Updated: Thursday December 25, 2014/AlKhamis
Rabi’ Awwal 04, 1436/Bruhaspathivara
Pausa 04, 1936, at 12:39:47 PM
The Azad Jammu and
Act No. XXII of 2014
No.
LD/Legis-Act/ 364-76/2014 The following Act of Assembly received the assent of
the President on the 1st day of April, 2014, is hereby published for general
information.
An Act to
provide for the establishment of the Privatization Commission in Azad Jammu and
Whereas,
it is expedient to provide for the establishment of the AJ&K Privatization
Commission for carrying out a competitive, fair and transparent process for
effecting privatization of the properties of the Government and to provide for
an expeditious mechanism to resolve disputes relating to privatization and to
provide for ancillary matters;
It
is hereby enacted as follows:---
Chapter-I
General
1. Short title, Extent and Commencement.-(1)
This Act may be called as the Azad Jammu and Kashmir Privatization Commission
Act, 2014.
(2)
It shall extend to whole of Azad Jammu and
(3) It
shall come into force at once and shall be deemed to have taken effect from
15.11.2013.
2. Definitions.-In
this Act, unless there is anything repugnant in the subject or context, the
following expressions shall have the meanings as hereby respectively assigned
to them,---
(a) ”Commission”
means the Azad Jammu and Kashmir Privatization Commission established under
Section 3;
(b) ”Commission
Fund” means the Fund of the Commission established under Section 20;
(c) “Chairman”
means the Chairman of the Commission;
(d) “
(e) “Family”
means a spouse, a parent, a grandparent, a sibling or an adopted sibling, a
child or an adopted child, an uncle or an aunt, a maternal or paternal first
cousin, or any of these relatives of the spouse;
(f) “Financial
Year” means the year starting on the 1st July and ending on 30th June of each
year;
(g)
“Government” means the Azad Government of the State of
(h) “Member”
means a Member of the Commission;
(i) “Person”
includes an individual, partnership, trust, company, association of persons,
body corporate, body of individuals, whether or not having separate legal
entity, other than the Government;
(j) “Prescribed”
means prescribed by the rules or the regulations;
(k)
“Privatization” includes a transaction by virtue of which any property, right,
interest, concession, or management thereof or any enterprise, wholly or
partially, owned by the Government, is transferred to any person under the
provisions of the Act;
(l) “Property”
means a property owned by the Government or a corporation, corporate body,
authority, statuary body, local body or other organization or institution
setup, established, owned, managed or controlled by the Government under any
law for the time being in force or otherwise and includes any right, title or
interest in property, movable or immovable, and in whole or in part, or any
instruments of production or any enterprise;
(m) “Regulations”
means the regulations framed under section 45;
(n) “rules”
means the rules made under Section 44;
(o) “Secretary”
means the Secretary of the Commission; and
(p) “Staff”
means an employee of the Commission and includes a deputationist, advisor,
consultant, auditor, and a contract employee.
Chapter-II
AJ&K Privatization Commission
3. AJ&K Privatization Commission.-(1)
There shall be a Commission to be called as the Azad Jammu and Kashmir
Privatization Commission.
(2)
The Commission shall be a body corporate having perpetual succession and a
common seal, with power, subject to the provisions of this Act, to enter into
agreement, acquire, hold, manage, and dispose of property, and to sue and be
sued in its name.
(3)
The principal office of the Commission shall be at Muzaffarabad, but the
Commission may establish its regional offices at such other places in the
AJ&K as it may consider necessary for the accomplishment of the objectives
of this Act.
4. Composition of the Commission.-(1)
The Commission shall consist of following Chairman and Members:-
a) Chief
Secretary, GoAJ&K Chairman
b) Additional
Chief Secretary (Dev) Member
c) Senior
Member Board of Revenue Member
d) Secretary
Finance Member
e) Secretary
Law Member
f) Secretary
concerned Member
g) Commissioner
Concerned Division Member
h) Managing
Director, The Bank of AJ&K Member
i) Secretary
of the Commission Member/Secretary
(2)
The Chairman may co-opt any other person as Member either for a particular
meeting or purpose, or for a specified period.
