Updated: Thursday May 12, 2016/AlKhamis
Sha'ban 05, 1437/Bruhaspathivara
Vaisakha 22, 1938, at 06:41:17 PM
The West Pakistan Industrial Development
Corporation (Transfer of Projects and Companies) Act, 1974
1[ACT NO. XXVIII OF 1974
[24th, 1974]
An Act to provide for the transfer of
certain projects and companies of the West Pakistan Industrial Development
Corporation to certain specified corporations.
WHEREAS it is expedient to
provide for the transfer of certain projects and companies of the
It is hereby enacted as
follows:---
1. Short title, extent
and commencement. —(1)
This Act may be called 2[Pakistan
Industrial Development Corporation (Transfer of Projects and Companies) Act,
1974].
(2) It extends to the whole
of
(3) It shall come into
force at once.
2. Definitions. In this Act, unless there is anything
repugnant in the subject or context,---
(a) ”corporation” means a company formed and registered under
the Companies Act, 1913 (VII of 1913), the entire issued and subscribed share
capital of which is held by the Federal Government and its nominees;
(b) ”managed company” means a company formed and registered
under the Companies Act, 1913 (VII of 1913) of which the principal Corporation
is the managing agent and of the issued and subscribed share capital of which
the whole or a part is held by that Corporation and its nominees;
(c) ”managed establishment” has the same meaning as in the
Economic Reforms Order, 1972 (P.O. 1 of 1972);
(d) ”principal Corporation” means the 3[Pakistan
Industrial Development Corporation] established under section 3 of the 3[Pakistan
Industrial Development Corporation Ordinance, 1962 (XXXVIII of 1962)];
1 For Statement of Objects and
Reasons, see Gaz. of P., 1974, Ext. Pt. III. p. 486.
2 Subs. by the Federal Laws
(Revision and Declaration) Ordinance, 1981, (27 of 1981), s. 3 and Sch.,11.
3Subs. by the Federal Laws (Revision and
Declaration) Ordinance, 1981, (27 of 1981), s. 3 and Sch., II.
(e) ”project” means a project in the possession, ownership,
power or control of the principal Corporation and includes the assets, rights,
authorities, powers, privileges, properties, lands, buildings, mines, leases,
leaseholds, licences, works, workshops, any related office, shop, factory,
godown, yard, stocks, stores, reserve fund, cash and bank balances,
investments, security, bookdebts, and all rights, interests and benefits in
assignable contracts and choses in action relating to the project, and all books
of accounts, registers, records and all other documents of whatever nature
relating thereto and all borrowings, liabilities and obligations of whatever
kind of or relating to the project;
Explanation.—”security” includes share, scrip, stock,
bond, debenture, debenture stock or other marketable security of a like nature
in or of any body, corporate and a Government security;
(f) ”vesting of a managed company in a
corporation”, with its grammatical variations, means the transfer to, and
vesting in, a corporation of the shares held by the Principal Corporation in a
managed company, in pursuance of sub-section (1) of section 4 or of an order
under clause (b) of sub-section.(2) of that section.
3. Act to override other
laws. The provisions
of this Act and any rule or order made thereunder shall have effect
notwithstanding anything contained in any other-law for the time being in
force, or in any contract, agreement, award, memorandum or articles of
association or other instrument whatsoever.
4. Vesting of projects
and managed companies.—(1)
On and from the 13th day of August 1973, hereinafter referred
to as the appointed day, the projects specified in column 1 of the Schedule,
and the shares held by the principal Corporation and its nominees in the
capital of the managed companies so specified, shall stand transferred to, and
vest in, the corporation specified in column 2 of the Schedule.
(2) The Federal Government
may, by order, direct that,---
(a) a project shall stand transferred to a corporation specified
in the order on such day, in such manner and to such extent as may be so
specified, and thereupon the project so transferred shall vest in and be
managed by such corporation; and
(b) all the shares held by the principal Corporation and its
nominees in the capital of a managed company shall stand transferred to, and
vest in, a corporation specified in the order on such day as may so specified
and thereupon the corporation shall become the registered holder of such shares
and have the same rights under the Companies Act, 1913 (VII of 1913.), or any
other law or the articles of association of the managed company as the
principal Corporation and its nominees had immediately before the said day.
