The OIL INDUSTRY (DEVELOPMENT) ACT, 1974 Last Updated 17-3-2020

PRELIMINARY

Section 1 — Short title and extent.

(1) This Act may be called the Oil Industry (Development) Act, 1974.

(2) It extends to the whole of India.

Browse all 33 sections
  1. 1.Short title and extent.
  2. 2.Definitions.
  3. 3.Establishment and constitution of the Board.
  4. 4.Conditions of service of members.
  5. 5.Secretary, officers, consultants and employees of the Board.
  6. 6.Functions of the Board.
  7. 7.Principles and conditions of assistance.
  8. 8.Power to call for repayment before agreed period.
  9. 9.Special provisions for enforcement of claims by the Board.
  10. 10.Power of Board to appoint Directors of oil industrial concern.
  11. 11.Effect of notified order appointing Director.
  12. 12.Powers and duties of the Directors.
  13. 13.No right to compensation for loss of office.
  14. 14.Application of Act 1 of 1956.
  15. 15.Duties of excise.
  16. 16.Crediting of proceeds of duty to Consolidated Fund of India.
  17. 17.Grants and loans by the Central Government.
  18. 18.Oil Industry Development Fund.
  19. 19.Power to borrow.
  20. 20.Accounts and audit.
  21. 21.Power to require persons engaged in oil industry to maintain and produce books, accounts and records relating to business and inspection thereof.
  22. 22.Directions by the Central Government.
  23. 22A.[Omitted.].
  24. 23.Penalties.
  25. 24.Other penalties.
  26. 25.Offences by companies.
  27. 26.Jurisdiction of courts.
  28. 27.Previous sanction of Central Government.
  29. 28.Protection of action taken in good faith.
  30. 29.Dissolution of the Board.
  31. 30.Act to have overriding effect.
  32. 31.Power to make rules.
  33. SCH-THE SCHEDULE.THE SCHEDULE