5. Functions of the Commission.-(1)
The Commission shallm,---
(a) recommend
privatization policy guidelines to the Government;
(b) prepare
for the approval of the Government a comprehensive privatization programme;
(c) plan,
manage, coordinate, implement, and control the privatization programme approved
by the Government;
(d) provide
overall directions for the implementation of the privatization related
activities including restructuring, deregulation, and post-privatization
matters in the sectors designated by the Government;
(e) take
operational decisions on matters pertaining to the privatization;
(f) issue
directions and instructions for the management of a business, commercial
or industrial undertaking falling within the purview of the privatization
programme approved by the Government;
(g) publicize
the activities of the privatization programme;
(h) approve
the reserve and base price of the assets and properties to be privatized;
(i)
determine, with the prior approval of the Government, the final price of the
property;
(j) envisage,
approve and take decisions and perform all acts to implement the
pre-privatization restructuring, labour rehabilitation, and severance schemes,
and all other related matters as approved by the Government;
(k) appoint
advisors, consultants, valuators, actuaries, lawyers, auditors, and such other
staff as may be necessary for the discharge of its functions under this Act,
and determine the terms and conditions of such appointments;
(l) perform
such other functions as may be incidental to carrying out the privatization
programme;
(m) approve
the budget estimates, the audited accounts, and the annual report of the
Commission in accordance with the provisions of this Act, the rules and
the regulations;
(n) call
for any information or direct any research to be made for the furtherance of
the objective of this Act; and
(o) frame
the regulations.
(2)
In the discharge of its functions, the Commission shall be guided by such
instructions on questions of policy as may be given to it by the Government.
Chapter-III
Management and Administration
6. Secretariat.- (1) Board of Revenue shall be Secretariat of the Commission.
(2)
The Commission may appoint Secretary from amongst the officers of the
Government.
(3) The Secretary shall perform such
functions as are assigned to him under this Act or delegated by the Commission,
as the case may be, and shall have such powers, including the powers of
appointment, transfer, promotion, dismissal, and other matters affecting the
staff and employees as may be prescribed.
7. Committees.-The
Commission may constitute committees of its Members and entrust them such
functions and powers as it may deem fit.
8. Meetings.- (1) The Commission shall regulate the procedure for its
meetings.
(2)
A meeting of the Commission shall be held at such time and place as the
Chairman or a majority of Members may from time to time determine.
(3)
Members shall have reasonable notice of the time and place of the meeting and
the matters on which a decision by the Commission shall be taken in such a
meeting.
(4)
The Chairman shall preside over a meeting of the Commission; and, in the
absence of the Chairman, the Members present in the meeting may select an
acting Chairman for that meeting.
(5)
Five Members, including the Chairman, shall constitute the quorum for a meeting
of the Commission.
(6)
The Commission shall take decisions by the majority of its Members present and
voting, and in case of a tie, the person presiding the meeting shall have a
casting vote.
(7)
The Commission shall cause minutes to be kept of proceedings of every meeting
of the Commission and of every meeting of a committee established by the
Commission. The decisions of the Commission shall be recorded in writing and
signed by the Chairman.
(8)
The Secretary shall maintain a complete record of the minutes and the decisions
of the Commission in the prescribed manner.
(9)
The proceedings of a meeting of the Commission shall not be invalid merely on
account of any vacancy or defect in the constitution of the Commission.
9. Technical experts.-
The Commission or any of its committees may invite any technical expert or
other person possessing specialized knowledge of any subject or the
representative of a Government institution for assistance in the performance of
its functions.
10. Delegation.- The Commission may, subject to such
conditions and limitations as it may deem fit to impose, delegate any of its
powers or functions to the Chairman, Secretary, a committee, or one or more
Members, except the power to-
(a) make,
amend or repeal regulations; or
(b) approve
the privatization policy standards, and procedures for the operation of the
Fund; or
(c) constitute
a committee or fill a vacancy in a committee; or
(d) approve
the annual budget, audited accounts and the annual reports; or
(e) appoint
consultants, advisors and agents under Section 14 and determine the terms and
conditions of such employment.
