Updated: Wednesday June 08, 2016/AlArbia'a
Ramadan 03, 1437/Budhavara
Jyaistha 18, 1938, at 05:20:07 PM
The Pakistan
Industrial Development Corporation (Dissolution) Ordinance, 1984
ORDINANCE NO. LII OF 1984
[7th, 1984]
An Ordinance to provide for the dissolution of the
Pakistan Industrial Development Corporation.
WHEREAS it is expedient to
provide for the dissolution of the Pakistan Industrial Development Corporation
and for matters ancillary thereto;
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 the fifth day of July, 1977, and in exercise of all powers
enabling him in that behalf, the President is pleased to make and promulgate
the following Ordinance:---
1. Short title and commencement.___(1) This Ordinance may be called
the Pakistan Industrial Development Corporation (Dissolution) Ordinance, 1984.
(2) It shall come into force at
once.
2. Definitions. ___ In this Ordinance, unless there is anything repugnant in the
subject or context,---
(a) “Corporation” means the Pakistan
Industrial Development Corporation established under the Pakistan Industrial
Development Corporation Ordinance, 1962 (XXXVIII of 1962).
(b) “Company” means the Pakistan
Industrial Development Corporation Limited, a company formed and registered
under the Companies Act, 1913 (VII of 1913);
(c) “Managed Company” means a
company formed and registered under the Companies Act, 1913 (VII of 1913) which
is being managed by the Corporation and of the issued and subscribed share
capital of which the whole or a part is held by the Corporation and its
nominees;
(d) “project” means a project in the
possession, ownership, power or control of the Corporation and includes the
assets, rights, authorities, powers, privileges, properties, lands, buildings,
mines, leases, lease-holds, licences, works, workshops, any related office,
shop, factory godown, yard, stocks, stores, reserve fund, cash and bank
balances, investments, security, book-debts, 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 king of or relating to the project;
(e) “properties”, in relation to the
Corporation, includes assets, rights, authorities, powers, privileges,
properties, both movable and immovable, including land,s mines, leasees,
leaseholds, licences, works, workshop, reserve funds, investments, shares,
book-debts, and all rights interests and benefits in assignable contracts and
choses in action; and
(f) “subsidiary” means a company
formed by the Corporation and registered under the Companies Act, 1913 (VII of
1913) for the purpose of eventually owning and managing a project.
3. Ordinance to over ride other
laws. ___ The provisions of this Ordinance
and any rule or order made thereunder shall have effect notwithstanding any
thing 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. Transfer of projects, etc, of
the Corporation.___ The Federal Government may, by order, direct that,---
(a) the business, projects and
properties of the Corporation shall stand transferred to the Company or to such
subsidiary on such date in such manner and to such extent as may be specified
in the order and the business, projects and properties so transferred shall, as
from that date, be carried on by, and vest, in the Company or subsidiary, as
the case may be; and
(b) all the shares held by the
Corporation and its nominees in the capital of a Managed Company and subsidiary
shall stand transferred to and vest in the Company on such date as may be
specified in the order, and thereupon the Company 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 article of association of the Managed
Company and the subsidiary as the Corporation and its nominees has immediately
before the said date.
5. Contracts and proceedings.___(1) Unless otherwise expressly
provided in this Ordinance, on the vesting of the business, projects,
properties and shares of the Managed Companies in the Company or a subsidiary,
all order, contracts, deeds, bonds, agreements, power of attorney, grants of legal
representation and other instruments of whatever nature subsisting or having
effect immediately before the date of the vesting, executed or issued by or in
favour of the Corporation in relation to such business, projects, properties or
Managed Companies shall be of as full force and effect against or in favour of
the Company or as the case may be, the subsidiary and may be enforced or acted
upon as fully and effectually, as if instead of the Corporation the Company or
the subsidiary had been a party thereto or as if the same had been issued by or
in favour of the Company or the subsidiary.
(2) If any suit, appeal or other
proceedings of whatever nature in relation to any business, properties or
Managed Company which is or, as the case may be, the shares of which are,
vested in the Company or a subsidiary is pending by or against the Corporation,
the same shall not a bate, be discontinued or be in any way prejudicially
affected by reason of the vesting or of anything done under this Ordinance, but
the suit, appeal or other proceedings may be continued, prosecuted and enforced
by or against the Company or the subsidiary, as the case may be.
6. Continuance in service of employees, etc. ___(1) All officers, advisers,
workmen and other employees of the Corporation shall stand transferred to the
Company or, as the case may be, subsidiary as from the date of vesting of the
projects and properties in the Company or the subsidiary.
(2) Every officer, adviser,
workman and other employee employed in a business or project or in connection
with the properties vested in the Company or a subsidiary, by whomsoever
appointed, shall, on the day of the vesting of the business, properties or
project in the Company or the subsidiary, become an officer, adviser, workman
or other employee as the case may be, of the Company or the subsidiary.
(3) An officer, adviser, workman
or other employee who becomes an officer, adviser, workman or other employee of
the Company or a subsidiary shall in the Company or the subsidiary be entitled
to such terms and conditions as are not less favorable than those to which he
was or may be entitled immediately before the day on which he becomes an
officer, adviser, workman or other employee of the Company or the subsidiary
and his transfer to the company or the subsidiary shall not entitle any such
officer, adviser, 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.
7. Dissolution of the
Corporation.___(1) As soon as may be after the
order under section 4 is issued, the Federal Government may, by notification in
the official Gazette, direct that the Corporation shall be dissolved on such
date as may be specified in the notification and thereupon the Corporation
shall stand dissolved.
(2) Upon the dissolution of the
Corporation under sub-section (I), the
8. Provident Fund. Notwithstanding anything contained in the Employees Provident Fund
Trust Deed or Rules of the Corporation or any other law for the time being in
force, the rights and privileges of the Corporation in respect of the Employees
Provident Fund shall devolve upon the Company upon the dissolution of the
Corporation and any such Fund shall become the fund of the Company.
9. Bar of Jurisdiction, etc.___(1) No Court shall call in
question, or permit to be called in question, any order made or anything done
or any action taken or purporting to be made, done or taken under this
Ordinance.
(2) No suit, prosecution or other legal proceedings shall lie
against the Federal Government, the Corporation, the Company, a subsidiary, a
Managed Company, a project or any other person for anything in good faith done
or intended or purporting to be done under this Ordinance.
10. Reference in other laws. Any reference to the Corporation in relation to a business,
project or property which is or, as the case may be, to a Managed Company the
shares of which are, vested in the Company or a subsidiary in any law, other
than this Ordinance, or any contract or other instrument, shall, if not
inconsistent with any provision of this Ordinance, be construed as a reference
to the Company or, as the case may be, the subsidiary.
11. 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 Ordinance.
12. Removal of difficulties. If any difficulty arises in giving effect to any provision of this
Ordinance, the Federal Government may make such order or issue such directives,
not inconsistent with the provisions of this Ordinance, 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 Ordinance.
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