{ "schema_version": "qanun-law-text/1", "id": "pk-code-6eca59e31ea8ea2b", "title": "Pakistan National Shipping Corporation (PNSC) Ordinance, 1979", "source_collection": "Federal", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-ap%2BWaQ%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": "bd520cd9869b622fe5196b2d6c9e82809122ce6bcb7a26e99190c6a626c138ae", "source_sha256": "bd520cd9869b622fe5196b2d6c9e82809122ce6bcb7a26e99190c6a626c138ae", "text_version_id": "law:pk-code-6eca59e31ea8ea2b:sha256:bd520cd9869b622fe5196b2d6c9e82809122ce6bcb7a26e99190c6a626c138ae", "quality_flags": [], "encoding": "UTF-8", "text": "Page 1 of 18 \r\n \r\n \r\n \r\n \r\n \r\n \r\nTHE PAKISTAN NATIONAL SHIPPING CORPORATION \r\nORDINANCE, 1979 \r\n \r\n \r\n \r\n \r\n CONTENTS \r\n ___________ \r\n \r\n1. Short title and commencement \r\n2. Definitions \r\n3. Standing Orders not to apply \r\n4. Dissolution and amalgamation of N.S.C and P.S.C \r\n5. Establishment and incorporation of Pakistan National Shipping Corporation \r\n6. Functions of the Corporation \r\n7. Transfer and vesting of N.S.C and P.S.C \r\n8. Status quo of certain establishments to continue \r\n9. Valuation of assets of N.S.C and P.S.C and entitlement of their shareholders \r\n10. Issue of share certificates, etc. \r\n11. Share Capital \r\n12. Shares to be approved securities, etc. \r\n13. Administration of the affairs of the Corporation \r\n14. Board \r\n15. Term of office of Directors, etc. \r\n16. Filling of casual vacancies \r\n17. Disqualification of Directors \r\n18. Chief Executive Officer \r\n19. Powers and functions of Chief Executive Officer \r\n20. Functions of the Chief Executive Officer \r\n\r\nPage 2 of 18 \r\n \r\n \r\n21. Appointment of officers, etc. \r\n22. Delegation of powers \r\n23. Meetings of the Board \r\n24. Committees of the Board \r\n25. Vacancy, etc., not to invalidate acts or proceedings of Board \r\n26. Head Office and other offices \r\n27. Deposit accounts \r\n28. Investment of funds \r\n29. Borrowing powers \r\n30. Audit \r\n31. Maintenance of accounts \r\n32. Annual Reports \r\n33. General meetings \r\n34. Indemnity of Directors \r\n35. Reserves and dividends \r\n36. Employees’ Provident Fund, etc. \r\n37. Liquidation of Corporation \r\n38. Power to make rules \r\n39. Power to make regulations \r\n40. Removal of difficulties \r\n41. Repeals and savings \r\n \r\n \r\nFIRST SCHEDULE \r\nSECOND SCHEDULE \r\n \r\n _______________ \r\n \r\nPage 3 of 18 \r\n \r\n \r\nTHE PAKISTAN NATIONAL SHIPPING CORPORATION \r\nORDINANCE, 1979 \r\nORDINANCE No. XX OF 1979 \r\n[29th March, 1979] \r\n \r\nAN \r\nORDINANCE \r\n \r\nto establish the Pakistan National Shipping Corporation \r\nWHEREAS it is expedient, in the public interest, to amalgamate the National Shipping \r\nCorporation and the Pakistan Shipping Corporation, with a view to making better provision for the \r\noperation of shipping and ocean -transport services and the development of maritime shipping \r\nindustry, and to establish the Pakistan National Shipping Corporation for the purpose, and to \r\nprovide for matters connected therewith or incidental thereto ; \r\n \r\nAND WHEREAS the President is satisfied that circumstances exist which render it necessary \r\nto take immediate action ; \r\n \r\nNOW, THEREFORE, in pursuance of the Proclamation of the fifth day of July, 1977, read \r\nwith the Laws (Continuance in Force) Order, 1977 (C.M.L A. Order No. I of 1977), and in \r\nexercise of all powers enabling him in that behalf, the President is pleased to make and promulgate \r\nthe following Ordinance:⸺ \r\n1. Short title and commencement.⸺(1) This Ordinance may be called the Pakistan \r\nNational Shipping Corporation Ordinance, 1979. \r\n(2) It shall come into force at once and shall be deemed to have taken effect on the first \r\nday of January, 1979. \r\n2. Definitions.⸺In this Ordinance, unless there is anything repugnant in the subject or \r\ncontext,⸺ \r\n \r\n(a) “appointed Director” means a Director appointed under clause (a) of \r\nsub-section (1) of section 14 ; \r\n \r\n(b) “Board” means the Board of Directors constituted under section 14 ; \r\n \r\n(c) 1[“Chairperson”] means the 1[Chairperson] of the Board ; \r\n \r\n(d) “Corporation” means the Pakistan National Shipping Corporation \r\nestablished by section 5 ; \r\n \r\n(e) “Director” means a Director of the Corporation ; \r\n \r\n2[(ea) “division concerned” means the division to which business relating to this \r\nOrdinance stands allocated;] \r\n \r\n(f) “N. S. C.” and “P. S. C.” respectively means the National Shipping \r\nCorporation and the Pakistan Shipping Corporation ; \r\n \r\n1Subs. by Act No. VII of 2024, s. 2. \r\n2Ins. by Act No. XLI of 2021, s. 2 \r\nPage 4 of 18 \r\n \r\n \r\n(g) “prescribed” means prescribed by rules or regulations ; \r\n \r\n(h) “regulations” means regulations made or deemed to have been made under \r\nsection 39 ; \r\n \r\n(i) “rules” means rules made or deemed to have been made under section 38; \r\nand \r\n \r\n 1[(ia) “SOE Act” means the Sta te-Owned Enterprises (Governance and Operations Act, \r\n 2023 (VII of 2023);] \r\n \r\n(j) 1[Omitted] \r\n \r\n3. Standing Orders not to apply.⸺ 1[(1)] Notwithstanding anything contained in the \r\nWest Pakistan Industrial and Commercial Employment (Standing Orders) Ordinance, 1968 (W. P. \r\nOrdinance VI of 1968), or in any other law for the time being in force, no provision of the said \r\nOrdinance shall apply to or in relation to the Corporation. \r\n \r\n1[(2) Notwithstanding anything contained in sub -section (1) and any other provision of this \r\nOrdinance, the SOE Act, including sections 12, 15, 16, 19 and 22 thereof, shall apply to the \r\nprovisions of this Ordinance and in case of any inconsistency between the provisions of this \r\nOrdinance and the SOE Act, the provisions of the SOE Act shall prevail.] \r\n \r\n4. Dissolution and amalgamation of N. S. C. and P. S. C.