Results

Shipping Development Fund Committee (Abolition) Act, 1986 Chapter III

Title: Special Powers of the Central Government

State: Central

Year: 1986

.....or if such property has depreciated in value to such an extent that, in the opinion of the Central Government, further security to the satisfaction of the Central Government should be given and such security is not given; or (f) Without the permission of the Central Government any ship, machinery, plant or other property, whether forming part of the security or otherwise, is removed by such shipowner without being replaced; or (g) for any other reason, it is necessary so to do to protect the interests of the Central Government. Explanation.-For the purposes of this Act, "financial assistance" shall include any loan, advance or monetary assistance including any guarantee or counter-guarantee given to the shipowner by the Committee at any time before the appointed day. Section 9 - Appointment of receiver without intervention of court (1) Where the Central Government issues a notice under section 5 and the shipowner falls to company with such notice, the Central Government may, notwithstanding anything contained in any other law for the time being in force or anything contrary contained in any agreement, deed or other instrument in the nature of any guarantee or.....

Shipping Development Fund Committee (Abolition) Act, 1986 Section 8

Title: Power of Central Government to Call for Repayment Before Agreed Period

State: Central

Year: 1986

.....assigned, charged, hypothecated, mortgaged or pledged to the Committee as security for financial assistance is not insured or kept insured by the shipowner to the satisfaction of the Central Government, or if such property has depreciated in value to such an extent that, in the opinion of the Central Government, further security to the satisfaction of the Central Government should be given and such security is not given; or (f) Without the permission of the Central Government any ship, machinery, plant or other property, whether forming part of the security or otherwise, is removed by such shipowner without being replaced; or (g) for any other reason, it is necessary so to do to protect the interests of the Central Government. Explanation.-For the purposes of this Act, "financial assistance" shall include any loan, advance or monetary assistance including any guarantee or counter-guarantee given to the shipowner by the Committee at any time before the appointed day.

Merchant Shipping Act, 1958 Complete Act

State: Central

Year: 1958

.....in 1867, 1882andagain in 1893and 1896 but all these attempts failed owing to legal and constitutional difficulties.Two of the principal contributory factors were the then limited powers of the Indian Legislature to legislate regarding shipping and the fact that part of the British Statute law on the subject, including parts of the Merchant Shipping Act, 1894, which is the principal United-Kingdom enactment on the subject, applied to Indian and any Indian enactment had to be in legal harmony with that law. A fresh attempt was made in 1921-22 to codify the Indian law on merchant shipping by the Statute Law Revision Committee, which decided that only consolidation, and not revision should be attempted immediately. The result was the Indian Merchant Shipping Act, 1923, which is now on the Statute Book and which consolidated some 21 existing Indian Acts on the subject. This Act has also been amended from time to time, the two major amendments being those made in 1933 and in 1953 so as to take power to implement the provisions of the international conventions with respect to load lines, 1930, and with respect to safety of life at sea, 1948, respectively, which have been ratified by.....

Shipping Development Fund Committee (Abolition) Act, 1986 Section 9

Title: Appointment of Receiver Without Intervention of Court

State: Central

Year: 1986

.....hypothecated or charged, with power to- (i) sell such ship or other assets by public auction notwithstanding anything to the contrary contained in section 51 of the Act; (ii) demand and recover all the income in respect of which he is appointed received of any such ship or other assets and to appropriate the same in the discharge of rents, taxes and other dues and outgoings affecting the same and in payment of the liabilities of the shipowner under any mortgage, hypothecation or charge to the Central Government; or (iii) use, operate, charter or lease such ship or other assets to generate incomes, rents or profits to meet the liabilities of the shipowner to the Central Government under the mortgage, hypothecation or charge, and pay the residue, if any, of the money received by him to the person who, but for the appointment of the receiver, would have been entitled to receive the income of which he is appointed receiver or who is otherwise entitled to such property. (2) A receiver appointed under this section shall be deemed to be the agent of the shipowner and the shipowner shall be solely responsible for the receiver's acts or defaults unless such acts or defaults are.....

Shipping Development Fund Committee (Abolition) Act, 1986 Section 11

Title: Effect of Notified Order

State: Central

Year: 1986

.....of the notified order shall be deemed to have been terminated. (2) The directors or administrators 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 shipowner is, or appears to be, entitled, and all the property and effects of the shipowner shall be deemed to be in the custody of the directors or administrators, as the case may be, as from the date of the notified order. (3) Subject to the other provisions of this Act, the directors appointed under section 10, shall, for all purposes, be the directors of such company duly constituted under the Companies Act, 1956, and such directors shall alone be entitled to exercise all the powers of such directors.