(3) On the appointed day
or, as the case may be, the day specified in the order made under clause (b) of
sub-section (2) for the transfer of the shares of a managed company to a corporation,
such corporation shall become the managing agent of the company and the
principal Corporation shall cease to be its managing agent.
5. Contracts and
proceedings.—(1) Unless
otherwise expressly provided in this Act, on the vesting of a project or a
managed company in a corporation, all orders, contracts, deeds, bonds,
agreements, powers of attorney, grants of legal representation and other
instruments of whatever nature subsisting or having effect immediately before
the appointed day or, as the case may be, the day specified in the order made
under sub-section (2) of section 4, executed or issued by or in favour of the
principal Corporation in relation to such project or managed company shall be
of as full force and effect against or in favour of the corporation, and may be
enforced or acted upon as fully and effectually, as if instead of the principal
Corporation such corporation had been a party thereto or as if the same had
been issued by or in favour of that corporation.
(2) If any suit, appeal or
other proceeding of whatever nature in relation to any project or managed
company vested in a corporation is pending by or against the principal
Corporation the same shall not abate, be discontinued or be in any way prejudicially
affected by reason of the vesting or of anything done under this Act, but the
suit, appeal or other proceeding may be continued, prosecuted and enforced by
or against such corporation.
6. Continuance in
service and transfer, of employees etc.—(1) Every Officer, workman or other employee employed in a
project specified in column 1 of the Schedule and transferred to the
corporation specified against it in column 2 of the Schedule shall be deemed to
have become an officer, workman or other employee, as the case may be, of such
corporation on the day of the transfer of the project to it.
(2) Every Officer, workman
or other employee employed in a project vested in a corporation, by whomsoever
appointed, shall, on the day of the vesting of the project in the corporation,
become an officer, workman or other employee, as the case may be, of the
corporation.
(3) The Federal Government
may, by order in writing, direct that the services of any officer workman or
other employee of the principal Corporation employed in its Head Office or any
of its Branch Offices or in connection with its functions as Managing Agents of
companies shall, on such day as may be specified in the order, stand
transferred to the corporation, managed company vesting in a corporation or
managed establishment so specified.
(4) An officer, workman or
other employee who becomes an officer, workman or other, employee of, or whose
service are transferred to, a corporation, managed company vesting in a
corporation or managed establishment under sub-section (1) sub-section (2) or
sub-section (3) shall, in such corporation, managed company or managed
establishment, as the case may be, be entitled to terms and conditions which
are not less favourable to him than those to which he was or may be entitled
immediately before the day on which he becomes an officer, workman or other
employee of, or his services are transferred to, such-corporation, managed
company or managed establishment.
(5) The transfer, by or
under this Act, of the services of any officer, workman or other employee to a
corporation, a managed company vesting in a corporation or a managed
establishment shall not entitled any such officer, workman or other employee to
any compensation or to the designation he was holding at the time of such
transfer and no claim for such compensation or designation shall be entertained
by any court, tribunal or other authority.
(6) If any question arises
as to whether any person was an officer, workman or other employee of any project,
the principal Corporation, or a managed company vesting in a corporation
immediately before the appointed day or, as the case may be, the day referred
to in sub-section (1) or sub-section (2) or sub-section (3), the question shall
be referred to the Federal Government whose decision shall be final.
7. Officers, etc.,
failing to join duties. Notwithstanding anything contained in section 6, if an officer,
workman or other employee shall, otherwise than for reasons which, in the
opinion of the corporation, managed company or managed establishment concerned,
were beyond his control, fail to join his duties immediately after the
appointed day or, as the case may be, the day referred to in sub-section (1) or
sub-section (2) or sub-section (3) of section 6, his service shall stand
terminated and he shall be paid by the principal Corporation the dues to which
he may be entitled under any law, rules or contract.
