LawgistThe Oil Industry (Development) Act
13No right to compensation for loss of office
(1) Notwithstanding anything contained in any law for the time being in force, no Director or other person in charge of the management of an oil industrial concern immediately before the issue of a notified order under section 10 in respect of such concern shall be entitled to any compensation for the loss of office or for the premature termination under this Act of the contract entitling him to be in charge of such management.
(2) Nothing contained in sub-section (1) shall affect the right of any Director or other person referred to therein to recover from the oil industrial concern moneys recoverable otherwise than by way of such compensation.
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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