11. Staff.- (1) The
Commission may employ persons who shall be paid such remuneration and
allowances and shall hold their employment on such terms and conditions as may
be prescribed and until so prescribed, as may be determined by the Commission.
(2)
The employees of the Commission shall hold office during the pleasure of the
Commission and shall be liable to such disciplinary action as may be
prescribed.
12. Advisors, consultants and agents.-(1)
The Commission may employ any technical, professional and other agents,
advisors and consultants including bankers, engineers, architects, valuators,
accountants, auditors, lawyers, actuaries, assessors, auctioneers, and other
persons to transact any business or to do any act required to be transacted or
done in the exercise of its powers, the performance of its functions, or for
better implementation of the purposes of this Act.
(2)
The Commission shall determine the terms and conditions of the employment under
sub-section (1).
13. Public servants.- The employees and other persons
authorized to perform or exercise any function or power under this Act or
rendering services to the Commission as agents, advisors or consultants shall
be deemed to be public servants within the meanings of section 21 of the
Pakistan Penal Code 1860 (XLV of 1860).
14. Spade work.-The Commissioners of the division will start
spade work of identification of such lands/build up property to be spared for
privatization process.
Chapter-IV
INSIDER TRADING
15. Prohibition of insider trading.- (1) No person shall indulge in insider
trading.
(2)
Insider trading shall include,---
(a) an
insider person transacting any deal, directly or indirectly, using inside
information involving listed securities to which the inside information
pertains, or using others to transact such deals;
(b)
any other person to whom inside information has been passed or disclosed by an
insider person transacting any deal, directly or indirectly, using inside
information involving listed securities to which the inside information
pertains, or using others to transact such deals;
(c)
transaction by any person as specified in clauses (a) and (b), or any other
person who knows, or ought to have known under normal and reasonable
circumstances, that the information possessed and used for transacting any deal
is inside information;
(d)
an insider person suggesting or recommending to another person to engage in
dealing in any listed securities to which the inside information possessed by
the insider person pertains, without the inside information being disclosed to
the person who has dealt in such securities:---
(3)
Nothing in this section shall apply to,---
(a)
any transaction performed under an agreement that was concluded before the time
of gaining access to inside information; or
(b)
the disclosure of inside information by an insider person as required under
law.
(4)
No contract shall be void or unenforceable by reason only of an offence under
this Section.
16. Inside information.- (1) The expression “inside information”
means,---
(a) information
which has not been made public relating, directly or indirectly, to listed
securities or one or more issuers and which, if it were made public, would be
likely to have an effect on the prices of those listed securities or on the
price of related securities;
(b)
in relation to derivatives on commodities or information which has not been
made public, relating, directly or indirectly, to one or more such derivatives
and which are traded in accordance with accepted market practices on those
markets; or
(c) in
relation to persons responsible for the execution of orders concerning listed
securities, information which is conveyed by a client to such person and
related to the client’s pending orders.
17. Insiders.- (1) Insiders shall include,---
(a) sponsors,
executive officers and directors of an issuer;
(b)
sponsors, executive officers, directors and partners of a legal person or
unincorporated business association, in which the issuer holds shares or voting
rights, directly or indirectly, of twenty per cent or more;
(c) sponsors,
executive officers, directors and partners of a legal person or unincorporated
business association who holds, directly or indirectly, shares or voting rights
of ten per cent or more in an issuer;
(d) sponsors,
executive officers and directors of an organization, that has been engaged in
the placement of listed securities or the public offer of securities or the
issuing and marketing of such securities, who has had access to insider
information during his employment till a period of one year after leaving
employment;
(e) any
natural person holding, directly or indirectly, ten per cent or more shares of
an issuer;
(f) sponsors,
executive officers and directors of credit institutions in which the issuer has
an account;
(g)
any person obtaining inside information as part of his employment or when
discharging his usual duties in an official capacity, or in any other way
relating to work performed under contract of employment or otherwise;
(h)
any person obtaining inside information through unlawful means; and
(i)
a spouse, lineal ascendant or descendant, partner or nominee of a person
referred to in clauses (a) to (h).