⸺ Notwithstanding anything \r\ncontained in the National Shipping Corporation Ordinance, 1963 (IV of 1963), or the Pakistan \r\nShipping Corporation Act, 1976 (LIV of 1976), or in any other law for the time being in force, the \r\ntwo corporations respectively established under the said Ordinance and Act, shall, as at the close \r\nof the thirtyfirst day of December, 1978, stand dissolved, and shall be amalgamated in accordance \r\nwith the provisions of this Ordinance. \r\n \r\n5. Establishment and incorporation of Pakistan National Shipping Corporation.⸺ \r\n(1) As from the first day of January, 1979, there shall be established by virtue of this Ordinance a \r\nnew corporation, to be called the Pakistan National Shipping Corporation. \r\n \r\n(2) The Corporation shall be a body corporate having perpetual succession and a common \r\nseal with power, subject to the provisions of this Ordinance, to acquire, hold and dispose of \r\nproperty, both movable and immovable, and shall by the name assigned to it by sub-section (1) sue \r\nand be sued. \r\n \r\n6. Functions of the Corporati on.⸺ (1) It shall be the function of the Corporation to \r\nassume full and effective control of the entire undertakings of N. S. C. and P. S. C., as transferred \r\nto and vested in it by section 7, and of the whole affairs thereof, and to provide and further develop \r\nsafe, efficient, adequate, economical and properly co -ordinated shipping services, coastal as well \r\nas international, and to engage in all forms of activities connected with or ancillary, incidental or \r\nconducive to shipping. \r\n \r\n (2) Without prejudice to the generality of the foregoing provision, the Corporation \r\nshall, in particular, have power⸺ \r\n \r\n1Ins., omitted, numbered and added by Act No. VII of 2024, ss. 2-3. \r\nPage 5 of 18 \r\n \r\n \r\n(a) subject to the provisions of the Merchant Shipping Act, 1923 (XXI of 1923), \r\nor any other law for the time being in force, to purchase, sell, exchange, \r\ncharter, or otherwise own, acquire or dispose of ships or craft or any share \r\nor interest therein ; \r\n \r\n(b) to establish, maintain and operate lines or other services of ships between \r\nports on coastal or international routes, and generally to carry on the \r\nbusiness of ship owners, and to enter into contracts for the carriage of \r\npassengers, mails, goods, provisions, live and dead stock, commodities, \r\narticles, chattels, merchandise and things of any kind whatsoever ; \r\n \r\n(c) to repair, overhaul, reconstruct, assemble or recondition ships, craft, \r\nvehicles or other machines and parts, accessories and instruments thereof or \r\ntherefore, and also to manufacture such parts, accessories and instruments, \r\nwhether the ships, craft, vehicles or other machines are owned by the \r\nCorporation or by any other person ; \r\n \r\n(d) to construct or maintain workshops, buildings, warehouses, sheds and other \r\nworks and conveniences ; \r\n \r\n(e) to promote and form, or aid and assist in promoting and forming, or to \r\notherwise associate with, companies and other bodies corporate, \r\nsyndicates, partnerships, joint ventures and other organizations in or \r\noutside Pakistan for the purpose of advancing directly or indirectly the \r\nbusiness of the Corporation or for any other purpose which the \r\nCorporation may find expedient in the performance of its other functions \r\n; \r\n \r\n(f) to establish, institute or make other arrangements for the instruction and \r\ntraining of persons engaged or likely to be engaged in any activities \r\nconnected with or ancillary to shipping ; \r\n \r\n(g) to acquire, hold or dispose of any property, whether movable or immovable, \r\nor any shipping undertaking or undertaking connected with shipping ; \r\n \r\n(h) to do all other things connected with or ancillary to any of the matters \r\nreferred to in clauses (a) to (g). \r\n \r\n(3) In performance its functions, the Corporation shall have careful regard to sound \r\nbusiness principles and practices, and shall so act as to secure that ocean -transportation is \r\ndeveloped to the greatest possible advantage in the interests of sea-borne trade of the country. \r\n \r\n7. Transfer and vesting of N. S. C. and P. S. C.⸺(1) On and from the first day of January, \r\n1979, the entire undertakings of N. S. C. and P. S. C. shall stand transferred to and vested in the \r\nCorporation. \r\n \r\n(2) The undertakings transferred and vested by sub -section (1) shall include all assets, \r\nrights, powers, authorities and privileges, and all property, movable and immovable, including \r\nlands, works, workshops, ships and craft, by whatever name called, all vehicles, cash balances, \r\nreserves, funds, shares and other investments and book debts, and all other rights and interests \r\nPage 6 of 18 \r\n \r\n \r\narising out of such property as were, immediately before the aforesaid day, in the ownership, \r\npossession or power of N. S. C. or P. S. C., in relation to their respective undertakings, whether in \r\nor outside Pakistan, and all books of account and documents relating thereto, and all borrowings, \r\nliabilities and obligations, of whatever kind then subsisting, of N. S. C. or P. S. C. in relation to \r\nsuch undertakings. \r\n \r\n(3) Subject to the other provisions of this Ordinance, all contracts and working \r\narrangements subsisting immediately before the aforesaid day as affecting N. S. C. or P. S. C.shall, \r\nin so far as they relate to their undertakings, cease as from that day to have effect or to be enforceable against \r\nthem, and shall be enforceable and of effect against or in favour of the Corporation, as if instead of N. S. C. \r\nor P. S. C. the Corporation had been named