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OIL AND GAS DEVELOPMENT CORPORATION

ORDINANCE, 1961

Sections

Contents

1

Short title, extent and commencement

2

Definition

3

Establishment and incorporation

4

Management

5

Board of Directors

6

Chairman of the Board

7

Managing Director

7-A

Secretary of the Board

8

Disqualifications of Directors

9

Vacancies, etc., not to invalidate acts and proceedings of the Board

10

Meetings of the Board

11

Head Office

12

Functions of the Corporation

13

Powers of the Corporation

14

Fund of the Corporation

15

Investment of funds

16

Borrowing of money

17

Budget

18

Accounts and audit

19

Reports and returns

20

Corporation to have certain rights, liabilities and obligations of the Central Government

21

Formation of subsidiary companies

22

Appointment of officers, advisers and servants

23

Declaration of fidelity and secrecy

24

Power to acquire land

25

Power of entry

26

Delegation of powers

27

Directors, etc., deemed to be public servants

28

Indemnity to the Corporation

29

Power to make rules

30

Power to make regulations

31

Dissolution of the Corporation

 

SCHEDULE

OIL AND GAS DEVELOPMENT CORPORATION

ORDINANCE, 1961

XXXVII OF 1961 

20th September, 1961

An Ordinance to establish an Oil and Gas Development Corporation.

WHEREAS it is expedient to provide for the establishment of a corporation for the purpose of exploration and development of oil and gas resources, and production, refining and sale of oil and gas, and for matters connected therewith;

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