Bare Act Search Results

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

Title: Special Powers of the Central Government

State: Central

Year: 1986

.....of directors or directorships, retirement by rotation or removal from office, apply to any director appointed by the Central Government under this section. Section 11 - Effect of notified order (1) On the issue of a notified order under section 10- (a) if the shipowner is a company as defined in the Companies Act, 1956(1 of 1956), all persons holding office as directors of the shipowner, and in any other case, all persons holding any office having the powers of superintendence, direction and control immediately before the issue of the notified order, shall be deemed to have vacated their offices as such; (b) any contract of management between the shipowner and any director or person referred to in clause (a) holding office as such immediately before the issue 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.....

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

.....To meet the immediate requirements of the country soon after independence the Merchant Shipping Laws. (Extension to Acceding States and Amendment) Act, 1949 was enacted, by which the British Merchant Shipping Acts 1894 to 1938 were extended to the Acceding States (later known as Part B States) and Indian Consular Officers were empowered to perform functions in relation to Indian ships outside India and provision was made to enable Government to prescribe the proper national colours for ships registered in India, The Control of Shipping Act, 1947, was another short-term measure which continued the war-time control over Indian shipping and controlled the coastal trade by a system of licensing. This Act, which has been renewed from time to time, is due to expire on the 31st March, 1958. 3. The present Bill revises and consolidates all laws in force in India relating to merchant shipping, whether passed by the British Parliament or the Indian Legislature, and makes provision for the matters discussed in the succeedihg paragraphs, which also indicate the principal changes made in the law ........... -Gaz. of Ind., 1958, Extra., Pt. II, S. 2, p. 203.Act 21 of 1966.- The minimum.....

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.