Shipping Development Fund Committee (Abolition) Act,1986

Act No : 66

---

Section : Application of Act 1 of 1956.

14. Application of Act 1 of 1956. (1) Where directors have been
appointed under section 10 in relation to a company, then,
notwithstanding anything contained in the Companies Act, 1956 or in
the memorandum or articles of association of such company,--

(a) it shall not be lawful for the shareholders of such
company or any other person to nominate or appoint any person to
be a director of the company;

(b) no resolution passed at any meeting of the shareholders
of such company shall be given effect to unless approved by the
Central Government;

(c) no proceeding for the winding up of such company or for
the appointment of a receiver in respect thereof shall lie or be
continued in any court, except with the consent of the Central
Government.

(2) Subject to the other provisions of this Act and subject to
such other exceptions, restrictions and limitations, if any, as the
Central Government may, by notification in the Official Gazette,
specify in this behalf, the Companies Act, 1956 (1 of 1956), shall
continue to apply to a shipowner which is a company in the same manner
as it applied thereto before the issue of the notified order under
section 10.

1321

---

Read All Comments

Comments

Quick Links

• Recent Comments
• Recent Citations
• Bare Acts Alphabetically