The Oil Industry (Development) Act, 1974
7. Principles and conditions of
assistance.
- Before rendering any assistance to
any oil industrial concern or other person, the Board shall have regard to such
directions as the Central Government may issue in this behalf and shall satisfy
itself that-
- such assistance is not contrary to
such directions; and
- such assistance is necessary as a
matter of priority in the interests of the development of oil industry.
- In rendering any assistance to any
oil industrial concern or other person, the Board shall impose such conditions
as may be prescribed and may also impose such additional conditions as it may
think necessary or expedient for protecting the interests of the Board and for
securing that the assistance rendered by it is put to the best use by such
concern or other person.
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