For the Happiness and Prosperity of the Iranian nation and for the purpose of securing world peace, it is hereby resolved that the oil industry throughout all parts of the country, without exception, be nationalized ; that is to say, all operations of exploration, extraction and exploitation shall be carried out by the Government.

1) For the purpose of regulating the execution of the Law of 20th March which nationalizes the Oil Industry throughout the country, a Mixed Board shall be formed. This Board shall consist of 5 members of the Senate and 5 Deputies of the Majles to be elected by each of these two bodies, the Minister of Finance in office or his deputy, and one other person to be selected by the Government.

2) Under the supervision of the Mixed Board the Government is charged to remove forthwith the former Anglo-Iranian Oil Company from control of the Oil Industry of the country ; should the Company make its claim for compensation an excuse to forestall prompt delivery, the Government may deposit up to 25% of the current income, less cost of production, in the Bank Melli or any Bank acceptable to both parties to secure the claim.

3) Under the supervision of the Mixed Board the Government is charged to investigate the lawful and rightful claims of the Government as well as those of the Company, to report its views thereon to the two Houses of Parliament and upon ratification to give effect thereto.

4) From Esfand 20th 1329 (March 20th, 1951) when the Bill for the nationalization of the Oil Industry received the ratification of the Senate, the Iranian nation being lawfully and unquestionably entitled to the entire earnings derived from Oil and Oil Products, the Government, under the supervision of the Mixed Board, is charged to investigate and check the accounts of the Company ; similarly, the Mixed Board must meticulously supervise the exploitation of the Oil Resources from the date this Law went into effect until the appointment of a Board of Management.

5) As soon as possible, the Mixed Board shall prepare the Charter of the National Oil Company including therein provision for the appointment of a Board of Management and a Board of Technical Experts ; such Charter shall be submitted to the Houses for their ratification.

6) For the purpose of gradually replacing foreign technicians by Iranian technicians, the Mixed Board is charged to draw up regulations for the annual selection through competitive examinations of students to be sent abroad for education, training and experience in the various branches of the Oil Industry; these regulations after being ratified by the two Houses shall be put into effect by the Ministry of Education. The cost of the education of these students shall be paid out of the oil earnings.

7) Purchasers of the products of the oil fields from which the former Anglo-Iranian Oil Company has been removed can hereafter purchase annually at current world market prices the same quantities purchased by them annually during the period commencing from the beginning of 1948 up to 29th Esfand 1329 (20th March, 1951) ; for any additional quantities they shall also enjoy priority, other conditions being equal.

8) All proposals of the Mixed Board shall be delivered to the Majles and if approved by the Oil Commission the latter shall submit a report thereon to the Majles for ratification.

9) The Mixed Board must complete its work within three months of the ratification of the Law and submit a report of its action to the Majles in accordance with Article 8. Should the Board need a longer period of time it may ask for an extension giving adequate reasons therefor.

طرح قانونی دائر بطرز اجرای اصل ملی شدن صنعت نفت در سراسر کشور
مصوب ۱۳۳۰/۰۲/۰۹ با اصلاحات و الحاقات بعدی