therein. \r\n \r\n(4) Subject to the other provisions of this Ordinance, any proceeding or cause of action \r\npending or existing immediately before the aforesaid date by or against N. S. C. or P. S. C., in \r\nrelation to their respective undertakings, may, as from the aforesaid day, be continued or enforced by or \r\nagainst the Corporation, as it might have been continued or enforced by or against them if this Ordinance \r\nhad not been in operation. \r\n \r\n(5) Subject to the other provisions of this Ordinance and the rules and regulations, all \r\nofficers, consultants, advisers and other employees of N. S. C. and P. S. C. shall, notwithstanding \r\nanything contained in any law or in any agreement, deed, document or other instrument, stand \r\ntransferred to the Corporation, and shall be deemed to have been appointed or engaged by the \r\nCorporation in accordance with the terms and conditions of service applicable to them immediately \r\nbefore the aforesaid day ; and no officer, consultant, adviser or other employee whose services are \r\nso transferred shall be entitled to any compensation because of such transfer. \r\n \r\n8. Status quo of certain establishments to continue.⸺ Notwithstanding anything in the \r\nPakistan Shipping Corporation Act, 1976 (LIV of 1976), or in any other law for the time being in \r\nforce, the status as existing immediately before the first day of January, 1979, in respect of the \r\nestablishments listed in Part A of the First Schedule shall be maintained by the Corporation ; and \r\nsuch establishments shall thereafter continue under the Corporation and be dealt with, as far as \r\nmay be, in accordance with the provisions of sections 29, 30, 31 and 33 of the said Act as adapted \r\nand reproduced in Part B of that Schedule. \r\n \r\n9. Valuation of assets of N. S. C. and P. S. C. and entitlement of their shareholders.⸺ \r\n(1) As soon as may be after the thirty-first day of December, 1978, the Federal Government shall, \r\nthrough such persons and in such manner as it thinks fit, cause a valuation of the net worth of the \r\nbusiness of N. S. C. and P. S. C. as on the said day to be completed, separately, on the basis of the \r\nprinciples set out in the Second Schedule. \r\n \r\n(2) The valuation completed as aforesaid shall, on being approved by the Federal \r\nGovernment, be notified in the official Gazette, and shall thereupon be final. \r\n \r\n (3) After the valuation has been so finalised, the Board shall allocate for N. S. C. and P. S. \r\nC. such number of fully paid-up shares of the Corporation as shall bear to the total number of shares \r\nallocated or to be allocated to N. S. C. and P. S. C. as nearly as may be the same proportion that the \r\nnet worth of N. S. C. or P. S. C. bears to the aggregate net worth of the Corporation. \r\n \r\n \r\n \r\n \r\nPage 7 of 18 \r\n \r\n \r\n (4) Every person who owns any ordinary shares of N. S. C. or P. S. C. shall be entitled to \r\nreceive, in lieu of the said ordinary shares, such number of fully paid-up shares of the Corporation \r\nas shall bear to the number of shares of the Corporation allocated to N.S.C. and P. S. C., in \r\naccordance with sub-section (3), the same proportion as the amount paid-up on his ordinary shares \r\nbears to the aggregate amount paid-up on all the ordinary shares of N.S.C. or P.S.C., as the case \r\nmay be. \r\n \r\n (5) No shareholder in N.S.C. or P.S.C. shall be entitled to any claim against the \r\nCorporation other than, or in addition to, that determined under this section. \r\n \r\n10. Issue of share certificates, etc.⸺ (1) The Board shall issue certificates for entitlement \r\nto shares of the Corporation arising under section 9 as expeditiously as possible, and, subject to \r\nsub-section (3) of that section, each such certificate shall entitle the person in whose favour it is \r\nissued to receive an allotment of shares of the Corporation in such number and value as are \r\nmentioned in the certificate and, pending such allotment, to be treated as if he were the registered \r\nholder of that number of shares on and from the first day of January, 1979, for the purposes of any \r\nentitlement of shareholders to receive dividends declared by the Corporation or bonus shares issued \r\nupon any capitalisation of profits determined by the Corporation or to subscribe for further shares \r\nwhich the Corporation may decide to offer for subscription to its shareholders. \r\n \r\n(2) The Board shall decide on the treatment of fractions of shares resulting from the \r\ndetermination of entitlements to shares of the Corporation in accordance with this section, and the \r\nBoard may make such provisions by the issue of fractional certificates or by payment in cash or \r\notherwise for the purpose as it may deem proper. \r\n \r\n11. Share Capital.⸺(1) The authorised capital of the Corporation shall be fifty crores of \r\nrupees divided into five crores of fully subscribed shares of ten rupees each, to be issued as and \r\nwhen required. \r\n \r\n(2) The Federal Government shall not at any time hold shares of a value less than fifty-one \r\nper cent of the subscribed capital. \r\n \r\n(3) Subject to the other provisions of this Ordinance, the subscribed capital of the \r\nCorporation shall in the first instance comprise shares allotted against entitlements resulting in \r\naccordance with the provisions of sub-section (4) of section 9, and such further allotments, if any, \r\nas may be necessary to complete the minimum shareholding of the Federal Government required \r\nby sub-section (2). \r\n \r\nExplanation.