Shipping Development Fund Committee (Abolition) Act,1986
Act No : 66
Section :
Appointment of directors and administrators.
10. Appointment of directors and administrators. (1) Where the
Central Government requires a shipowner to discharge his dues and
liabilities pursuant to a notice issued under section 8 and the
shipowner fails to comply with such notice, the Central Government
may, notwithstanding anything contained in any other law for the time
being in force, or anything contrary contained in any agreement, deed
or other instrument in the nature of any guarantee or
counterguarantee, and without prejudice to anything contained in
section 9, by notified order, appoint as many persons as it thinks
fit,--
(a) to be directors of the company, if the shipowner is a
company, as defined in the Companies Act, 1956 (1 of 1956), or
(b) in any other case, to be the administrators of the
shipping concern.
(2) The power to appoint directors or administrators under this
section includes the power to appoint any individual, firm or body
corporate to be the directors or, as the case may be, administrators,
on such terms and conditions as the Central Government may think fit.
(3) For the removal of doubts, it is hereby declared that the
power to appoint directors or administrators include the power to
remove or replace the persons so appointed.
(4) Nothing in the Companies Act, 1956 (1 of 1956), or in any
other law for the time being in force, or in any instrument relating
to the shipowner, if it is a company shall, in so far as it makes, in
relation to a director, any provision for the holding of any share
qualification, age limit, restriction on the number of directors or
directorships, retirement by rotation or removal from office, apply to
any director appointed by the Central Government under this section.
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