18. Liability for contravention.- (1) Any person who contravenes the provisions
of subsection (1) of section 15A shall, on being found guilty of contravention
by the Commission, be liable to fine, which may extend to ten million rupees or
three times the amount of gain made or loss avoided by such person, or loss
suffered by another person, whichever amount is higher.
(2)
In addition to the fine imposed under sub-section (1), such person,---
(a) may
be directed by the Commission,---
(i) to
surrender to the Commission, an amount equivalent to the gain made or loss avoided
by him; or
(ii)
to pay any other person who has suffered a loss, an amount equivalent to the
loss so suffered by such person; and
(b) may,
where such person is an executive officer, director, auditor, advisor,
consultant of a listed company, be removed from such office by an order of the
Commission and debarred from auditing any listed company for a period of upto
three years; or
(c) may,
where such person is registered as a broker or agent, be liable to cancellation
of registration.
(3)
Where an insider person discloses inside information to any other person who is
not required to possess such information for any reason, the insider person
shall be liable to fine, to be imposed by the Commission, which may extend to
thirty million rupees.
(4)
The Commission may, by notification in the official Gazette, make regulations
to regulate persons who produce or disseminate research concerning listed
securities or issuers of listed securities and persons who produce or
disseminate other information recommending or suggesting investment strategy,
intended for distribution channels or for the general public.
Chapter-V
Conflict of Interest
19. Conflict of interest.- (1) For purposes of this section, the
term Member shall include the Chairman and Secretary.
(2)
The pecuniary interest of the family or close personal or business associates
of a Member shall be considered as the pecuniary interest of the Member.
(3)
A Member shall be in a situation of conflict of interest if-
(a)
he is an employee or a paid consultant of a business entity that has, or of a
trade association or business entity that has, a substantial interest in the
privatization;
(b) he
owns, controls, or has, directly or indirectly, more than ten percent interest
in a business entity that has a substantial interest in the privatization;
(c) he
receives more than twenty-five percent of his individual income from a business
entity that has a substantial interest in the privatization;
(d) not
being an ex-officio Member, he is in employment of any government in Pakistan,
or a body managed or controlled by the Government, except as a teacher or
academician in an institute of higher learning; and
(e)
his family, business partner or close personal associate is likely to benefit,
either directly or indirectly, financially or otherwise, from his position on
the Commission.
(4)
A Member shall report to the Commission any conflict of interest as soon as he
becomes aware of the conflict and, in any case, before the Commission or a
committee takes cognizance of the matter.
(5)
If a Member is not certain about a situation of conflict of interest, he shall
place the matter before the Commission for advice and appropriate action.
(6)
The decision of the Commission as to the conflict of interest shall be final.
(7)
A Member shall not take part in the proceedings of the Commission or a
committee in which any question of his conflict of interest is on the agenda.
(8)
The disclosure of conflict of interest and the decision of the Commission shall
be recorded in the minutes of the meeting.
20. Disclosure of interest.-
(1) If the Chairman, Secretary, a Member, staff or other employee, including an
advisor, consultant, agent, actuary, valuator, lawyer, and auditor or the
family of such a person has, direct or indirect, interest in any matter
relating to privatization, such person shall forthwith disclose that interest
to the Commission and the Commission may take such action as it may consider
appropriate.
(2) If
a person present at a meeting of the Commission or of a committee or his family
or his professional or business partner or associate has direct or indirect
interest in the subject matter under consideration in that meeting, he shall,-
(a) forthwith
disclose the interest; and
(b) withdraw
from the meeting during the consideration of that matter.
21. Restrictions.-The
Chairman, Secretary or a Member shall not have any direct or indirect financial
interest, or have any connection with any person engaged in privatization so
long as he holds office and for a period of two years thereafter.
Chapter-VI
Financial Provisions
22. Privatization Fund.-(1)
There shall be established, for purposes of this Act, a Commission Fund to be
administered and controlled by the Commission.
