{
  "schema_version": "qanun-law-text/1",
  "id": "pk-code-6159f8043fce5f7d",
  "title": "International Finance Corporation Act, 1956",
  "source_collection": "Federal",
  "content_kind": "stored_law_text",
  "content_extent": null,
  "source_url": "https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-ap%2BbZQ%3D%3D-sg-jjjjjjjjjjjjj",
  "version": null,
  "source_snapshot": null,
  "legal_status": "not independently verified",
  "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.",
  "text_sha256": "c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899",
  "source_sha256": "c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899",
  "text_version_id": "law:pk-code-6159f8043fce5f7d:sha256:c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899",
  "quality_flags": [],
  "encoding": "UTF-8",
  "text": "Page \r\n1\r\n \r\nof \r\n5\r\n \r\n \r\n \r\nTHE INTERNATIONAL FINANCE CORPORATION ACT, 1956\r\n \r\n \r\nCONTENTS\r\n \r\n1. \r\n \r\nShort title\r\n,\r\n \r\nextent and commencement\r\n \r\n2.\r\n \r\nDefinitions\r\n \r\n3. \r\n \r\nFinancial provisions\r\n \r\n4. \r\n \r\nState Bank to be depository for the Corporation. \r\n \r\n5. \r\n \r\nCertain provisions\r\n \r\nof Agreement\r\ns\r\n \r\nto have force of L\r\naw\r\n.\r\n \r\nT\r\nHE SCHEDULE\r\n \r\n \r\n \r\nPage \r\n2\r\n \r\nof \r\n5\r\n \r\n \r\nTHE INTERNATIONA\r\nL FINANCE CORPORATION ACT, 1956\r\n \r\nACT NO. XXVIII OF 1956\r\n \r\n[18\r\nth\r\n \r\nApril, 1956]\r\n \r\nAn Act to give effect to an international agreement for the establish\r\nment and operation of an \r\nInternational Finance Corporation and for purposes conne\r\nc\r\nted therewith.\r\n \r\n \r\nWHEREAS Articles of Agreement of the International Finance Corporation have, on the \r\neleventh day of April 1955, been approv\r\ned by the Executive Directors of the International Bank for \r\nReconstruction and Development, hereinafter referred to\r\n \r\nas the Bank, and deposited in the archives \r\nof the Bank for signature and acceptance on behalf of Governments ;\r\n \r\n \r\nAND WHEREAS it is expedient to provide for the participation of Pakistan in the said \r\nCorporation in pursu\r\nance of the aforesaid agreement\r\n;\r\n \r\n \r\nIt i\r\ns\r\n \r\nhereby enacted as follows :\r\n___\r\n \r\n \r\n1. Short title\r\n,\r\n \r\nextent and commencement.\r\n___\r\n(1) This Act may be called the International \r\nFinance Corporation Act, 1956.\r\n \r\n \r\n(2) It extends to the whole of Pakistan.\r\n \r\n \r\n(3) It shall come into force on such date\r\n1\r\n \r\nas the \r\n2\r\n[Federal \r\nG\r\novernment] may, by notification \r\nin the official Gazette, appoint.\r\n \r\n \r\n2. Definitions.\r\n___\r\n \r\nIn this Act, unless there is anything repugnant in the sub\r\nject or context,\r\n___\r\n \r\n \r\n(a)\r\n \r\n“\r\nagreement\r\n”\r\n \r\nmeans any Agreement which may be signed and accepted on \r\nbehalf of the Gov\r\ne\r\nrnment of Pakistan in pursuance of the Articles of \r\nAgreement approved by the Executive Directors of the Bank on\r\n \r\nthe eleventh \r\nday of April 1955 \r\nproviding for the establishment and operation of an \r\ninternational body to be called the International Finance Co\r\nr\r\nporation ;\r\n \r\n(b) \r\n \r\n“\r\nCorporation\r\n”\r\n \r\nmeans the International Finance Corporation ;\r\n \r\n(c) \r\n \r\n“\r\nmember\r\n”\r\n \r\nmeans a member of the Corporation.\r\n \r\n \r\n \r\n1\r\ni.\r\ne.,\r\n \r\nthe 8th May, 1956, see Gaz. of P.,\r\n \r\n1956,\r\n \r\nExt., P. 1033.\r\n \r\n2\r\nSubs. by \r\nThe Federal Adaptation of Laws Order 1975 (President’s \r\nO\r\nrder No. 4 of 1975\r\n, Art\r\n. 2 and Table.