Shipping Development Fund Committee (Abolition) Act, 1986 Section 15

Title: Recovery of Dues as Arrear of Land Revenue

State: Central

Year: 1986

(1) Any amount payable to the Central Government by the shipowner pursuant to a notice issued under section 8 may be recovered in the same manner as an arrear of land revenue. (2) The Central Government may, for purposes of sub-section (1), appoint an officer to prepare a certificate specifying the amount due from such shipowner and send it to the Collector of the district in which the shipowner owns any property or carries on business provided that the officer so appointed shall, before sending the certificate to the Collector, give an opportunity of being heard to the shipowner. (3) The Collector shall, on receipt of such certificate, proceed to recover from such shipowner the amount specified in the certificate.

Shipping Development Fund Committee (Abolition) Act, 1986 Section 10

Title: Appointment of Directors and Administrators

State: Central

Year: 1986

.....in any agreement, deed or other instrument in the nature of any guarantee or counter-guarantee, and without prejudice to anything contained in section 9, by notified order, appoint as many persons as it thinks fit,- (a) to be directors of the company, if the shipowner is a company, as defined in the Companies Act, 1956(1 of 1956), or (b) in any other case, toe be the administrators of the shipping concern. (2) The power to appoint directors or administrators under this section includes the power to appoint any individual, firm or body corporate to be the directors or, as the case may be, administrators, on such terms and conditions as the Central Government may think fit. (3) For the removal of doubts, it is hereby declared that the power to appoint directors or administrators include the power to remove or replace the persons so appointed. (4) Nothing in the Companies Act, 1956(1 of 1956), or in any other law for the time being in force, or in any instrument relating to the shipowner, if it is a company shall, in so far as it makes, in relation to a director, any provision for the holding of any share qualification, age limit, restriction on the number of.....

Shipping Development Fund Committee (Abolition) Act, 1986 Chapter I

Title: Preliminary

State: Central

Year: 1986

..... In this Act, unless the context otherwise requires,- (a) "Act" means the Merchant Shipping Act, 1958(44 of 1958); (b) "appointed day" means the date of commencement of this Act; (c) "Committee" means the Shipping Development Fund Committee constituted under section 15 of the Act; (d) "designated person" means the person appointed as such under section 16 of this Act; (e) "Fund" means the Shipping Development Fund Formed under section 14 of the Act; (f) "notified order" means an order notified in the Official Gazette; (g) "shipowner" means a person of the description mentioned in section 21 of the Act or who had obtained loans or financial assistance in any other form from the Committee; (h) "shipping concern" means any concern engaged in the business of shipping, owned, controlled or managed by a shipowner.

Shipping Development Fund Committee (Abolition) Act, 1986 Section 2

Title: Definitions

State: Central

Year: 1986

In this Act, unless the context otherwise requires,- (a) "Act" means the Merchant Shipping Act, 1958(44 of 1958); (b) "appointed day" means the date of commencement of this Act; (c) "Committee" means the Shipping Development Fund Committee constituted under section 15 of the Act; (d) "designated person" means the person appointed as such under section 16 of this Act; (e) "Fund" means the Shipping Development Fund Formed under section 14 of the Act; (f) "notified order" means an order notified in the Official Gazette; (g) "shipowner" means a person of the description mentioned in section 21 of the Act or who had obtained loans or financial assistance in any other form from the Committee; (h) "shipping concern" means any concern engaged in the business of shipping, owned, controlled or managed by a shipowner.

Shipping Development Fund Committee (Abolition) Act, 1986 Section 13

Title: No Right to Compensation for Termination of Contract of Management, Etc

State: Central

Year: 1986

(1) Notwithstanding anything to the contrary contained in any contract or in any law for the time being in force, no managing or whole-time director or any other director or a manager or any person in charge of management of a shipowner which is a company shall be entitled to any compensation for the loss of office or for the premature termination, under this Act, of any contract of management entered into by him with such company. (2) Nothing contained in sub-section (1) shall effect the right of any such managing or whole-time director, or any other director or manager or any such person in charge of management to recover from the shipowner moneys recoverable otherwise than by way of such compensation.