(2)
The Commission Fund shall consist of,---
(a) budgetary
releases from the Government;
(b) grants,
other than budgetary releases, from the Government;
(c) sale
proceeds;
(d) such
apportioned sale proceeds as may be prescribed;
(e) supplementary
contributions from privatization; and
(f) fees,
charges, fines, confiscations, shares in profits, donations and gifts.
(3)
The Commission shall meet its operational expenses from the Privatization Fund.
(4)
It shall be the duty of the Commission to conserve the Privatization Fund while
performing its functions and exercising its powers under this Act.
(5)
The Funds generated from privatization shall be kept in the assignment account
to be maintained in the districts where the funds are generated. Bank of
Kashmir as well as other scheduled banks operating in Azad Jammu and
23. Utilization of Privatization Fund.-The Privatization Fund shall be utilized as
under:-
i) to
carry out development activities and to meet the requirement of the
institution, authority, department of the Government of which property is
privatized:---
Provided
that the fund generated from a district shall be utilized in the same district.
ii) to
meet expenditures of the Privatization Commission.
24. Budget.-The
Secretary shall prepare annual budget comprising the likely incomes and
expenses for the ensuing financial year and submit it to the Commission for
approval in the form and manner as may be prescribed.
25. Bank accounts.-The
Commission may open and maintain its accounts at Azad Jammu and Kashmir Bank
and/ or at such scheduled banks as it may, from time to time, determine.
26. Accounts.-
(1) The Commission shall maintain proper accounts and other records relating to
its financial affairs including its income and expenditures and its assets and
liabilities in such form and manner as may be prescribed.
(2)
As soon as may be, after the end of each financial year, the Commission, in the
manner prescribed, shall cause to be prepared for that financial year
statements of account of the Commission which shall include a balance-sheet and
an account of income and expenditure.
27. Audit.- (1) The Local Audit Fund of Azad Jammu and
(2)
The Commission, in addition to the audit under sub-section (1), may cause the
accounts of the Commission annually audited by a Chartered Accountant or a firm
of Chartered Accountants.
28. Annual report.-(1)
The Commission shall, within three months of the close of a financial year,
submit to the Government an annual report.
(2)
The report shall consist of,---
(a)
the statement of accounts mentioned in section 24;
(b)
a comprehensive statement of the work and activities of the Commission during
the preceding financial year; and
(c)
such other matters as may be prescribed and as the Commission may consider
appropriate.
Chapter-VII
Privatization Process
29. Privatization programme.-
Subject to the provisions of this Act, the Commission shall prepare and, after
approval by the Government, carry out the privatization programme in such
manner and form as may be prescribed.
30. Valuation of property.-
(1) The Commission may appoint a dedicated committee or hire a valuation firm
or agency for valuation of the property identified for privatization.
(2)
The valuator or Committee, as the case may be, shall evaluate a property in the
prescribed manner and submit the report to the Commission.
(3)
The Commission may take such action on the report as is considered necessary in
public interest.
(4)
The Commission may prescribe criteria and other terms and conditions for
appointment or hiring of a valuation firm or agency.
31. Modes of privatization.-The
Commission shall carry out privatization, in accordance with the prescribed
procedure, through any of the following modes-
(a) sale
of properties or shares through public auction or tender;
(b) public
offering of shares through a stock exchange; or
(c) transfer
of management or employee buyouts by management or employees of a Government
owned enterprise.
32. Advertisement of privatization.- (1) The Commission shall, in consultation
with the Government, give notice of its intent to privatize a property.
(2)
The Commission shall, for each proposed privatization, publish in at least two
daily English and Urdu newspapers of national circulation, on at least two occasions
not less than seven days apart, notice of the availability of the property for
privatization and the salient terms and conditions of the proposed
privatization.
(3)
The Commission may, in public interest, advertise the proposed privatization in
newspapers with international circulation.
(4)
The Commission shall also publish all the processes of privatization including
availability of the property for privatization on its website and website of
the Government.
33. Record of proceedings.-The
Commission shall maintain a complete record of the privatization processes
including that of proceedings of the auctions and sales.
