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The Oil Industry (Development) Act, 1974

S. No

Contents

1.

Short title and extent
2. Definitions
3. Establishment and Constitution of the Board
4. Conditions of Service of Members
5. Secretary Officers, Consultants and Employees of the Board
6. Functions of the Board
7. Principles and Conditions of Assistance
8. Power to call for Repayment before agreed Period
9. Special Provisions for Enforcement of claims by the Board
10. Power of Board to appoint Directors of Oil Industrial Concern
11. Effect of notified order appointing Director
12. Powers and Duties of the Directors
13. No right to Compensation for loss of Office
14. Application of Act 1 of 1956
15. Duties of Excise
16. Crediting of proceeds of duty to Consolidated Fund of India
17. Grants and loans by the Central Government
18. Oil Industry Development Fund
19. Power Borrow
20. Accounts and Audit
21. Power to require persons engaged in Oil Industry
22. Directions by the Central Government
22A. Exemption from liability to pay Income - Tax
23. Penalties
24. Other Penalties
25. Offences by Companies
26. Jurisdiction of courts
27. Previous sanction of Central Government
28. Protection of action taken in good faith
29. Dissolution of the Board
30. Act to have overriding effect
31. Power to make rules

THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974.ACT NO. 47 OF 1974.[26th September, 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 there with.

Be it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows:-



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