The Oil Industry (Development) Act, 1974
29. Dissolution of the Board.
- The Central Government may, if
satisfied that it is necessary so to do in the public interest, direct by
notification in the Official Gazette that the Board shall be dissolved from such
date and for such period as may be specified in the notification.
- When the Board is dissolved under
the provisions of sub-section (1),--
- all members, notwithstanding that
their term of office has not expired, shall, from the date of dissolution,
vacate their offices as such members;
- all powers and duties of the
Board shall, during the period of dissolution, be exercised and performed by
such person or persons as the Central Government may appoint in this behalf;
- all funds and other properties
vested in the Board shall, during the period of dissolution, vest in the Central
Government.
- As soon as the period of dissolution
expires, the Board shall be re-constituted in accordance with the provisions of
this Act.
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