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Section 10 – The Shipping Development Fund Committee (Abolition) Act,1986

The Shipping Development Fund Committee (Abolition) Act,1986

Section 10. Appointment of directors and administrators

(1) Where the Central Government requires a shipowner to discharge his dues and liabilities pursuant to a notice issues 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 counter-guarantee, 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, toe 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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The Shipping Development Fund Committee (Abolition) Act,1986

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