Section 10
Power of Board to appoint Directors of oil industrial concern.
The Oil Industry (Development) Act, 1974
About this Act
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 therewith.
When the management of an
oil industrial concern is taken over by the Board, the Board may, by order notified in the Official Gazette,
appoint as many persons as it thinks fit to be the Directors of that concern and nothing in the Companies
Act, 1956 (1 of 1956) or in any law or instrument relating to the concern, in so far as it makes, in relation
to a Director, any provision for the holding of any share qualification, age limit, restrictions on the
number of directorships, retirement by rotation or removal from office shall apply to any Director
appointed by the Board under this section.