34. Power to enter.-An
employee, staff, officer, and Member of the Commission, generally or specially
authorized, may enter, survey and measure any property under privatization, and
may ascertain or demarcate the boundaries of any such property.
Chapter-VIII
Adjudication
35. Jurisdiction of High Court.-Notwithstanding anything contained in any
other law for the time being in force, the Azad Jammu and Kashmir High Court
shall exercise exclusive original civil and criminal jurisdiction,---
(a) to
adjudicate and settle all matters related to, arising from or under or in
connection with this Act;
(b) to
adjudicate and settle all matters transferred to it pursuant to section 35; and
(c)
to try offences punishable under this Act.
36. Procedure and power in civil matters.-
(1) In exercise of its civil jurisdiction under this Act, the High Court shall,---
(a) follow
the procedure, as nearly as possible, provided in the Code of Civil
Procedure, 1908 (V of 1908); and
(b) have
all the powers vested in the
(2)
Notwithstanding anything contained in sub-section (1), the High Court may,
having regard to the facts of the case, follow the summary procedure, as nearly
as possible, provided for in Order XXXVII of the First Schedule to the said
Code.
37. Procedure and power in criminal cases.-In
exercise of its criminal jurisdiction under this Act, the High Court shall,---
(a)
in trial of all offences before it, follow the procedure contained in Chapter
XXIIA of the Code of Criminal Procedure, 1898 (V of 1898); and
(b) in
addition to the powers already vested in it, exercise the powers as are vested in
the Court of Sessions under the Code of Criminal Procedure, 1898 (V of 1898).
38. Offences and penalties.-(1)
A person who dishonestly commits a breach of the terms of any agreement,
contract, guarantee or such other instrument or document executed by him in
relation to privatization, shall, without prejudice to any other action which
may be taken against him under this Act or any other law, be punishable
with imprisonment of either description for a term which may extend to one year
and shall also be liable to fine, and the High Court may order the person to
deliver or make payment to the Commission, any property or amount in respect of
which any agreement, guarantee, instrument or document was executed.
(2)
A person who knowingly makes a statement or a declaration which is false in
material respect at the time of privatization and obtains the subject matter of
the privatization from the Commission on the basis thereof, shall be guilty of
an offence punishable with imprisonment of either description for a term which
may extend to one year or with fine or with both.
(3)
A person who resists or obstructs, either by himself or on behalf of the
judgment debtor, through the use of force or otherwise the execution of a
decree, shall be punishable with imprisonment which may extend to one year or
with fine or with both.
(4)
A person who obstructs the lawful access of an employee or staff of the
Commission to the property in accordance with section 31, shall be punishable
with imprisonment which may extend to one year or with fine or with both.
(5)
Where the person guilty of an offence under this Act, is a company or other body
corporate, the chief executive, by whatever name called, and any director or
officer of the company involved shall be deemed to be guilty of the offence and
shall be liable to be proceeded against and punished under this Act.
(6)
An offence under this Act shall be non-cognizable and compoundable by or under
the authority of the Commission.
(7)
The High Court shall not take cognizance of an offence under this Act unless
the Commission or an authorized person has filed a written complaint against a
person.
39. Appeal.-(1)
Any person, the Commission or the Government, aggrieved by a final order,
judgment, decree or sentence, passed by a single Judge of the High Court may,
within thirty days of such order, judgment, decree or sentence, prefer an appeal
which shall be heard by a larger Bench of the said Court.
(2)
Any person, the Commission or the Government, aggrieved by a final order,
Judgment, decree or sentence passed by a larger Bench of the High Court may,
within thirty days of such order, judgment, decree or sentence, prefer an
appeal to the Supreme Court.
(3)
No appeal, review or revision shall lie from any interlocutory order of the
High Court.
Chapter-IX
Regulatory and other Provisions
40. Extent of transfer of property.- Notwithstanding anything contained in
this Act, the Government shall not privatize any property except to the extent
of its title, right, interest or share in such property.
