1 Short title and commencement
This Act may be called the Technology Development Board Act, 1955.It  shall  come  into  force on such  date  as  the  Central Government may, by notifica...
2 Definitions
In this Act, unless the context otherwise requires-"Board" means the Technology Development Board constituted under subsection (1) of section 3;"Chairperson"...
3 Constitution and incorporation of the Board
The Central Government shall by notification in the Official Gazette, Constitute,  for  the  purposes of this Act, a Board to be  called  the  Technology  ...
4 Secretary and other officers and employees of the Board
4.   Secretary and other officers and employees of the Board.The Board may appoint the Secretary and such other officers and employees as it considers neces...
5 Committees of the Board
5.   Committees   of the Board. Subject to the rules made  in  this  behalf,  the  Board  may appoint,  such  committees  as  may  be  necessary for the e...
6 Functions of the Board
6.   Functions of the Board. The Board may-provide  equity capital, subject to such conditions  as may  be  determined  by regulations, or  any  other  fi...
7 Application for grant of financial assistance etc
7.   Application for grant of financial assistance etc.  An application for grant of financial assistance for the purposes mentioned under section 6 shall be...
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  a...
9 Fund for Technology Development and Application
There shall be constituted a Fund to be called the Fund for Technology Development and Application and there shall be credited to the Fund-Any grants and lo...
10 Transfer of money receipts and liabilities
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...
11 Budget
The Board shall prepare, in such form and at such time in each financial year, as may be prescribed, its budget for the next financial year, showing the estim...
12 Annual Report
The Board shall prepare, in such form and at such time in each financial   year, as may be prescribed, its annual report, giving a full account of its activit...
13 Accounts and audit
The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may, be prescribed by the Ce...
14 Annualreportand auditors report to be laid before Parliament
The Central Government shall cause the annual report  and  auditor's  report  to  be  laid, as soon as  may  be  after  they  are received, before each House ...
15 Returns to be furnished to the Board
An industrial concern or an institution receiving financial assistance from the Board shall furnish returns to the Board in such form and at such time as ma...
16 Power of the Central Government to issue direction
Without prejudice to the foregoing provisions of this Act, the Board shall, in the discharge of its functions and duties under this Act, be  bound  by  such...
17 Power of Central Government to supersede the Board
If at any time the Central Government is of opinion-That on account of grave emergency, the Board is unable to discharge the functions and the duties impose...
18 Delegation
18.  Delegation.  The Board may, by general or special order in writing, delegate to the Chairperson or any other member or to any officer of the Board. subj...
19 Members, officers and employees of the Board to be public servants
All  members, off-ices and another employees of  the  Board  shall be  deemed, when acting or purporting to act in pursuance of any  of  the  provisions  of t...
20 Protection of action taken in good faith
20.  Protection of action taken in good faith. No prosecution  or  other legal proceeding shall lie against the Government, or the  Board  or  any committee...
21 Power of Central Government to make Rules
The Central Government may, by notification in the Official Gazette, make rules to carry out the provisions of this Act.Without prejudice to the Generalit...
22 Power of Board to make regulations
The Board may,  with  the  previous approval of the Central Government, by  notification  in  the  Official Gazette, make regulations consistent with this  ...
23 Rules and regutions to be laid before Parliament
Every rule and every regulation made under this Act shall be laid, as soon as may be  after it is made, before each House of Parliament, while it is  in sessi...
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