Updated: Tuesday July 19, 2016/AthThulatha
Shawwal 14, 1437/Mangalavara
Asadha 28, 1938, at 12:11:33 AM
The Oil and Gas Development Corporation
(Re-Organization) Ordinance, 2001
ORDINANCE No. XXVIII OF 2001
[5
An Ordinance to provide for conversion of the Oil and
Gas Development Corporation into Oil and Gas Development Company Limited
WHEREAS it is expedient to provide for
conversion of the Oil and Gas Development Corporation into a public limited
company for incorporation under the Companies Ordinance, 1984 (XLVII of 1984);
AND WHEREAS, the President is satisfied
that circumstances exist which render it necessary to take immediate action;
Now, THEREFORE, in pursuance of the
Proclamation of Emergency of the fourteen day of October, 1999 and the
provisional Constitution Order No. 1 of 1999 read with the Provisional
Constitution (Amendment) Order No. 9 of 1999, and in exercise of all powers
enabling him in that behalf, the President of the Islamic Republic of Pakistan
is pleased to make and promulgate the following Ordinance:---
1. Short title, extent and
commencement.-(1) This Ordinance may
be called the Oil and Gas Development Corporation (Re-organization) Ordinance,
2001.
(2) It extends to whole of
(3) It shall come into force at once
and shall be deemed to have taken effect on 23rd October, 1997.
2. Definitions.-(1) In this Ordinance, unless there is anything
repugnant in the subject or context:---
(a)
“Company” means the Oil and Gas Development Company Limited incorporated under
the Companies Ordinance, 1984 (XLVII of 1984).
(b)
“Corporation” means the Oil and Gas Development Corporation established under
the Oil and Gas Development Corporation Ordinance, 1961(XXXVII of 1961);
(c)
“effective date” means the date of incorporation of Oil and Gas Development
Company Limited under the Companies Ordinance, 1984 (XLVII of 1984); and
(d) “OGDC
Ordinance” means the Oil and Gas Development Corporation Ordinance, 1961(XXXVII
of 1961).
3. Conversion of Corporation into a
Company.-(1) The Corporation shall be
deemed to have been converted into a company limited by shares with effect from
the date of incorporation of the Company with the Securities, and Exchange
Commission of Pakistan, under the Companies Ordinance, 1984 (XLVII of 1984).
(2) In consideration of the vesting in
the Company of the property, rights and liabilities of the Corporation, the
Company shall issue to the Federal Government in the name of the President of
the Islamic Republic of Pakistan, such number of fully paid shares as the
Federal Government may determine. The Federal Government may, whenever it deems
appropriate, transfer shares of the company held by it to such persons on such
terms and conditions and in such manner as it may determine.
Explanation.- For the purpose of this
section,---
(a) the
expression “property” includes assets, rights and entitlements of every
description and nature wherever situated; and
(b) the
expression “liabilities” includes duties, obligations, loans, encumbrances,
claims and charges of every description and nature, actual or contingent.
(3) All orders made, proceedings taken
and acts done by any authority or by any person, which were made, taken or
done, or purported to have been made, taken or done between the twenty-third
day of October, 1997, i.e., the date of incorporation of the company and the
date on which this Ordinance comes into force, in exercise of the powers
derived from the OGDC Ordinance, shall, notwithstanding any other law, be
deemed always to have been validly made, taken or done and the same are hereby
affirmed, adopted and declared to have been validly made, taken or done by the
Oil and Gas Development Company Limited and shall have had effect accordingly.
4. Certain special provisions with
respect to Company.-(1) For the
removal of doubts, it is hereby clarified that, as from the date of its
incorporation as a Company, the Company shall,---
(a) be
deemed to own and hold all the assets, properties, lands, installations, plants,
machinery, equipment, concessions, licences, grants and other rights of
whatsoever nature owned and held by the Corporation as on that date, including,
but no limited to all tangible, intangible, moveable and immovable properties,
contractual and other rights, outstanding moneys claims receivables and
investments;
(b) be
entitled to the benefit of all notifications, licences, permissions, sanctions,
authorizations, grants, concessions, decrees and orders issued or granted to
all subsisting in favour of the Corporation as at the date of its
incorporation;
(c) be
deemed to have taken over all contractual rights, licences, grants, concessions
and liabilities of the Corporation and shall be liable to pay and discharge all
liabilities and obligations of whatsoever nature of the Corporation.
(2) All suits appeals or other legal
proceedings of whatever nature by, against or relating to the Corporation
pending on the effective date in any court, tribunal or other authority shall
be continued, prosecuted and enforced in the same manner and to the same extent
as they would have been continued, prosecuted and enforced by or against, the
Corporation, if the conversion of the Corporation into the Company would not
have taken place, by or against the Company, and the same shall not abate, be
discontinued or be in any way prejudiced or affected by the provisions of this
Ordinance.
(3) As from the date of its
incorporation, the Company shall for all material purposes be the successor-in
interest of the Corporation, and the name of the Company shall be deemed to be
substituted for the name of the Corporation in all contracts, agreements,
licences, leases, grants, concessions (including without limitation petroleum
concessions, exploration and prospecting licences or permits and mining leases)
and all other documents of whatsoever nature relating to the Corporation and no
objection shall be entertained by any court, tribunal or authority in regard to
such substitution or on the ground that any such contract agreement or document
as aforesaid was or is, in, or with, the name of Corporation and not the
Company.
(4) The objects of the Corporation as
set out in the OGDC Ordinance so far as they are not in conflict with the
objects contained in the memorandum of the company shall be the objects of the
Company and notwithstanding anything contained in any law for the time being in
force, the conduct by the Company of any such business shall not be called in
question by any person or authority in any manner or on any ground whatsoever,
including but not limited to the ground that the Company was or is not eligible
to commence or to carry on such business or that the Company failed to obtain
any permission, authorization, consent, approval or sanction under any law in
force for the time being.
5. Transfer of employees from the
Corporation to the Company.-(1) All
officers, workmen or other employees of the Corporation (hereinafter referred
to as the employees) shall, as on the date of incorporation of the Company, be
deemed to be employees of the Company on the same remuneration and other
conditions of service, rights and privileges including, but not limited to,
provisions as to the pension, provident fund and gratuity, if any, and other
matters as were applicable to them before the conversion of the Corporation
into Company.
(2) Notwithstanding anything in any
law, contract, terms and conditions of service or any other instrument, no
person transferred to the Company under sub-section (1) shall be entitled to
any compensation as a consequence of transfer to the Company.
6. Removal of difficulties. If any difficulty arises in giving effect to any
provision of this Ordinance, the Federal Government may, be notification in the
official Gazette, make such provisions as may appear to it to be necessary for
the purpose of removing the difficulty.
7. Repeal.-(1) The Oil and Gas Development Corporation
Ordinance, 1961 (XXXVII of 1961) is hereby repealed.
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