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Section 14 – The Shipping Development Fund Committee (Abolition) Act,1986

The Shipping Development Fund Committee (Abolition) Act,1986

Section 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 day 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, 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.

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The Shipping Development Fund Committee (Abolition) Act,1986

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