Technology Development Board Act, 1995
No: 44 Dated: Dec, 16 1995
Technology Development Board Act, 1995
Act No. 44 of 1995
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 I
Preliminary
1. Short title and commencement. - (1) This Act may be called the Technology Development Board Act, 1955.
(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
2. Definitions. -In this Act, unless the context otherwise requires-
(a) "Board" means the Technology Development Board constituted under subsection (1) of section 3; 2
(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 Art, 1986, (32 of 1986.) shall, have the meanings respectively assigned to them in that Act.
CHAPTER II
Technology Development Board
3. Constitution and incorporation of the Board. - (1) The Central Government shall by notification in the Official Gazette, constitute, for the purposes 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 incharge 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 incharge of the Ministry or Department the Central Government dealing with Scientific and Industrial Research ex officio;
(c) the Secretary to the Government of India incharge of the Ministry or Department of the of the Central Government dealing with Finance (Expenditure) ex-officio;
(d) the Secretary to the Government of India incharge of the Ministry or 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 or Department of the Central Government dealing with industrial Development ex-officio;
(f) the Secretary to the Government of India incharge of the Ministry or Department of the Central Government dealing with Rural Development ex officio; 3
(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
(h) Secretary of the Board ex offcio;
(4) The term of office and other conditions of service of members specified in clause (g) of sub-section (3) shad be such as may be prescribed.
(5) The Chairperson shall, in addition to pressing 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.
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 officers and employees of the Board shall be such as may be determined by regulations.
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 hot members of the Board as it may think fit, and the person 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.