Oil Industry (Development) Act, 1974
Bare Act · 1974
An Act to provide for the establishment of a Board for the development of oil industry and for that purpose to levy a duty of excise on crude oil and natural gas and for matters connected therewith.
- Act number
- 47 of 1974
- Enacted
- 26 September 1974
- Contents
- 34 sections · 5 chapters
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Contents
Chapter I — Preliminary
Chapter II — The Oil Industry Development Board
- Section 3 – Establishment and constitution of the Board
- Section 4 – Conditions of service of members
- Section 5 – Secretary, officers, consultants and employees of the Board
- Section 6 – Functions of the Board (preview)
- Section 7 – Principles and conditions of assistance (preview)
- Section 8 – Power to call for repayment before agreed period (preview)
- Section 9 – Special provisions for enforcement of claims by the Board (preview)
- Section 10 – Power of Board to appoint Directors of oil industrial concern (preview)
- Section 11 – Effect of notified order appointing Director (preview)
- Section 12 – Powers and duties of the Directors (preview)
- Section 13 – No right to compensation for loss of office (preview)
- Section 14 – Application of Act 1 of 1956 (preview)
Chapter III — Finance, Accounts And Audit
- Section 15 – Duties of excise (preview)
- Section 16 – Crediting of proceeds of duty to Consolidated Fund of India (preview)
- Section 17 – Grants and loans by the Central Government (preview)
- Section 18 – Oil Industry Development Fund (preview)
- Section 19 – Power to borrow (preview)
- Section 20 – Accounts and audit (preview)
Chapter IV — Control By The Central Government
- Section 21 – Power to require persons engaged in oil industry to maintain and produce books, accounts and records relating to business and inspection thereof (preview)
- Section 22 – Directions by the Central Government (preview)
- Section 22A – Omitted (preview)
Chapter V — Miscellaneous
- Section 23 – Punishments (preview)
- Section 23A – Certain persons to be public servants (preview)
- Section 24 – Adjudication of penalties (preview)
- Section 24A – Appeal (preview)
- Section 25 – Offence or contravention by companies (preview)
- Section 26 – Jurisdiction of courts (preview)
- Section 27 – Previous sanction of Central Government (preview)
- Section 28 – Protection of action taken in good faith (preview)
- Section 29 – Dissolution of the Board (preview)
- Section 30 – Act to have overriding effect (preview)
- Section 31 – Power to make rules (preview)