\r\n \r\n \r\nPage \r\n3\r\n \r\nof \r\n5\r\n \r\n \r\n \r\n3. Financial provisions.\r\n___\r\n(1) There shall be paid out of the \r\n1\r\n[Federal Consolidated Fund] \r\nand until the \r\n1\r\n[Federal Consolidated Fund] is constituted, out of the Revenues of the \r\n2\r\n[Federal \r\nGovernment], all such sums a\r\ns\r\n \r\nmay be required for the purpose of making pay\r\nments on behalf of the \r\nGovernment of Pakistan under paragraph (a) of section 3 of Article II of the Agreement.\r\n \r\n \r\n(2) Any sums received by the Government of Pakistan from the Corporation in pursuance of \r\nthe Agr\r\ne\r\nement shall be paid into the \r\n1\r\n[Federal Consolidated Fund] and until the \r\n1\r\n[Federal Consoli\r\n-\r\ndated Fund] is constituted into the Revenues of the \r\n2\r\n[Federal Government].\r\n \r\n \r\n4. State Bank to be depository for the Corporation.\r\n___\r\n \r\nThe State Bank of Pakistan shall b\r\ne\r\n \r\nthe depository of the Pakistan currency holdings or other assets of the Corporation.\r\n \r\n \r\n5. Certain provisions of Agreement\r\ns\r\n \r\nto have force of L\r\naw.\r\n___\r\n \r\nNotwithstanding anything to \r\nthe contrary contained in any other law, the provisions of Article VI of the Ag\r\nr\r\neement set out in the \r\nSchedule shall have the force of law in Pakistan :\r\n \r\n \r\nProvided that nothing in section 9 thereof shall be construed as\r\n___\r\n \r\n \r\n(a) \r\n \r\nentitling the Corporation to import into Pakistan goods free of any duty of \r\ncustoms without any restric\r\ntio\r\nn\r\n \r\non their subsequent sale therein, or\r\n \r\n(b) \r\n \r\nconferring on the Corporation any exemption from duties or taxes which form \r\npart of the price of goods sold or which are in fact no more than charges for \r\nservices rendered.\r\n \r\nTHE SCHEDULE\r\n \r\n(\r\nS\r\nee section 5)\r\n \r\nProvisions\r\n \r\nof Agreement which shall have force of Law\r\n \r\nTHE AGREEMENT\r\n \r\nArticle VI\r\n \r\nSTATUS, IMMUNITIES AND PRIVILEGES\r\n \r\nSECTION 1.\r\n___\r\n \r\nPurpose Article\r\n \r\nof\r\n \r\n \r\nTo enable the Corporation to fulfil the functions with which it is entrusted, the status, \r\nimmunities and privileges set\r\n \r\nforth in this Article shall be accorded to the Corporation in the \r\nterritories of each member.\r\n \r\n \r\n1\r\nSubs. by \r\nThe Federal Adaptation of Laws Order 1975 (President’s Order No. 4 of 1975\r\n, Art. 2 and Table.\r\n \r\n2\r\nSubs., ibid.\r\n \r\n \r\nPage \r\n4\r\n \r\nof \r\n5\r\n \r\n \r\nSECTION 2.\r\n \r\n___\r\nStatus of the Corporation\r\n.\r\n \r\n \r\nThe Corporation shall possess full juridical personality and in particular, the capacity:\r\n \r\n(i) \r\n \r\nto contract ;\r\n \r\n(ii) \r\n \r\nto acquire and dispose of immovable and movable property ;\r\n \r\n(iii) \r\n \r\nto institute legal proceedings.\r\n \r\nSECTION 3.\r\n___\r\nPosition of the Corporation w\r\ni\r\nth regard to Judicial Process.\r\n \r\n \r\nActions may be brought against the Corporation only in a court of competent jurisdiction in \r\nthe territories of a member in which the Corporation has an office, has appointed an agent for the \r\npurpose of accepting service or \r\nn\r\notice of process, or has issued or guaranteed securities. No action \r\nshall, however, be brought by members or persons acting for or deriving claims from members. The \r\nproperty and assets of the Corporation shall, wheresoever located and by whomsoever held, \r\nb\r\ne \r\nimmune from all forms of seizure, attachment or execution before the delivery of final judgment \r\nagainst the Corporation.