(1) The Government may, for the purpose of settlement of debts, by order notified in the [Official Gazette]––
(a) establish Debt Conciliation Boards ;
(b) define the territorial and pecuniary limits of the jurisdiction of a Board ; and
(c) establish additional Boards within the territorial limits of the jurisdiction of a Board and also provide for the distribution of business between the Boards so established.
(2) Every Board shall consist of a Chairman, who shall be a Government official, and not less than two other members to be appointed by the Government.
(3) The Chairman and every member of a Board so established shall be appointed for such period as the Government may determine.
(4) The quorum for meeting of the Board shall be half its number of members including the Chairman and where such number is odd, half of such number increased by one.
(5) The decision of the majority of its members including the Chairman present in the meeting shall prevail.
(6) No member of a Board, including the Chairman, who has directly or indirectly any share or interest in any transaction, out of which the proceedings before the Board have arisen, shall act as a member of the Board in respect of such proceedings.
(7) The Government may at any time, by order notify in the [Official Gazette]––
(a) dissolve any Board ;
(b) transfer, on grounds of administration, or remove, on grounds of misconduct or otherwise, the Chairman or any member of a Board and appoint in his place any other person as such Chairman or member.
(8) An additional Board shall have the same powers as are conferred on the existing Boards and shall be deemed in respect of proceedings transferred or allotted to it, as the successor-in-office of the existing Board.
(9) When a Board is dissolved or ceases to exist otherwise, the Government may at any time establish another Board within the same local limits in which the former Board had jurisdiction and may declare this Board to be the successor-in-office of the first Board and may confer on it the same powers as are conferred on the former Board.
(10) The dissolution of a Board or the occurrence of any vacancy on the Board through death, resignation or removal of its members under sub-section (7) or absence of any member or Chairman in any meeting shall not in any way affect the validity of any proceedings pending before or conducted by the said Board, or before any other Board established in place of the said Board as the case may be, as if there has been no dissolution of the Board or the occurrence of such vacancy or the absence of such member or Chairman.
(11) save as otherwise provided in this Act, the proceedings pending before any Board which has been dissolved under sub-section (7) and in place of which no other Board has been established, shall be deemed to be civil proceedings within the meaning of [section 14 of the Limitation Act, 1963 (36 of 1963)] and the provisions of the said section shall, as far as may be, apply to the computation of the period of limitation in regard to any suit or application which may be instituted in any civil court to enforce any claim which was the subject-matter of the proceedings pending before the Board so dissolved.