⸺ In this sub -section and in sub -section (2), “Federal Government” means \r\nthe Federal Government and the institutions owned or controlled by the Federal Government. \r\n \r\n(4) The Corporation may, with the previous sanction of the Federal Government accorded \r\nby notification in the official Gazette, increase its authorised capital whenever it thinks fit. \r\n \r\n(5) All issues and transfers of shares of the Corporation shall be subject to the provisions \r\nof this Ordinance and the rules and regulations. \r\n \r\n12. Shares to be approved securities , etc.⸺(1) The shares of the Corporation shall be \r\ndeemed to be approved securities and approved investments for the purposes of the Insurance Act, \r\n1938 (IV of 1938). \r\nPage 8 of 18 \r\n \r\n \r\n(2) Such of the shares of the Corporation as are issued in lieu of N. S. C. shares in \r\naccordance with section 9 shall be deemed to be included among the securities enumerated in \r\nsection 20 of the Trusts Act, 1882 (II of 1882). \r\n13. Administration of t he affairs of the Corporation.⸺ (1) Subject to the other \r\nprovisions of this Ordinance and the rules and regulations, the general direction and administration \r\nof the affairs and business of the Corporation shall vest in the Board of Directors, which may \r\nexercise all powers and to all acts and things which may be exercised or done by the Corporation. \r\n \r\n(2) The 1[division concerned] may, as and when it considers necessary, issue directives to \r\nthe Corporation on matters of policy ; and if a question arises whether any matter is a matter of \r\npolicy or not, the decision of the 1[division concerned] shall be final. \r\n \r\n2[14. Board.—(1) The Board shall consist of— \r\n \r\nS.NO Membership Status \r\n(1) (2) (3) \r\n(a) \r\nA person of eminence and known integrity to be \r\nappointed by the Federal Government in accordance with \r\nthe SOE Act \r\nChairperson (independent \r\ndirector) \r\n(b) Additional Secretary of the division to which business of \r\nfinances of the Federal Government stands allocated Ex-Officio Director \r\n(c) Additional Secretary of the division to which business of \r\nthe Corporation is allocated Ex-Officio Director \r\n(d) Chief executive officer of the Corporation Director \r\n (chief executive officer) \r\n(e) Two directors to be elected by the minority shareholders \r\nin the prescribed manner \r\nDirectors \r\n (Private shareholders) \r\n(f) \r\nFour independent directors of know n integrity and \r\neminence to be appointed by the Federal Government in \r\naccordance with the SOE Act \r\nIndependent \r\n Directors \r\n \r\n (2) There shall be a secretary of the Board to be appointed in such manner and on such terms \r\nand conditions as may be prescribed. \r\n \r\n (3) The directo rs, other than the ex-officio directors, shall be appointed by the Federal \r\nGovernment and the directors under clause (e) of sub-section (1) shall be elected by the shareholders. \r\n \r\n (4) Subject to section 12 of the SOE Act, the Federal Government may, by notification in the \r\nofficial Gazette, increase or decrease the n umber of directors of the Board subject to having the \r\nindependent members in majority and that the quorum shall be adjusted accordingly. \r\n \r\n (5) No person shall be qualified to be elected as a d irector under clause (e) of sub -section (1) \r\nunless he holds in his own name ten thousand shares of the Corporation.] \r\n \r\n 15. Term of office of Directors, etc.⸺(1) Every appointed Director shall hold office for a \r\nterm of three years from the date of his appointment, and shall be eligible for re- appointment : \r\n \r\nProvided that the 1[Prime Minister] may, on resignation by an appointed Director or otherwise \r\n2[subject to section 13 of the SOE Act,] terminate his appointment before the expiry of his term. \r\n \r\n \r\n \r\n \r\n1Subs. by Act No. XLI of 2021, ss. 3 and 5. \r\n2Subs. and ins. by Act No. VII of 2024, ss. 4-5. \r\nPage 9 of 18 \r\n \r\n \r\n (2) An elected Director shall hold office for a period of three years from the date of his \r\nelection, and shall be eligible for re-election : \r\n \r\n Provided that, after the expiry of the aforesaid term, an elected Director shall continue in office \r\nuntil his successor is elected. \r\n \r\n (3) The appointment and election of every Director and the fact of his ceasing to hold office \r\nshall be notified in the official Gazette. \r\n \r\n 16. Filling of casual vacancies.⸺ (1) A casual vacancy in the office of Director shall be \r\nfilled⸺ \r\n \r\n(a) in the case of an appointed Director, by appointment ; and \r\n \r\n(b) in the case of an elected Director, by co-option by the Board of a \r\nshareholder qualified to be elected as a Director. \r\n \r\n (2) It shall not be necessary to fill any vacancy for a period of less than three months. \r\n \r\n (3) A shareholder co-opted under clause (b) of sub-section (1) shall be deemed for all purposes \r\nto be an elected Director, except that he shall, unless duly elected at the annual general meeting held \r\nnext after his co-option, cease to hold office immediately after such meeting. \r\n \r\n 17. Disqualification of Directors.⸺ No person shall be or shall continue to be a Director \r\nwho⸺ \r\n \r\n(a) is a minor ; or \r\n \r\n(b) is found to be a lunatic or becomes of unsound mind ; or \r\n \r\n(c) is or has at any time been adjudicated an insolvent ; or \r\n \r\n(d) is or has at any time been convicted of an offence involving moral turpitude \r\n; or \r\n \r\n(e) is, being an elected Director, the director of a company or partner of a firm \r\ncarrying on the business of shipping in Pakistan, or is in any capacity \r\nemployed in any such company or firm ; or \r\n \r\n(f) ceases to hold in his own name shares of the value referred to in sub- section \r\n(3) of section 14 ; or \r\n \r\n(g) absents himself from three consecutive meetings of the Board without leave \r\nof absence from the Board or if he is the 1[Chairperson], from the 2[Prime \r\nMinister]. \r\n \r\n \r\n1[18. Chief Executive O fficer.