8. Provident Fund.—(1) Notwithstanding anything contained in
the Employees Provident Fund Trust Deed or Rules of the principal Corporation,
where the services of an officer, workman or other employee of that Corporation
are transferred to a corporation a managed company vesting in a corporation or
a managed establishment under section 6, the accumulated balance standing to
the credit of such officer, workman or other employee in the Employees
Provident Fund of the Corporation on the date of such transfer shall be paid to
such Corporation, managed company or managed establishment.
(2) An officer, workman or
other employee transferred to a corporation, managed company vesting in a
corporation or managed establishment under section 6 shall be deemed to have
become a member of the provident fund established by such corporation, managed
company or managed establishment on the date of such transfer and, in the
records of such provident fund, a separate account shall be opened for such
officer, workman or other employee and be credited with the amount of the
accumulated balance standing to the credit of such officer, workman or other
employee in the employees Provident Fund of the principal Corporation on the
said date.
9. Reference in other
law. Any reference
to the principal Corporation, in relation to project transferred to a
corporation or a managed company vesting in a corporation in any law, other
than this Act, or in any contract or other instrument, shall, if not
inconsistent with any provision of this Act, be construed as a reference to
such corporation.
10. Bar of jurisdiction.—(1) No court shall call in question, or
permit to be called in question, any provision of this Act, or of any rule, or
order made or anything done or any action taken or purporting to be made, done
or taken thereunder.
(2) No court shall grant
any injunction, make any order or entertain any proceedings in relation to
anything in good faith done or intended or purporting to be done under this
Act.
11. Indemnity. No suit, prosecution or other legal
proceeding shall lie against the Federal Government, the principal Corporation,
a corporation, a managed establishment, a managed company or any other person
for anything in good faith done or intended or purporting to be done under this
Act.
12. Power to make rules. The Federal Government may, by
notification in the official Gazette, make such rules as appear to it necessary
or expedient for carrying out the purposes of this Act.
13. Removal of
difficulties. If any
difficulty arises in giving effect to any provision of this Act, the Federal
Government may make such order or issue such directives, not inconsistent with
the provisions of this Act, as may appear to it to be necessary or expedient
for the purpose of removing the difficulty:
Provided that no such order
shall be made after the expiry of one year from the commencement of this Act.
14. [Repeal.] Omitted by the Federal
Laws (Revision and Declaration) Ordinance, 1981 (XXVII of 1981), s. 3 and II
Sch.
SCHEDULE
[See section 4 (I) and 6 (I)]
|
Sl. No. |
Column1 |
Column 2 |
|
1 |
2 |
3 |
|
1. |
Maple-Leaf
Cement Factory Ltd. |
State
Cement Corporation of Pakistan Ltd. |
|
2. |
Zeal-Pak
Cement Factory Ltd. |
State
Cement Corporation of Pakistan Ltd. |
|
3. |
White
Cement Industries Ltd. |
State
Cement Corporation of |
|
4. |
Gypsum
and Limestone Quarries, Daudkhel. |
State
Cement Corporation of |
|
5. |
Antibiotics
(Private) Ltd. |
Federal
Chemical and Ceramic Corporation Ltd. |
|
6. |
Kurram
Chemical Company Ltd. |
Federal
Chemical and Ceramic Corporation Ltd. |
|
7. |
Development
of Swar China Clay (Mining and Elutrition Plant, Shahdari). |
Federal
Chemical and Ceramic Corporation Ltd. |
|
8. |
Pak-American
Fertilizers Ltd. |
National
Fertilizer Corporation of Pakistan Ltd. |
|
9. |
|
State
Heavy Engineering and Machine Tool Corporation Ltd. |
|
10. |
Heavy
Mechanical Complex, Taxila. |
State
Heavy Engineering and Machine Tool Corporation Ltd. |
|
11. |
Heavy
Foundry and Forge Project Taxila. |
State
Heavy Engineering and Machine Tool Corporation Ltd. |
|
12. |
Heavy
Electrical Complex Project. |
State
Electrical Corporation of Pakistan Ltd. |
Go to Index
| LL. B. – I | LL. B. – II
| LL. B. – III | LL. B.
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