National Investment (Unit) Trust Ordinance, 1965

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THE NATIONAL INVESTMENT (UNIT) TRUST ORDINANCE, 
1965 
 
 
 
      CONTENTS 
 
1. Short title, extent and commencement 
 
2. Definitions 
 
3. Units to be transferable movable property 
 
4. Power of Federal Government to authorize issue of Bearer Certificates 
 
5. Units to be approved securities 
 
6. Trust Deed to be binding on the holders of Units 
 
7. Notice of trust not receivable  
 
8. Act XVIII of 1891 to apply 
 
9. Power to make rules 
  
 
 
 
 
 
 
 
 
 

 
 
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THE NATIONAL INVESTMENT (UNIT) TRUST ORDINANCE, 1965 
 
ORDINANCE No. VII OF 1965 
 
[8th April, 1965] 
AN  
 
ORDINANCE  
to provide for certain matters relating to the National Investment (Unit) Trust 
 WHEREAS it is expedient to provide for certain matters relating to the National Investment 
(Unit) Trust and for matters connected therewith; 
 AND WHEREAS the National Assembly is not in session and the Acting President is 
satisfied that circumstances exist which render immediate legislation necessary; 
 NOW, THEREFORE, in exercise of the powers conferred by clause (1) of Article 29 o f the 
Constitution and of all other powers enabling him in that behalf, the Acting President makes and pro-
mulgates the following Ordinance:⸻ 
 1. Short title, extent and commencement. ___(1) This Ordinance may be called the National 
Investment (Unit) Trust Ordinance, 1965. 
 (2) It extends to the whole of Pakistan. 
            (3) It shall come into force at once. 
 2. Definitions. ___(1) In this Ordinance, unless there is anything repugnant i n the subject or 
context,___ 
(a)  “Management Company ” means the Nat ional Invest ment Trust Limited, and 
includes any other company for the time being ma naging the affairs of the 
Trust; 
 
(b)  “rules” means rules made under this Ordinance; 
 
(c)  “Trust” means the National Investment (Unit) Trust constituted under the 
Trust Deed or, if that Trust is reconstituted, the reconstituted trust; 
 
(d)  “Trustee” means the National Bank of Pakistan, as trustee under the Trust 
Deed and includes its successors, or if the Trust is reconstituted, the trustees of 
the reconstituted trust; 
 
(e)  “Trust Deed”  means the deed of trust dated the 12th November, 1962, 
constituting the National Investment (Unit) Trust, made between the National 
Investment Trust Limited, a limited liability com pany registered under the 
Companies Act, 1913 (VII of 19 13), with its registered office at Karachi as 
Management Company of the one part, and the National Bank of Pakistan, a 
bank constituted under the National Bank of Pakistan Ordinance, 1949 (XIX 
of 1949), having its head office at Karachi as Trustee of the o ther part, and 
includes any supplemental deeds made in accordance with the aforesaid deed.  
 
 
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 (2) All other expressions defined or used in the Trust Deed but not defined in this Ordinance 
shall have the same sense as is given to them in the Trust Deed. 
3. Units to be transferable movable property. —Subject to the rules and the provisions of 
the Trust Deed, Units shall be deemed to be transferable movable property. 
  4. Power of 1[Federal Government] to authorize issue of Bearer Certificates. — 
Notwithstanding anything to the contrary contained in any other law for the time being in force, but 
subject to rules, the 1[Federal Government] may, by notification  in the official Gazette, authorise the 
Trust to issue  Bearer Certificates in respect of the Units sold, an d no Bearer Certificates shall be 
issued by the Trust unless so authorised.  
 5. Units to be approved securities. —Notwithstanding anything to the contrary contained in 
any law for the time being in force, the Units shall be deemed to be included among the securities 
enumerated in section 20 of the Trust Act, 1882 (II of 1882), and to be approved securities and 
approved investments for the purposes of the Insurance Act, 1938 (IV of 1938) and section 282B (2) 
of the Companies Act, 1913 (VII of 1913). 
 6. Trus t Deed to be binding on the holders of Units. —Notwithstanding anything to the 
contrary contained in any other law for the time being in force but subject to section 4 of this 
Ordinance, the provisions of the Trust Deed shall be binding upon every Certifica te Holder and his 
heirs, successors and legal representatives as if he were a party to the Trust Deed having full 
knowledge of its contents. 
 7. Notice of trust not receivable. —No notice of a trust, express, implied or constructive, 
shall be receivable by or on behalf of the Trust: 
 Provided that the Management Company or the Trustee may, without creating any liability on 
their part, record in their books and comply with such directions of the holders of Units for the 
distribution of income as they think fit. 
 8. Act XVIII of 1891 to apply.—The provisions of the Bankers Books Evidence Act, 1891 
(XVIII of 1891), shall apply to the books of the Trust as if it were a bank as defined in section 2 of 
the Act. 
 9. Power to make rules. —The  1[Federal Government] ma y, by notification in the official 
Gazette, make rules  to provide for all matters for which provision is necessary for the purpose of 
giving effect to the provisions of this Ordinance. 
 
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RGN Uploaded Date:  27.03.2024 
 1Subs. by F.A.O., 1975, Art. 2 and Table, for “Central Government”.