The Oil Industry (Development) Act, 1974
Central Act · Act 47 of 197431 provisions
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 47 of 1974 |
| Year | 1974 |
| Jurisdiction | Central |
| Ministry | Ministry of Petroleum and Natural Gas |
| Status | In force as published by the source |
| Provisions published | 31 |
| Subjects | environment |
Full text, provision by provision
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- Section 1 Short title and extent.
- Section 2 Definitions.
- Section 3 Establishment and constitution of the Board.
- Section 4 Conditions of service of members.
- Section 5 Secretary, officers, consultants and employees of the Board.
- Section 6 Functions of the Board.
- Section 7 Principles and conditions of assistance.
- Section 8 Power to call for repayment before agreed period.
- Section 9 Special provisions for enforcement of claims by the Board.
- Section 10 Power of Board to appoint Directors of oil industrial concern.
- Section 11 Effect of notified order appointing Director.
- Section 12 Powers and duties of the Directors.
- Section 13 No right to compensation for loss of office.
- Section 14 Application of Act 1 of 1956.
- Section 15 Duties of excise.
- Section 16 Crediting of proceeds of duty to Consolidated Fund of India.
- Section 17 Grants and loans by the Central Government.
- Section 18 Oil Industry Development Fund.
- Section 19 Power to borrow.
- Section 20 Accounts and audit.
- Section 21 Power to require persons engaged in oil industry to maintain and produce books, accounts and records relating to business and inspection thereof.
- Section 22 Directions by the Central Government.
- Section 23 Penalties
- Section 24 Other penalties.
- Section 25 Offences by companies.
- Section 26 Jurisdiction of courts.
- Section 27 Previous sanction of Central Government.
- Section 28 Protection of action taken in good faith.
- Section 29 Dissolution of the Board
- Section 30 Act to have overriding effect.
- Section 31 Power to make rules.
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