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  "title": "Pakistan Industrial Development Corporation (Dissolution) Ordinance, 1984",
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  "text": "Page 1 of 5 \r\n \r\n \r\n \r\nTHE PAKISTAN INDUSTRIAL DEVELOPMENT CORPORATION \r\n(DISSOLUTION) ORDINANCE, 1984. \r\n \r\n \r\n \r\n   CONTENTS \r\n1.  Short title and commencement. \r\n2.  Definitions. \r\n3.  Ordinance to override other laws. \r\n4.  Transfer of projects, etc. of the Corporation. \r\n5.  Contracts and proceedings. \r\n6.  Continuance in service of employees, etc. \r\n7.  Dissolution of the Corporation. \r\n8.  Provident Fund. \r\n9.  Bar of Jurisdiction, etc. \r\n10.  Reference in other laws. \r\n11.  Power to make rules. \r\n12.  Removal of difficulties. \r\n  \r\n \r\n \r\n\r\n \r\nPage 2 of 5 \r\n \r\nTHE PAKISTAN INDUSTRIAL DEVELOPMENT CORPORATION \r\n(DISSOLUTION) ORDINANCE, 1984. \r\nORDINANCE NO. LII OF 1984 \r\n[7th November, 1984] \r\nAn Ordinance to provide for the dissolution of the Pakistan Industrial Development \r\nCorporation. \r\n WHEREAS it is expedient to provide for the dissolution of the Pakistan Industrial \r\nDevelopment Corporation and for matters ancillary thereto;  \r\n AND WHEREAS the President is satisfied that circumstances exist which render it necessa ry \r\nto take immediate action;  \r\n NOW, THEREFORE, in pursuance of the Proclamation of the fifth day of July, 1977, and in \r\nexercise of all powers enabling him in that behalf, the President is pleased to make and promulgate the \r\nfollowing Ordinance:___ \r\n 1. Short title and commencement.__(1) This Ordinance may be called the Pakistan Industrial \r\nDevelopment Corporation (Dissolution) Ordinance, 1984.  \r\n (2) It shall come into force at once. \r\n 2. Definitions .__ In this Ordinance, unless there is anything repugnan t in the subject or \r\ncontext,__ \r\n(a)  “Corporation” means the Pakistan Industrial Development Corporation \r\nestablished under the Pakistan Industrial Development Corporation Ordinance, \r\n1962 (XXXVIII of 1962).  \r\n(b)  “Company” means the Pakistan Industrial Development Corporation Limited, a \r\ncompany formed and registered under the Companies Act, 1913 (VII of 1913);  \r\n(c)  “Managed Company” means a company formed and registered under the \r\nCompanies Act, 1913 (VII of 1913) which is being managed by the Corporation \r\nand of the issued and subscribed share capital of which the whole or a part is \r\nheld by the Corporation and its nominees;  \r\n(d)  “project” means a project in the possession, ownership, power or control of the \r\nCorporation and includes the assets, rights, authorities, powers, privileges, \r\nproperties, lands, buildings, mines, leases, lease -holds, licences, works, \r\nworkshops, any related office, shop, factory godown, yard, stocks, stores, \r\nreserve fund, cash and bank balances, investments, security, book-debts, and all \r\nrights, interests and benefits in assignable contracts and choses in action relating \r\nto the project, and all bo oks of accounts, registers, records and all other \r\n \r\nPage 3 of 5 \r\n \r\ndocuments of whatever nature relating thereto and all borrowings, liabilities and \r\nobligations of whatever kind of or relating to the project;  \r\n(e)  “properties”, in relation to the Corporation, includes ass ets, rights, authorities, \r\npowers, privileges, properties, both movabl e and immovable, including land s, \r\nmines, leasees, leaseholds, licences, works, workshop s, reserve funds, \r\ninvestments, shares, book -debts, and all rights interests and benefits in \r\nassignable contracts and choses in action; and  \r\n(f)  “subsidiary” means a company formed by the Corporation and registered under \r\nthe Companies Act, 1913 (VII of 1913) for the purpose of eventually owning \r\nand managing a project. \r\n 3. Ordinance to override other laws. The provisions of this Ordinance and any rule or order \r\nmade thereunder shall have effect notwithstanding anything contained in any other law for the time \r\nbeing in force, or in any contract, agreement, award, memorandum or articles of association or other  \r\ninstrument whatsoever. \r\n 4. Transfer of projects, etc.  of the Corporation . The Federal Governmen t may, by order, \r\ndirect that__ \r\n(a)  the business, projects and properties of the Corporation shall stand transferred \r\nto the Company or to such subsidiary on such date in such manner and to such \r\nextent as may be specified in the order and the business, projects and properties \r\nso transferred shall, as from that date, be carried on by, and vest, in the Company \r\nor subsidiary, as the case may be; and  \r\n(b)  all the shares held by the Corporation and its nominees in the capital of a \r\nManaged Company and subsidiary shall stand transferred to and vest in the \r\nCompany on such date as may be specified in the order, and thereupon the \r\nCompany shall become the registered holder of such shares and have the same \r\nrights under the Companies Act, 1913 (VII of 1913), or any other law or the \r\narticles of association of the Managed Company and the subsidiary as the \r\nCorporation and its nominees had immediately before the said date. \r\n 5. Contracts and proceedings .