The Oil Industry (Development) Act, 1974

S No	Contents
1	Short title and extent
2	Definitions
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
15	Duties of Excise
16	Crediting of proceeds of duty to Consolidated Fund of India
17	Grants and loans by the Central Government
18	Oil Industry Development Fund
19	Power Borrow
20	Accounts and Audit
21	Power to require persons engaged in Oil Industry
22	Directions by the Central Government
22A	Exemption from liability to pay Income - Tax
23	Penalties
24	Other Penalties
25	Offences by Companies
26	Jurisdiction of courts
27	Previous sanction of Central Government
28	Protection of action taken in good faith
29	Dissolution of the Board
30	Act to have overriding effect
31	Power to make rules

THE OIL INDUSTRY DEVELOPMENT) ACT, 1974.ACT NO47 OF 1974.[26th September, 1974.]

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 there with

Be it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows:-