The Oil Industry (Development) Act, 1974
8. Power to call for repayment
before agreed period.
Notwithstanding anything in any
agreement to the contrary, the Board may, by notice in writing, require any oil
industrial concern or other person to which or to whom it has rendered any
assistance to discharge forthwith in full its or his liabilities to the Board-
- if it appears to the Board that
false or misleading information in any material particulars was given in the
application for such assistance; or
- if the concern or other person has
failed to comply with the terms of its or his contract with the Board in the
matter of such assistance; or
- 198.if there is a reasonable
apprehension that the concern or other person is unable to pay its or his debts
or that proceedings for liquidation or in insolvency may be commenced in
respect of such concern or person; or
- if the property pledged, mortgaged,
hypothecated or assigned to the Board as security is not insured and kept
insured by the concern or other person to the satisfaction of the Board; or
depreciates in value to such an extent that, in the opinion of the Board,
further security to the satisfaction of the Board should be given and such
security is not given; or
- if, without the permission of the
Board, any machinery, plant or other equipment (whether or not forming part of
the security), is removed from the premises of the concern or other person
without being replaced; or
- if for any reason it is necessary to
protect the interests of the Board.
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