LawgistThe Oil Industry (Development) Act
10Power of Board to appoint Directors of oil industrial concern
When the management of an oil industrial concern is taken over by the Board, the Board may, by order notified in the Official Gazette, appoint as many persons as it thinks fit to be the Directors of that concern and nothing in the Companies Act, 1956 (1 of 1956) or in any law or instrument relating to the concern, in so far as it makes, in relation to a Director, any provision for the holding of any share qualification, age limit, restrictions on the number of directorships, retirement by rotation or removal from office shall apply to any Director appointed by the Board under this section.
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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