—(1) There shall be a Chief Executive O fficer of the \r\nCorporation who shall be appointed by the Federal Government from amongst three candidates \r\nrecommended by the Board with a three-fourth majority which shall include the vote of the ex-\r\nofficio director of the division to which business of the Corporation is allocated. \r\n \r\n \r\n1Subs. by Act No. VII of 2024, ss. 6-7. \r\n2Subs. by Act No. XLI of 2021, s. 6. \r\nPage 10 of 18 \r\n \r\n \r\n(2) The Board shall devise a-transparent; competitive and objective procedure for scrutiny, \r\nshort listing and interview of the applicants. \r\n \r\n(3) The terms and conditions of the appointment of the Chief Executive Officer s hall be \r\ndetermined by the Board. \r\n \r\n(4) The Chief Executive Officer of the Corporation shall be appointed for a term of three \r\nyears on a performance -based contract, extendable by another two years on demonstration of \r\nsubstantial satisfactory performance. \r\n \r\n(5) The annual performance review of the Chief Executive Officer shall be undertaken by \r\nthe Board. \r\n \r\n(6) The Chief Executive Officer, once appointed, shall not be removed by the Federal \r\nGovernment before the completion of his term except on the recommendat ion of the Board, which \r\nrecommendation shall set out just cause for recommending the removal.] \r\n \r\n1[19. Powers and functions of Chief Executive Officer.— Subject to the provisions of the \r\nSOE Act, including section 15 thereof, the Chief Executive Officer shall exercise such powers and \r\nperform such functions as provided for in this Ordinance and rules and regulations made \r\nthereunder.] \r\n \r\n1[20. Functions of the Chief Executive Officer.—The Chief Executive Officer shall— \r\n \r\n(a) be responsible for the management of the Corporation and for its procedures in \r\nfinancial and other matters under delegation from the Board and subject to the \r\noversight and directions of the Board; \r\n \r\n (b) ensure the proper implementation of strategies and policies approved by the \r\n Board; and \r\n \r\n(c) put in place appropriate arrangements to ensure that funds and resources are \r\nproperly safeguarded and are used economically, efficiently and effectively and \r\nin accordance with the Corporation’s business plan, the primary objective of the \r\nCorporation and all other statutory obligations.] \r\n \r\n21. Appointment of officers, etc.⸺ (1) The Corporation may appoint such officers, \r\nconsultants, advisers and employees as it considers necessary for the efficient performance of its \r\nfunctions, on such terms and conditions as it may deem fit. \r\n \r\n(2) If at any time the Board considers it necessary to dispense with the services of any \r\noffice, consultant, adviser or employee, his services shall, notwithstanding anything contained in \r\nany law, or in any agreement, deed, document of other instrument, be dispensed with accordingly. \r\n \r\n22. Delegation of powers.⸺(1) The Board may, subject to such conditions as it may deem \r\nfit, delegate such of its powers or duties as it may deem necessary for the efficient carrying on of its \r\nday-to-day administration to⸺ \r\n \r\n(a) the 1[Chief Executive Officer], or any other Director ; or \r\n \r\n(b) any committee appointed under section 24 ; or \r\n \r\n(c) any other officer or servant of the Corporation. \r\n \r\n1Subs. by Act No. VII of 2024, ss. 8-10. \r\n \r\nPage 11 of 18 \r\n \r\n \r\n (2) Where any powers or duties are delegated to the 1[Chief Executive O fficer], he may, by \r\norder in writing, assign such of them as may be specified therein, to the 1[***] such officers or servants \r\nof the Corporation as may be so specified. \r\n \r\n 1[23. Meetings of the Board.⸺Subject to the provisions of the SOE Act, including section 22 \r\nthereof, the quorum of a Board’s meeting shall not be less than six members, including not less than \r\nthree independent directors and one ex-officio director, present personally or through video-link.] \r\n \r\n 24. Committees of the Board.⸺ The Board may, from time to time appoint, from amongst \r\nthe Directors, such committees as may be necessary to discharge such functions as may be assigned \r\nto them by the Board, or to assist the Board in the performance of its functions. \r\n \r\n 25. Vacancy, etc., not to invalidate acts or proceedings of Board.⸺ No act or proceeding \r\nof the Board shall be invalid by reason only of the existence of any vacancy, in, or defect in the \r\nconstitution of, the Board. \r\n \r\n 26. Head Office and other offices.⸺The Corporation shall have its Head Office at Karachi, \r\nand may establish such other offices in Pakistan or abroad as the Board thinks fit. \r\n \r\n 27. Deposit accounts.⸺ The Corporation may open accounts in any scheduled bank in \r\nPakistan or, subject to the provisions of the Foreign Exchange Regulation Act, 1947 (VII of 1947), \r\nin any bank outside Pakistan. \r\n \r\nExplanation. ⸺ In this section, “scheduled Bank” has the same meaning as in the State \r\nBank of Pakistan Act, 1956 (XXXIII of 1956). \r\n \r\n 28. Investment of fund s.⸺The Corporation may invest its funds in any securities of the \r\nFederal Government or a Provincial Government and may make such other investments as may be \r\napproved by the Board. \r\n \r\n 29. Borrowing Powers.⸺The Corporation may, as and when considered necessary, borrow \r\nmoney in Pakistan, and, with the previous sanction of the 2[division concerned] and on such terms \r\nand conditions as may be approved by it, in foreign currency. \r\n \r\n 30. Audit.