THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974 Last Updated 17-3-2020

ACT NO. 47 OF 1974 · Enacted [26th September, 1974.] · 32 sections

PRELIMINARY

Section 1.Short title and extent.

Section 2.Definitions.

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.

Section 7.Principles and conditions of assistance.

Section 8.Power to call for repayment before agreed period.

Section 9.Special provisions for enforcement of claims by the Board.

Section 10.Power of Board to appoint Directors of oil industrial concern.

Section 11.Effect of notified order appointing Director.

Section 12.Powers and duties of the Directors.

Section 13.No right to compensation for loss of office.

Section 14.Application of Act 1 of 1956.

FINANCE, ACCOUNTS AND AUDIT

Section 15.Duties of excise.

Section 16.Crediting of proceeds of duty to Consolidated Fund of India.

Section 17.Grants and loans by the Central Government.

Section 18.Oil Industry Development Fund.

Section 19.Power to borrow.

Section 20.Accounts and audit.

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.

Section 22.Directions by the Central Government.

Section 22A.[Omitted.].

MISCELLANEOUS

Section 23.Penalties.

Section 24.Other penalties.

Section 25.Offences by companies.

Section 26.Jurisdiction of courts.

Section 27.Previous sanction of Central Government.

Section 28.Protection of action taken in good faith.

Section 29.Dissolution of the Board.

Section 30.Act to have overriding effect.

Section 31.Power to make rules.