\r\n \r\nSECTION 4.\r\n___\r\n \r\nImmunity of Assets from Seizure\r\n.\r\n \r\n \r\nProperty and assets of the Corporation, wherever located and by whomsoever held, sha\r\nl\r\nl be \r\nimmune from search, requisition, confiscation, expropriation or any other form of seizure by execu\r\n-\r\ntive or legislative action.\r\n \r\nSECTION 5.\r\n \r\n___\r\nImmunity of Archives.\r\n \r\n \r\nThe archives of the Corporation shall be inviolable.\r\n \r\nSECTION 6.\r\n___ \r\nFreedom for\r\n \r\nAssets \r\nf\r\nrom Restrictions\r\n \r\n \r\nTo the extent necessary to carry out the operations provided for in this Agreement and subject \r\nto the provisions of Article III, section 5, and the other provisions of this Agreement, all property and \r\nassets of the Corporation shall be f\r\nr\r\nee from restrictions, regulations, controls and moratoria of any \r\nnature.\r\n \r\nSECTION 7.\r\n___\r\nPrivilege for Communications\r\n \r\n \r\nThe official communications of the Corporation shall be accorded by each member the same \r\ntreatment that it accords to the official communic\r\na\r\ntions of other members.\r\n \r\nSECTION 8.\r\n \r\n___\r\n \r\nImmunities and Privileges of Officers and Employees\r\n.\r\n \r\n \r\nAll Governors, Directors, Alternates, officers and employees of the Corporation:\r\n \r\n(i) \r\n \r\nshall be immune from legal process with respect to acts performed by them in\r\n \r\ntheir official capacity ;\r\n \r\n(ii) \r\n \r\nnot being local nationals, shall be accorded the same immunities from \r\nimmigration restrictions, alien registration requirements and national service \r\nobliga\r\ntions and the same facilities as regards exchange restrictions as a\r\nr\r\ne \r\n \r\nPage \r\n5\r\n \r\nof \r\n5\r\n \r\n \r\naccorded by members to the repre\r\nsentatives, officials, and employees of \r\ncomparable rank of other members ;\r\n \r\n(iii) \r\n \r\nshall be granted the same treatment in respect of travelling facilities as is \r\naccorded by members to representatives, officials and employ\r\ne\r\nes of comp\r\n-\r\narable rank of other members.\r\n \r\nSECTION 9.\r\n___\r\n \r\nImmunities from Taxation\r\n \r\n(a) \r\n \r\nThe Corporation, its assets, property, income and its operations and \r\ntransactions authorized by this Agreement, shall be immune from all taxation \r\nand from all customs dut\r\ni\r\nes. The Corporation shall also be immune from \r\nliability for the collection or payment of any tax or duty.\r\n \r\n(b) \r\n \r\nNo tax shall be levied on or in respect of salaries and emoluments paid by the \r\nCorporation to Directors, Alternates, officials or employees of t\r\nh\r\ne Corporation \r\nwho are not local citizens, local subjects, or other local nationals.\r\n \r\n(c) \r\n \r\nNo taxation of any kind shall be levied on any obligation or security issued by \r\nthe Corporation (including any dividend or interest thereon) by whomsoever \r\nheld:\r\n \r\n(i) \r\n \r\nw\r\nhich discriminates against such obligation or secu\r\nrity solely because \r\nit is issued by the Corporation ; or\r\n \r\n(ii) \r\n \r\nif the sole jurisdictional basis for such taxation is the place or currency \r\nin which it is issued, made payable or paid, or the location of a\r\nn\r\ny \r\noffice or place of business maintained by the Corporation.\r\n \r\n(d) \r\n \r\nNo taxation of any kind shall be levied on any obliga\r\ntion or security \r\nguaranteed by the Corporation (including any dividend or interest thereon) by \r\nwhomsoever held:\r\n \r\n(i) \r\n \r\nwhich discriminate\r\ns\r\n \r\nagainst such obligation or secu\r\nrity solely because \r\nit is guaranteed by the Corpora\r\ntion ; or\r\n \r\n(ii) \r\n \r\nif the sole jurisdictional basis for such taxation is the location of any \r\noffice or place of business maintained by the Corporation.