⸺(1) The accounts of the Corporation shall be audited by two auditors who are \r\nchartered accountants within the meaning of the Chartered Accountants Ordinance 1961 (X of 1961), \r\nand are appointed for the purpose by the Corporation in general meeting: \r\n \r\nProvided that, until such time as the first general meeting is held and auditors are duly \r\nappointed, the Board may appoint the auditors. \r\n \r\n (2) The auditors of the Corporation appointed under sub-section (1) shall perform such duties \r\nand exercise such powers as are provided for an auditor of a Company under the Companies Act, 1913 \r\n(VII of 1913), and the Securities and Exchange Ordinance, 1969 (XVII of 1969). \r\n \r\n \r\n \r\n \r\n1Subs. and omitted by Act No. VII of 2024, ss. 10-11. \r\n2Subs. by Act No. XLI of 2021, s. 10. \r\n \r\nPage 12 of 18 \r\n \r\n \r\n (3) The Board may, at any time, issue directions to the auditors appointed under sub-section (1) \r\nrequiring them to report to it upon the adequacy of measures taken by the Corporation for the protection \r\nof the interests of its shareholders and creditors, or upon the sufficiency of the information and other \r\nmeans placed at the disposal of the auditors in auditing the accounts of the Corporation. \r\n \r\n (4) Notwithstanding anything contained in sub -section (1), the Auditor -General of Pakistan \r\nshall, when required by the 1[Minister concerned with the maritime affairs], undertake such audit of \r\nthe accounts of the Corporation as the 1[Minister concerned with the maritime affairs] may consider \r\nnecessary; and the Corporation shall, for the purpose of such audit, produce the accounts and connected \r\ndocuments at such place or places as the 1[Minister concerned with the maritime affairs] may direct \r\nand furnish such explanation and information as may be asked for by the Auditor-General or any officer \r\nappointed by him in this behalf. \r\n \r\n 31. Maintenance of accounts.⸺The Corporation shall maintain its accounts in such manner \r\nas may be required for a company under the Companies Act, 1913 (VII of 1913), and the Securities \r\nand Exchange Ordinance, 1969 (XVII of 1969). \r\n \r\n 32. Annual Reports.⸺The Corporation shall furnish to the 1[division concerned] at such time, \r\nafter the end of every financial year, in such form and in such manner as may be prescribed by rules, \r\nan annual report on the conduct of its affairs for that year. \r\n \r\n 33. General meetings.⸺(1) The annual general meeting of the shareholders shall be held at \r\nKarachi within six months from the date on which the annual accounts of the Corporation are closed. \r\n \r\n(2) Any other general meeting of the shareholders may be convened by the Board at any time. \r\n \r\n (3) The shareholders present at the annual general meeting shall be entitled to discuss and \r\nadopt or make recommendations to the Board with regard to the annual accounts, the annual report of \r\nthe Board on the working of the Corporation and the auditors’ report on the annual balance sheet and \r\naccounts. \r\n \r\n 34. Indemnity of Directors.⸺(1) Every Director shall be indemnified by the Corporation \r\nagainst all losses and expenses incurred by him in the discharge of his duties, except such as are caused \r\nby his own wilful act or default. \r\n \r\n(2) A Director shall not be held responsible for the acts, omissions or inefficiency of any other \r\nDirector or of any officer or other employee of the Corporation resulting in any loss or expense to the \r\nCorporation or in deficiency in the value of or title to any property or security acquired or taken on \r\nbehalf of the Corporation, or for anything done by himself in good faith in the execution of the duties \r\nof his office. \r\n \r\n 35. Reserves and dividends.⸺(1) Out of its earnings, the Corporation shall establish a general \r\nreserve and create from time to time such other special reserves as the Board may determine. \r\n \r\n \r\n \r\n \r\n \r\n1Subs. by Act No. XLI of 2021, ss. 11-12.\r\nPage 13 of 18 \r\n \r\n \r\n \r\n(2) After making provision for interest, taxes, bad and doubtful debts, depreciation of assets, \r\nmaintenance of reserves and any other matter determined by the Board, the Corporation in general \r\nmeeting may declare a dividend out of the profits accruing in a year, so however that the dividend \r\nso declared shall not exceed the dividend as recommended by the Board. \r\n \r\n 36. Employees’ Provident Fund, etc.⸺(1) The Corporation shall establish an Employees’ \r\nProvident Fund, and may establish a Benevolent Fund or similar other Funds, introduce Gratuity, \r\nGroup Insurance and other Schemes, and grant Bonus and similar other benefits to its employees, as \r\nand when considered necessary. \r\n \r\n (2) The Employees’ Provident Fund established under sub-section (1) shall be deemed to be \r\na Provident Fund to which the provisions of the Provident Fund Act, 1925 (XIX of 1925), apply. \r\n \r\n (3) The Employees’ Provident Funds being maintained by N. S. C. and P. S. C. shall, subject \r\nto the other provisions of this Ordinance and the rules and regulations, be unified as from the first \r\nday of January, 1979, and the moneys standing to the credit of such Funds immediately before that \r\nday, together with any other assets belonging thereto, shall stand transferred to the Corporation; and \r\nthe persons responsible for the Trust constituted by P. S. C. shall, as from the said day, be discharged \r\nfrom such Trust, except as respects things done or omitted to be done before such transfer. \r\n \r\n 37. Liquidation of Corporation.⸺ No provision of law relating to the winding up of \r\ncompanies or corporation shall apply to the Corporation, and the Corporation shall not be wound up \r\nsave by an order of the Federal Government and in such manner as the Federal Government may \r\ndirect. \r\n \r\n 38. Power to make rules.⸺ The 1[Minister concerned with the maritime affairs] may, by \r\nnotification in the official Gazette, make rules for the purpose of giving effect to the provisions of \r\nthis Ordinance. \r\n \r\n 39. Power to make regulations.