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TECHNOLOGY DEVELOPMENT BOARD ACT

Ministry of Law and Justice

Act nº 44 of 1995


  • Chapter 1
  • Chapter II
  • Chapter III
  • Chapter IV
  • Chapter V
  • Act nº 44 of 1995

Preamble

THE TECHNOLOGY DEVELOPMENT BOARD ACT, 1995

[Act, No.44 of 1995]

[16th December, 1995]

PREAMBLE

An Act to provide for the constitution of a Board for payment of equity capital or any other financial assistance to industrial concerns and other agencies attempting development and commercial application of indigenous technology or adapting imported technology to wider domestic applications and for matters connected therewith or incidental thereto.

BE it enacted by Parliament in the Forty-sixth Year of the Republic of India as follows:-

Chapter 1

Section 1. Short title and commencement

(1) This Act may be called the Technology Development Board Act, 1995.

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Section 2. Definitions

In this Act, unless the context otherwise requires-

(a) "Board" means the Technology Development Board constituted under sub-section (1) of section 3;

(b) "Chairperson" means the Chairperson of the Board;

(c) "Fund" means the Fund for Technology Development and Application constituted under sub-section (1) of section 9;

(d) "member" means a member of the Board and includes the Chairperson;

(e) "prescribed" means prescribed by rules made under this Act;

(f) "Secretary" means the Secretary of the Board appointed under sub-section (1) of section 4;

(g) words and expressions used herein and not defined but defined in the Research and Development Cess Act, 1986,(32 of 1986) shall have the meanings respectively assigned to them in that Act.

Chapter II

Section 3. Constitution and incorporation of the Board

(1) The Central Government shall by notification in the Official Gazette, constitute, for the purpose of this Act, a Board to be called the Technology Development Board.

(2) The Board shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to contract and shall, by the said name, sue and be sued.

(3) The Board shall consist of the following members, namely:-

(a) the Secretary to the Government of India in-charge of the Ministry or Department of the Central Government dealing with Science and Technology ex officio; Chairperson;

(b) the Secretary to the Government of India in-charge of the Ministry or Department of the Central Government dealing with Scientific and Industrial Research ex fficio;

(c) the Secretary to the Government of India incharge of the Ministry or epartment of the Central Government dealing with Finance (Expenditure) ex officio;

(d) the Secretary to the Government of India incharge of the Ministry of Department of the Central Government dealing with defence Research and Development ex officio;

(e) the Secretary to the Government of India incharge of the Ministry of Department of the Central Government dealing with Industrial Development ex officio

(f) the Secretary to the Government of India incharge of the Ministry of Department of the Central Government dealing with Rural Development ex officio;

(g) such number of persons, not exceeding four as may be prescribed, to be appointed by the central Government from amongst persons having experience in technology development and application, banking and finance, industry, agriculture and rural development; and ex officio;

(h) Secretary of the Board ex officio;

(4) The term of office and other conditions of service of members specified in clause (g) of sub-section (3) shall be such as may be prescribed.

(5) The Chairperson shall, in addition to presiding over the meetings of the Board, exercise and discharge such powers and duties of the Board as may be delegated to him by the Board and such other powers and duties as may be prescribed.

(6) No act or proceeding of the Board shall be invalidated merely by reason of-

(a)any vacancy in, or any defect in the constitution of, the Board;

(b) any defect in the appointment of a person acting as a member of the Board;

(c) any irregularity in the procedure of the Board not affecting the merits of the case.

Section 4. Secretary and other officers and employees of the Board

(1) The Board may appoint the Secretary and such other officers and employees as it considers necessary for the efficient discharge of its functions under this Act.

(2) The terms and conditions of service of the Secretary and other officer and employees of the Board shall be such as may be determined by regulations.

Section 5. Committees of the Board

(1) Subject to the rules made in this behalf, the Board may appoint such committees as may be necessary for the efficient discharge of its duties and performance of its functions under this Act.

(2) The Board shall have the power to co-opt as members of any committee appointed under sub-section (1), such number of persons who are not members of the Board as it may think fit, and the persons so co-opted shall have the right to attend the meetings of the committee, and take part in the proceedings of the committee, but shall not have the right to vote.

Section 6. Fractions of the Board

The Board may-

(a) provide equity capital, subject to such conditions as may be determined by regulations, or any other financial assistance to industrial concerns and other agencies attempting commercial application of indigenous technology or adapting imported technology of wider domestic applications;

(b) provide financial assistance to such research and development institutions engaged in developing indigenous technology or adaptation of imported technology for commercial application, as may be recognised by the Central Government.

(c) perform such other functions as may be entrusted to it by the Central Government.

Chapter III

Section 7. Application for grant of financial assistance, etc

(1) An application for grant of financial assistance for the purposes mentioned under section 6 shall be made to the Board in such form as may be prescribed.

(2) The Board may, after examining the application and after making such enquiries as it deems necessary by order in writing, either grant the financial assistance or refuse to grant the same:

Provided that no refusal of grant shall be made unless an opportunity is given to the applicant of being heard.

Chapter IV

Section 8. Grants and loans by the Central Government

The Central Government may, after due appropriation made by Parliament by law, in this behalf, make to the Board grants and loans of such sums of money as that Government may consider necessary.

Section 9. Fund for Technology Development and Application

(1) The shall be constituted a Fund to be called the Fund for Technology Development and Application and there shall be credited to the Fund-

(a) any grants and loans made to the Board by the Central Government under section 8;

(b) all sums received by the Board from any other source;

(c) recoveries made of the amounts granted from the Fund; and

(d) any income from investment of the amount of the Fund.

(2) The Fund shall be applied for meeting-

(a) expenses on the object and for the purposes authorised by this Act;

(b) salaries, allowances and other expenses of officers and other employees of the Board; and

(c) expenses of the Board in the discharge of its functions under this Act.

Section 10. Transfer of money receipts and liabilities

On and from the commencement of this Act,-

(a) the moneys standing at the credit of the Venture Capital Fund formed under section 5 of the Research and Development Cess Act, 1986 (32 of 1986) which is part of the Development Assistance Fund established by the Development Bank under section 14 of the Industrial development Bank of India Act, 1964 (18 of 1964) shall stand transferred to and vest in the Board;

(b) all sums of money due to the Development Bank immediately before such commencement shall be deemed to be due to the Board;

(c) all debts, obligations and liabilities incurred, all contracts or agreements entered into and all matters and things engaged to be done by, with or for the Development Bank immediately before such commencement for or connection with the purpose of the Venture Capital Fund shall be deemed to have been incurred, entered into or engaged to be done by, with or for the Board; and

(d) all suits and other regard proceedings instituted or which could have been instituted by or against the Development Bank immediately before such commencement may be continued or instituted by or against the Board.