Lawgist11Effect of notified order appointing Director
On the issue of a notified order under section 10--
(a) all persons holding office as Director of the oil industrial concern or in charge of the management of such concern immediately before the issue of the notified order shall be deemed to have vacated their offices as such;
(b) the Directors appointed under section 10 shall take such steps as may be necessary to take into their custody or under their control the property, effects and actionable claims to which the oil industrial concern is, or appears to be, entitled and all the property and effects of the concern shall be deemed to be in the custody of the Directors as from the date of the notified order;
(c) the Directors appointed under section 10 shall for all purposes be the Directors of the oil industrial concern duly constituted under the Companies Act, 1956 (1 of 1956) and shall alone be entitled to exercise all the powers of the Directors of the concern, whether such powers are derived from the said Act or from the memorandum or articles of association of the concern or from any other source.
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- 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
