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LAWGIST

The Oil Industry (Development) Act

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.
1974
List of Chapters & Sections

  1. PRELIMINARY

  2. 1
     Short title and extent
  3. 2
     Definitions

  • THE OIL INDUSTRY DEVELOPMENT BOARD

  • 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

  • FINANCE, ACCOUNTS AND AUDIT

  • 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 to borrow
  • 20
     Accounts and audit

  • CONTROL BY THE CENTRAL GOVERNMENT

  • 21
     Power to require persons engaged in oil industry to maintain and produce books, accounts and records relating to business and inspection thereof
  • 22
     Directions by the Central Government
  • 22A
     Omitted.

  • MISCELLANEOUS

  • 23
     Penaltie
  • 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 Boar
  • 30
     Act to have overriding effect
  • 31
     Power to make rules