⸺The Board may make regulations, not inconsistent with \r\nthe provisions of this Ordinance and the rules, to provide for all matters for which provision is \r\nnecessary or expedient for the purpose of giving effect to the provisions of this Ordinance. \r\n \r\n2[40. Removal of difficulties.—If a difficulty arises in giving effect any of the provisions of \r\nthis Ordinance, the Federal Government may make such order, not inconsistent with the provisions of \r\nthis Ordinance a nd the State Owned Enterprises. { Governance and Operations) Act, 2023 (VII of \r\n2023), as may appear to be necessary for the purpose of removing the difficulty.] \r\n \r\n 41. Repeals and savings.⸺ (1) The National Shipping Corporation Ordinance, 1963 (IV of \r\n1963), and the Pakistan Sh ipping Corporation Act, 1976 (LIV of 1976), shall stand repealed on the \r\nfirst day of January, 1979. \r\n \r\n(2) Any rules or regulations made, order passed, notification issued, thing done, action taken \r\nor proceedings commenced, under any of the provisions of the statutes repealed by sub- section (1), or \r\ndeemed to have been so made, passed, issued, done, taken or commenced, shall, if not inconsistent \r\nwith the provisions of this Ordinance, continue in force and be deemed to have been made or, as th e \r\ncase may be, passed, issued, done, taken or commenced under the corresponding provision of this \r\nOrdinance. \r\n \r\n \r\n \r\n \r\n \r\n \r\n1Subs. by Act No. XLI of 2021, s. 13. \r\n2Subs. by Act No. VII of 2024, s. 12. \r\nPage 14 of 18 \r\n \r\n \r\nFIRST SCHEDULE \r\n(See section 8) \r\nPART A \r\n \r\n The Establishments \r\nManaged establishments: 1. The Pan-Islamic Steamship Company, Limited \r\n 2. The Muhammadi Engineering Works, Limited \r\n \r\nAcquired establishments: \r\n \r\n1. The Chittagong Steamship Corporation, Limited. \r\n 2. The Muhammadi Engineering Works, Limited. \r\n \r\nPART B \r\n \r\nProvisions of sections 29, 30, 31 and 33 of the Pakistan Shipping Corporation Act, 1976 (LIV of \r\n1976), with necessary adaptations. \r\n \r\nSection 29.⸺Transfer to the Corporation of the ownership of shares in managed \r\nestablishments.⸺ \r\n \r\n(1) When the management of a managed establishment listed in Part A has been \r\ntransferred to the Corporation, the Federal Government may, by notification in the \r\nofficial Gazette, transfer to and vest in the Corporation the shares of such managed \r\nestablishment, and on such day as may be specified in the notification (hereinafter \r\nreferred to as the “appointed day”) all the issued or subscribed shares of such \r\nmanaged establishment shall stand transferred to and vested in the Corporation ; \r\nsuch managed establishment being hereafter referred to as the “acquired \r\nestablishment”. \r\n \r\n(2) Every person who immediately preceding the appointed day held any shares of \r\nsuch establishment shall, within ninety days of the appointed day, surrender to the \r\nacquired establishment all the share certificates held by him pertaining to the shares \r\ntransferred to and vested in the Corporation, and the establishment shall forthwith \r\ncancel such share certificates surrendered to it. \r\n \r\n(3) Any share certificate required to be surrendered under sub -section (2) and not so \r\nsurrendered shall, on the expiration of ninety days from the appointed day, stand \r\ncancelled. \r\n \r\n(4) The acquired establishment referred to in sub-section (2) shall, within one hundred \r\nand eighty days from the appointed day, issue and deliver to the Corporation one \r\nor more new certificates as the Corporation may direct in lieu of the share \r\ncertificates which are cancelled by it pursuant to sub -section (2) or which stand \r\ncancelled in accordance with sub-section (3). \r\n \r\nSection 30.⸺Valuation of shares in acquired establishments and entitlement of their \r\nowners to shares of the Corporation. ⸺ \r\nPage 15 of 18 \r\n \r\n \r\n(1) The Federal Government shall cause to be made and completed as expeditiously as \r\nmay be, through such person, being a chartered accountant within the meaning of \r\nthe Chartered Accountants Ordinance, 1961 (X of 1961), and in such manner as it \r\nthinks fit, a determination as on the appointed day separately of the net worth of \r\nthe acquired establishment and the aggregate net worths of the Corporation and \r\nall the acquired establishments the undertakings of which have not been \r\ntransferred to and vested in the Corporation under section 31 on or before the \r\nappointed day, and such determination shall be made on the basis of the principles \r\nmutatis mutandis set out in the Second Schedule, and the aforesaid net worth of the \r\nacquired establishment and the aggregate net worths shall, on being approved by \r\nthe Federal Government, be notified in the official Gazette and shall be final. \r\n \r\n(2) The Board shall allocate for the acquired establishment such number of fully paid-\r\nup shares of the Corporation as shall bear to the total number of shares allocated or \r\nto be allocated to all the acquired establishments, as nearly as may be, the same \r\nproportion that the net worth of the acquired establishment bears to the aggregate \r\nnet worths of the Corporation and all the acquired establishments the undertakings \r\nof which have not been transferred to and vested in the Corporation under section \r\n31. \r\n \r\n(3) Every person who, immediately before the appointed day, owned any ordinary \r\nshares of such acquired establishment shall be entitled to receive, in lieu of his \r\nordinary shares in such establishment, such number of fully paid -up shares of the \r\nCorporation as shall bear to the number of shares of the Corporation allocated to \r\nsuch establishment in accordance