__(1) Unless otherwise expressly provided in this Ordinance, \r\non the vesting of the business, projects, propert ies and shares of the Managed Companies in the \r\nCompany or a subsidiary, all order s, contracts, deeds, bonds, agreements, power s of attorney, grants \r\nof legal representation and other instruments of whatever nature subsisting or having effect \r\nimmediately before the date of the vesting, executed or issued by or in favour of the Corporation in \r\nrelation to such business, projects, properties or Managed Companies shall be of as full force and effect \r\nagainst or in favour of the Company or as the case may be, the subsidiary and may be enforced or acted \r\nupon as fully and effectually, as if instead of the Corporation the Company or the subsidiary had been \r\na party thereto or as if the same had been issued by or in favour of the Company or the subsidiary.  \r\n (2) If any s uit, appeal or other proceedings of whatever nature in relation to any business, \r\nproperties or Managed Company which is or, as the case may be, the shares of which are, vested in the \r\nCompany or a subsidiary is pending by or against the Co rporation, the sam e shall not a bate, be \r\n \r\nPage 4 of 5 \r\n \r\ndiscontinued or be in any way prejudicially affected by reason of the vesting or of anything done under \r\nthis Ordinance, but the suit, appeal or other proceedings may be continued, prosecuted and enforced \r\nby or against the Company or the subsidiary, as the case may be. \r\n 6. Continuance in service of employees, etc .__(1) All officers, advisers, workmen and other \r\nemployees of the Corporation shall stand transferred to the Company or, as the case may be, subsidiary \r\nas from the date of vesting of the projects and properties in the Company or the subsidiary.  \r\n (2) Every officer, adviser, workman and other employee employed in a business or project or \r\nin connection with the properties vested in the Company or a subsidiary, by whomsoever appoint ed, \r\nshall, on the day of the vesting of the business, properties or project in the Company or the subsidiary, \r\nbecome an officer, adviser, workman or other employee as the case may be, of the Company or the \r\nsubsidiary.  \r\n (3) An officer, adviser, workman or other employee who becomes an officer, adviser, workman \r\nor other employee of the Company or a subsidiary shall in the Company or the subsidiary be entitled \r\nto such terms and conditions as are not less favourable than those to which he was or may be entitle d \r\nimmediately before the day on which he becomes an officer, adviser, workman or other employee of \r\nthe Company or the subsidiary and his transfer to the company or the subsidiary shall not entitle any \r\nsuch officer, adviser, workman or other employee to any  compensation or to the designation he was \r\nholding at the time of such transfer and no claim for such compensation or designation shall be \r\nentertained by any court tribunal or other authority. \r\n 7. Dissolution of the Corporatio n.__(1) As soon as may be after the order under section 4 is \r\nissued, the Federal Government may, by notification in the official Gazette, direct that the Corporation \r\nshall be dissolved on such date as may be specified in the notification and thereupon the Corp oration \r\nshall stand dissolved.  \r\n (2) Upon the dissolution of the Corporation under sub -section (I), the Pakistan industrial \r\nDevelopment Corporation Ordinance, 1962 (XXXVIII of 1962), shall stand repealed. \r\n 8. Provident Fund . Notwithstanding anything contai ned in the Employees Provident Fund \r\nTrust Deed or Rules of the Corporation or any other law for the time being in force, the rights and \r\nprivileges of the Corporation in respect of the Employees Provident Fund shall devolve upon the \r\nCompany upon the dissolu tion of the Corporation and any such Fund shall become the fund of the \r\nCompany. \r\n 9. Bar of Jurisdiction, etc .__(1) No Court shall call in question, or permit to be called in \r\nquestion, any order made or anything done or any action taken or purporting to be made, done or taken \r\nunder this Ordinance.  \r\n (2) No suit, prosecution or other legal proceedings shall lie against the Federal Government, \r\nthe Corporation, the Company, a subsidiary, a Managed Company, a project or any other person for \r\nanything in good faith done or intended or purporting to be done under this Ordinance. \r\n 10. Reference in other laws. Any reference to the Corporation in relation to a business, project \r\nor property which is or, as the case may be, to a Managed Company the shares of which are, vested in \r\nthe Company or a subsidiary in any law, other than this Ordinance, or any contract or other instrument, \r\n \r\nPage 5 of 5 \r\n \r\nshall, if not inconsistent with any provision of this Ordinance, be construed as a reference to the \r\nCompany or, as the case may be, the subsidiary.  \r\n 11. Power to make rules. The Federal Government may, by notification in the official Gazette, \r\nmake such rules as appear to it necessary or expedient for carrying out the purposes of this Ordinance.  \r\n 12. Removal of difficulties . If any difficulty ar ises in giving effect to any provision of this \r\nOrdinance, the Federal Government may make such order or issue such directives, not inconsistent \r\nwith the provisions of this Ordinance, as may appear to it to be necessary or expedient for the purpose \r\nof removing the difficulty:  \r\n Provided that no such order shall be made after the expiry of one year from the commencement \r\nof this Ordinance.",
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