Pakistan Industrial Development Corporation (Dissolution) Ordinance, 1984

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THE PAKISTAN INDUSTRIAL DEVELOPMENT CORPORATION 
(DISSOLUTION) ORDINANCE, 1984. 
 
 
 
   CONTENTS 
1.  Short title and commencement. 
2.  Definitions. 
3.  Ordinance to override other laws. 
4.  Transfer of projects, etc. of the Corporation. 
5.  Contracts and proceedings. 
6.  Continuance in service of employees, etc. 
7.  Dissolution of the Corporation. 
8.  Provident Fund. 
9.  Bar of Jurisdiction, etc. 
10.  Reference in other laws. 
11.  Power to make rules. 
12.  Removal of difficulties. 
  
 
 

 
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THE PAKISTAN INDUSTRIAL DEVELOPMENT CORPORATION 
(DISSOLUTION) ORDINANCE, 1984. 
ORDINANCE NO. LII OF 1984 
[7th November, 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 necessa ry 
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 repugnan t 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 bo oks of accounts, registers, records and all other 
 
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documents of whatever nature relating thereto and all borrowings, liabilities and 
obligations of whatever kind of or relating to the project;  
(e)  “properties”, in relation to the Corporation, includes ass ets, rights, authorities, 
powers, privileges, properties, both movabl e and immovable, including land s, 
mines, leasees, leaseholds, licences, works, workshop s, 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 override other laws. The provisions of this Ordinance 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. Transfer of projects, etc.  of the Corporation . The Federal Governmen t 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 
articles of association of the Managed Company and the subsidiary as the 
Corporation and its nominees had immediately before the said date. 
 5. Contracts and proceedings .__(1) Unless otherwise expressly provided in this Ordinance, 
on the vesting of the business, projects, propert ies and shares of the Managed Companies in the 
Company or a subsidiary, all order s, contracts, deeds, bonds, agreements, power s 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 s uit, 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 Co rporation, the sam e shall not a bate, be 
 
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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 appoint ed, 
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 favourable than those to which he was or may be entitle d 
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 Corporatio n.__(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 Corp oration 
shall stand dissolved.  
 (2) Upon the dissolution of the Corporation under sub -section (I), the Pakistan industrial 
Development Corporation Ordinance, 1962 (XXXVIII of 1962), shall stand repealed. 
 8. Provident Fund . Notwithstanding anything contai ned 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 dissolu tion 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, 
 
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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 ar ises 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.