with sub -section (2) the same proportion as the \r\namount paid-up on his ordinary shares bears to the aggregate amount paid-up on \r\nall the ordinary shares of such establishment. \r\n \r\n(4) An entitlement to shares of the Corporation arising under this section shall not be \r\nquestioned on account of the allocation of shares to the acquired establishment not \r\nbeing according to the proportion specified in sub-section (2) or on account of such \r\nentitlement not being related to the net worth of the acquired establishment determined in \r\naccordance with sub-section (1). \r\n \r\n(5) The Board shall issue certificates for entitlement to shares of the Corporation \r\narising under this section within ninety days of the notification of net worth under \r\nsub-section (1), and, subject to sub-section (2), each such certificate shall entitle \r\nthe person in whose favour it is issued to receive an allotment of shares of the \r\nCorporation in such number and value as are mentioned in the certificate and, \r\npending such allotment, to be treated as if he were the registered holder of that \r\nnumber of shares on and from the appointed day for the purposes of any entitlement \r\nof shareholders to receive dividends declared by the Corporation or bonus shares \r\nissued upon any capitalisation of profits determined by the Corporation or to \r\nsubscribe for further shares which the Corporation may decide to offer for \r\nsubscription to its shareholders. \r\n \r\n (6) The Board shall decide on the treatment of fraction of shares resulting from the \r\ndetermination of entitlements to shares of the Corporation in accordance with this \r\nsection, and the Board may make such provision by the issue of fractional \r\ncertificates or by payment in cash or otherwise for the purpose as it may deem \r\nproper. \r\nPage 16 of 18 \r\n \r\n \r\n \r\nSection 31.⸺Transfer to the Corporation of the undertaking of acquired establishment.⸺ \r\n \r\n(1) The Federal Government may, by notification in the official Gazette, transfer to \r\nand vest in the Corporation the undertaking of any acquired establishment, and on \r\nsuch date as may be specified in the notification the entire undertaking of the \r\nacquired establishment shall stand transferred to and vested in the Corporation. \r\n \r\n(2) The undertaking so transferred and vested shall include all assets, rights, powers, \r\nauthorities and privileges, and all property, movable and immovable, including \r\nlands, works, workshops, ships, vessels, vehicles, cash balances, reserve funds, \r\ninvestments, and book debts, whether within or outside Pakistan, and all other \r\nrights and interests arising out of such property, as were immediately before the \r\ntransfer to and vesting in the Corporation of the undertaking in the ownership, \r\npossession or power of the acquired establishment, and all books of account and \r\ndocuments relating thereto and all borrowings, liabilities and obligations of \r\nwhatever kind then subsisting of the acquired establishment. \r\n \r\n(3) All contracts, agreements and other instruments of whatever nature subsisting or \r\nhaving effect immediately before the transfer to and vesting in the Corporation of \r\nthe undertaking of an acquired establishment, to which such acquired establishment \r\nwas a party or which were in favour of such acquired establishment, shall have full \r\nforce and effect against or in favour of the Corporation, and may be enforced or \r\nacted upon as fully and effectively as if, instead of the acquired establishment, the \r\nCorporation had been a party thereto or as if they had been entered into or issued \r\nin favour of the Corporation. \r\n \r\n(4) If, on the date of the transfer to and vesting in the Corporation of the undertaking \r\nof an acquired establishment, any suit, appeal or other proceeding of whatever \r\nnature is pending by or against such acquired establishment, it shall not abate, be \r\ndiscontinued or be in any way prejudicially affected by reason of such vesting or \r\ntransfer or anything done under this Act but the suit, appeal or other proceeding \r\nmay be continued, prosecuted and enforced by or against the Corporation. \r\n \r\nSection 33.⸺ Dissolution of acquired establishment.⸺ \r\n \r\nAn acquired establishment shall, notwithstanding anything contained in the Companies \r\nAct, 1913 (VII of 1913), stand wound-up and dissolved as from the day on which \r\nits undertaking is transferred to and vested in the Corporation. \r\n \r\nPage 17 of 18 \r\n \r\n \r\nSECOND SCHEDULE \r\n(See section 9) \r\n \r\n 1. The net worth of N. S. C. and P. S. C shall be determined in the following manner, that is \r\nto say, \r\nThe break-up value of their shares shall first be determined in accordance with clause \r\n(c) of rule 8 of the Wealth Tax Rules, and thereafter such break-up value shall be \r\nmultiplied by the number of their paid-up shares. \r\n \r\n2. For the purpose of determination of net worth under paragraph 1, the basis shall be the \r\naudited balance sheets of N. S. C. and P. S. C. as on the thirty first day of December, 1978. \r\n \r\n________________ \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\nRGN Date: 23-08-2024", "passage_offset_convention": "zero-based Unicode code points and UTF8 bytes; end exclusive", "passages": [ { "passage_id": "law:pk-code-6eca59e31ea8ea2b:sha256:bd520cd9869b622fe5196b2d6c9e82809122ce6bcb7a26e99190c6a626c138ae:chars-0-1790:b2f39b80ebf68474963a7c43867744726eeacf6d215acd27d38e2edca9f269e7", "character_start": 0, "character_end": 1790, "utf8_byte_start": 0, "utf8_byte_end": 1792, "passage_sha256": "b2f39b80ebf68474963a7c43867744726eeacf6d215acd27d38e2edca9f269e7", "reader_fragment": "p-0-1790-b2f39b80ebf68474" }, { "passage_id": 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