Section 43
Formation of companies with previous approval of Central Government.
The National Dairy Development Board Act, 1987
About this Act
An Act to declare the institution known as the National Dairy Development Board in the State of Gujarat to be an institution of national importance and to provide for its incorporation and for the vesting in that body corporate of the undertakings of the Indian Dairy Corporation with a view to provide for the administration and the carrying on of the functions to be performed by the body corporate more effectively throughout the country and for matters connected therewith and incidental thereto.
(1) Where the
Board considers it necessary so to do, for the implementation of any of its objectives, it may, subject to
the previous approval of the Central Government form one or more companies either by itself or in
conjunction with any of its subsidiaries or with any other undertaking.
(2) Where any company has been formed in pursuance of sub-section (1),--
(a) in the case of a company formed by the Board by itself or along with its subsidiaries, it may contribute such capital, transfer such of its assets or render such assistance, as may be required, so as to enable the company so formed to function; and
(b) in any other case, it may contribute capital, transfer assets or render assistance in such manner and to such extent as the Board may deem fit subject to specific previous approval of the Central Government in that regard.
(2) Where any company has been formed in pursuance of sub-section (1),--
(a) in the case of a company formed by the Board by itself or along with its subsidiaries, it may contribute such capital, transfer such of its assets or render such assistance, as may be required, so as to enable the company so formed to function; and
(b) in any other case, it may contribute capital, transfer assets or render assistance in such manner and to such extent as the Board may deem fit subject to specific previous approval of the Central Government in that regard.