41. Directions by the Commission.-
(1) Any enterprise which is approved by the Government as eligible for
privatization shall-
(a) carry
out any directions in writing issued by the Commission;
(b) keep
up to date business records and books of accounts;
(c) not
perform any action that would result in the assets of the enterprise being lost
or wasted;
(d) not
incur any liability other than in the ordinary course of business without the
prior written approval of the Commission;
(e) not
give any person information other than in the ordinary course of business which
might confer any advantage on that person or a potential buyer; and
(f) refrain
from taking any action, which may cause industrial unrest.
(2)
The Commission, shall after approval under sub-section (1), take all steps
including change of management which are necessary for initiating and
completing the privatization in accordance with sound commercial principles and
practices conducive to efficiency and economy.
42. Information.- (1) The Commission may call for any
information required by it for carrying out the purposes of this Act from any
person involved, directly or indirectly, in privatization activities or any
matter incidental or consequential thereto.
(2)
If any person, who is liable to provide the required information called by the
Commission, fails to provide such information to the Commission, he shall be
liable to such action as may be prescribed.
43. Fidelity and immunity.-
(1) The Chairman, Secretary, Members, consultants, officers, or other employees
of the Commission shall make such declaration of fidelity and secrecy as may be
prescribed.
(2)
No suit, prosecution or other legal proceedings shall lie against the Government,
Commission, Chairman, Secretary, Members, consultants, officers or other
employees of the Commission in respect of anything done or intended to be done
in good faith under this Act.
44. Power to make rules.-The
Government may, by notification, make rules for carrying out the purposes of
this Act.
45. Power to make regulations.-
(1) Subject to the provisions of this Act and the rules, the Commission may
frame regulations for exercising its powers and carrying out its functions
under this Act.
(2)
Without prejudice to the generality of the foregoing power, the regulations may
provide for all or any of the following matters-
(a)
mode and manner of valuation of the properties or assets to be privatized;
(b)
qualifications and amount of the service charges or evaluation fees to be paid
to the valuators;
(c)
qualifications, powers, functions, fees, and allowances for appointment as
advisor, consultant, legal advisor, counsel, valuator, actuary, auditor, and
other assignments;
(d)
qualifications and terms and conditions of service of the Staff and method of
recruitment;
(e)
time, place, and manner in which meetings of the Commission shall be held;
(f)
maintenance and operating the bank accounts of the Commission;
(g)
mode and procedure for privatization of any or all of the properties held by
the Commission for privatization; and
(h)
procedure for identification of the assets and properties requiring privatization.
46. Support of the Government.-
The Government and all its agencies, particularly the concerned enterprises
owned and controlled, wholly or partially, directly or indirectly, by the
Government, shall render support to the Commission to perform its functions and
fulfill its objectives under this Act.
47. Investigation.-
The Government or any of its agencies authorized by it, may of its own or
on a complaint oversee, scrutinize or investigate any privatization
transaction, and take necessary action in accordance with law.
48. Removal of difficulties.-If
any difficulty arises in giving effect to any provision of this Act, the
Government may make such order, not inconsistent with the provisions of this
Act, as may appear to it to be necessary for removing the difficulty.
49. Act to override other laws.-The provisions of this Act shall have effect
notwithstanding anything contained in any other law.
50. Exemption from taxes.-(1)
Notwithstanding anything contained in any other law, the Commission shall not
be liable to pay, and shall be exempted from the payment of, any taxes, duties,
levies, charges and fees payable under, or in pursuance to any law of the
AJ&K, in respect of any of its business, assets, income or wealth.
(2)
The Commission may recommend to the Government to approach the Council or
anybody or authority of the Federal Government for the exemption of the income
or property of the Commission from levy of any fee, charge, tax, cess or duty
by the Council, or by body or authority of the Council.
51. Repeal.- The Azad Jammu and Kashmir Privatization Commission
Act, 1999 (Act VI of 1999) and the Azad Jammu and Kashmir Privatization
Commission Ordinance, 2013 (Ordinance CV of 2013) is hereby repealed.
-sd-
(Ch. Muhammad Nawaz)
Section Officer (Legislation)
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