 bill no 87 of 1987 me shipping development fund committee (abolition) amendment bill, 1987 a :eillto amend the shipping development fund committee (abolition) act, 1986 b£ it enacted by parliament in the thirty-eighth year of the republic of india as follows:-1 this act may be called the shipping development fund committee t~t~:rt (abolition) amendment act, 1987 of 1986  statement of objects and reasonsthe shipping development fund committee (abolition) act, 1986, which came into force on the 3rd april, 1987, provided for the abolitioa of the shipping development fund committee under seetion 4 of the act, on the abolition of the committee, all the rights, privileges, properties, borrowings liabilities, obligations and contracts of the committee have devolved on the central government 2 under sedion 16 of the act, the central government has been empowered to delegate all or any \)f its powers and functions under chapter iii of the act to a 'designated person' it is considered necessary to delegate the powers and functions of the government under the other provisions of the act also to a 'designated person' subject to such conditions, restrictions and linlitations, as may' be notified by the central government i 3 the bill seeks to amend the act to achieve the above object new delhi; the 17th augus( 1987 narayan dutt tiwari  financial memorandumfor the expenditure incurred by the 'designated person' in exercise of the powers and functions delegated, reimbursements will have to be made eitber by way of reimbursement of expenditure or by payment of & small management fee at this stage it  is dlftieult t6 cort'e(:tly estimate suc'h expenditure  annexure extract from the shipping devi:lopment fund commi'l"lb (abolmon) act 1986(66 or 1986) - - - - - delega tion of powers to the designated persod 16 (1) the central government may, by notification in the oftlcial gazette, and subject to such conditions, restrictions and limitations as may be specified therein or otherwise, delegate all or any of its powers and functions under this chapter to a designated person - - - - -  a billto amend the shipping development fund committee (abolition) act, 1986 (shri narayan dutt tiwari, minister of finance) 