\r\n \r\nSECTION 10.\r\n___\r\n \r\nApplic\r\na\r\ntion of Article\r\n \r\n \r\nEach member shall take such action as is necessary in its own territories for the purpose of \r\nmaking effective in terms of its own law the principles set forth in this Article and shall inform the \r\nCorporation of the detailed action which i\r\nt\r\n \r\nhas taken.\r\n \r\n_______\r\n \r\n \r\n \r\nDate: 18\r\n-\r\n12\r\n-\r\n2024",
  "passage_offset_convention": "zero-based Unicode code points and UTF8 bytes; end exclusive",
  "passages": [
    {
      "passage_id": "law:pk-code-6159f8043fce5f7d:sha256:c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899:chars-0-1745:065cab59bf1f9615656aebbcbcd795c2330bbd1a1d5bbd25e38c651b3c4deb2b",
      "character_start": 0,
      "character_end": 1745,
      "utf8_byte_start": 0,
      "utf8_byte_end": 1749,
      "passage_sha256": "065cab59bf1f9615656aebbcbcd795c2330bbd1a1d5bbd25e38c651b3c4deb2b",
      "reader_fragment": "p-0-1745-065cab59bf1f9615"
    },
    {
      "passage_id": "law:pk-code-6159f8043fce5f7d:sha256:c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899:chars-1745-3501:c4e62879e8c361613fc1eae0fa6ecebefd9c2eafddd60a11676ce538ce6a9383",
      "character_start": 1745,
      "character_end": 3501,
      "utf8_byte_start": 1749,
      "utf8_byte_end": 3515,
      "passage_sha256": "c4e62879e8c361613fc1eae0fa6ecebefd9c2eafddd60a11676ce538ce6a9383",
      "reader_fragment": "p-1745-3501-c4e62879e8c36161"
    },
    {
      "passage_id": "law:pk-code-6159f8043fce5f7d:sha256:c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899:chars-3501-5300:6c6a42e70b1df91ceafcbe079779c729dee48451c2df12a390a0d7c28c5bb123",
      "character_start": 3501,
      "character_end": 5300,
      "utf8_byte_start": 3515,
      "utf8_byte_end": 5316,
      "passage_sha256": "6c6a42e70b1df91ceafcbe079779c729dee48451c2df12a390a0d7c28c5bb123",
      "reader_fragment": "p-3501-5300-6c6a42e70b1df91c"
    },
    {
      "passage_id": "law:pk-code-6159f8043fce5f7d:sha256:c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899:chars-5300-7053:31a683b114171dae40880de1a6f84033b190869a21597884587371050ca24dd8",
      "character_start": 5300,
      "character_end": 7053,
      "utf8_byte_start": 5316,
      "utf8_byte_end": 7069,
      "passage_sha256": "31a683b114171dae40880de1a6f84033b190869a21597884587371050ca24dd8",
      "reader_fragment": "p-5300-7053-31a683b114171dae"
    },
    {
      "passage_id": "law:pk-code-6159f8043fce5f7d:sha256:c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899:chars-7053-8852:1ebda48a17257b246f15b98ef1f76b2bc0fd7b5c95851d753618bbb0f0bc3bb1",
      "character_start": 7053,
      "character_end": 8852,
      "utf8_byte_start": 7069,
      "utf8_byte_end": 8868,
      "passage_sha256": "1ebda48a17257b246f15b98ef1f76b2bc0fd7b5c95851d753618bbb0f0bc3bb1",
      "reader_fragment": "p-7053-8852-1ebda48a17257b24"
    },
    {
      "passage_id": "law:pk-code-6159f8043fce5f7d:sha256:c7911e03cd65c386ffddada74269bbb0e7b62461dfa677e7d08f4330fb78e899:chars-8852-9601:7ae05e524acb9dff6bbb5a285842d5673b46fdf07927c55b4d398a87880fe634",
      "character_start": 8852,
      "character_end": 9601,
      "utf8_byte_start": 8868,
      "utf8_byte_end": 9617,
      "passage_sha256": "7ae05e524acb9dff6bbb5a285842d5673b46fdf07927c55b4d398a87880fe634",
      "reader_fragment": "p-8852-9601-7ae05e524acb9dff"
    }
  ]
}