Section 29
Dissolution of the Board
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.
(1) The Central Government may, if satisfied that it is necessary so
to do in the public interest, direct by notification in the Official Gazette that the Board shall be dissolved
from such date and for such period as may be specified in the notification.
(2) When the Board is dissolved under the provisions of sub-section (1),--
(a) all members, notwithstanding that their term of office has not expired, shall, from the date of dissolution, vacate their offices as such members;
(b) all powers and duties of the Board shall, during the period of dissolution, be exercised and performed by such person or persons as the Central Government may appoint in this behalf;
(c) all funds and other properties vested in the Board shall, during the period of dissolution, vest in the Central Government.
(3) As soon as the period of dissolution expires, the Board shall be re-constituted in accordance with the provisions of this Act.
(2) When the Board is dissolved under the provisions of sub-section (1),--
(a) all members, notwithstanding that their term of office has not expired, shall, from the date of dissolution, vacate their offices as such members;
(b) all powers and duties of the Board shall, during the period of dissolution, be exercised and performed by such person or persons as the Central Government may appoint in this behalf;
(c) all funds and other properties vested in the Board shall, during the period of dissolution, vest in the Central Government.
(3) As soon as the period of dissolution expires, the Board shall be re-constituted in accordance with the provisions of this Act.