The Oil Industry (Development) Act, 1974
3. Establishment and constitution
of the Board.
- With effect from such date as the
Central Government may, by notification in the Official Gazette, appoint in this
behalf, there shall be established for the purposes of this Act a Board to be
called the Oil Industry Development Board.
- The Board shall be a body corporate
by the name aforesaid having perpetual succession and a common seal, with power
to acquire, hold and dispose of property, both movable and immovable, and to
contract, and shall by the said name sue and be sued.
- The Board shall consist of the
following members, namely:-
- not more than three members to be
appointed by the Central Government to represent the Ministry or Ministries of
the Central Government dealing with petroleum and chemicals;
- two members to be appointed by the
Central Government to represent the Ministry of the Central Government dealing
with finance;
- not more than five members to be
appointed by the Central Government to represent the Corporations, being
Corporations owned or controlled by the Central Government, engaged in
activities referred to in clause (k) of section 2;
- two members of whom one shall
be appointed by the Central Government from amongst persons who, in the opinion
of that Government, have special knowledge or experience of oil industry and
the other shall be appointed by that Government to represent labour employed in
the oil industry;
- the Secretary to the Board, ex
officio.
- The Central Government shall appoint
the Chairman of the Board.
- The term of office of the members of
the Board (other than the members appointed by virtue of office) and the manner
of filling vacancies among, and the procedure to be followed in the discharge of their functions by,
the members shall be such as may be prescribed.
- 194.Subject to such conditions
and restrictions as may be prescribed, the Board may constitute Standing Committees or
ad hoc Committees for exercising any power or discharging any duty of the Board
or for inquiring into, reporting and advising on, any matter which the Board
may refer to them:
Provided that a Standing Committee
shall consist exclusively of members of the Board.
- No act or proceeding of the Board or
of any Committee constituted under sub-section (6) shall be invalidated merely
by reason of-
- any vacancy in, or any defect in the
constitution of, the Board or such Committee; or
- any defect in the appointment of a
person acting as a member of the Board or such Committee; or
- any irregularity in the procedure of
the Board or such Committee not affecting the merits of the case.
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