Agricultural Development Bank of Pakistan (Reorganization and Conversion) Ordinance, 2002

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Up
dated 
till 19.04.2023
 
 
 
THE AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN
 
(REORGANIZATION AND CONVERSION) O
RDINANCE, 2002
 
 
CONTENTS
 
 
1. 
 
Short title, extent and commencement.
 
2.
 
Definitions.
 
3. 
 
Registration of the company.
 
4. 
 
Transfer and vesting of assets, 
contracts, liabilit
i
es, proceedings and undertakings.
 
5. 
 
Continuation of receiving deposits and other business.
 
6. 
 
Continuation in service of the company.
 
7. 
 
Contracts and proceedings.
 
8. 
 
Bar of jurisdiction and indemnity.
 
9. 
 
Power to make rules.
 
10. 
 
Overriding effect.
 
11. 
 
Removal of difficulties.
 
12. 
 
Repeal.
 
 
Page 
2
 
of 
5
 
 
THE 
AGRICULTURAL
 
DEVELOPMENT
 
BANK
 
OF
 
PAKISTAN
 
(RE
-
ORGANIZATION
 
AND
 
CONVERSION)
 
ORDINANCE,
 
2002
 
ORDINANCE
 
No.
 
LX
 
OF
 
2002
 
 
AN 
 
ORDINANCE 
 
to provide for reorganization and conversion of the Agri
cultural Developmen
t
 
Bank of
 
Pakistan
 
into 
a public limited company incorporated under the Companies Ordinance, 1984
 
WHEREAS
 
it is expedient to provide for reorganization and the conversion of Agricultural 
Development Bank of Pakistan into a public limited
 
company for ensuri
n
g good governance, 
autonomy, delivering high quality and viable financial services to a greater number of rural clientele 
and adequate returns to the stake
-
holders and also for taking over the entire undertaking
s
 
of the said 
Bank and fo
r matters connected
 
therewith or incidental thereto;
 
 
AND WHEREAS
, the President is satisfied that circumstances exist which render it 
necessary to take immediate action;
 
 
NOW, THEREFORE
, in pursuance of the Proclamation of Emergency of the Fourteenth 
day 
of October, 1999, a
n
d the Provisional Constitution
al
 
Order No. 1 of 1999, read with the 
Provisional Constitution (Amendment) Order No. 9 of 1999, and in
 
the 
exercise of all powers 
enabling him in that behalf, the President of the Islamic Republic of Pakist
an is pleased to ma
k
e and 
promulgate the following Ordinance:
 
1.
 
Short
 
title
, extent
 
and
 
commencement.
—
 
(1)
 
This
 
Ordinance
 
may
 
be
 
called
 
the
 
Agricultural
 
Development
 
Bank
 
of
 
Pakistan
 
(Reorganization
 
and
 
Conversion)
 
Ordinance,
 
2002.
 
 
(2)
 
It
 
extends to the whole of Pakistan.
 
(3)
 
It
 
shall
 
come
 
into
 
force
 
at
 
once.
 
2.
 
D
e
finitions.
—
 
(1)
 
In
 
this
 
Ordinance,
 
unless
 
there
 
is
 
anything
 
repugnant
 
in
 
the
 
subject
 
or
 
context,
 
(a)
 
“
ADBP
”
 
means
 
the
 
Agricultural
 
Development
 
Bank
 
of
 
Pakistan
 
established
 
under
 
the
 
Agricultural
 
Development
 
Bank
 
Ordinance,
 
1961
 
(IV
 
of
 
1961);
 
(b)
 
“
assets
”
 
m
eans
 
rights,
 
powers
 
of
 
every
 
description
 
and
 
includes
 
all
 
properties,
 
movable
 
or
 
immovable,
 
tangible
 
or
 
intangible,
 
mortgages,
 
charges
 
and
 
claims,
 
cash
 
and
 
bank
 
balance
s
,
 
advances,
 
reserve
 
funds,
 
investments
 
and
 
all
 
other
 
interest
 
or
 
rights
 
in
 
the
 
name
 
of
 
ADBP,
 
as
 
the
 
case
 
may
 
be;
 
(c)
 
 
“
Company
”
 
means
 
the
 
Company
 
formed
 
and
 
registered
 
pursuant
 
to
 
section
 
3;
 
(d)
 
 
“
contracts
”
 
mean
 
all
 
contracts,
 
agreements,
 
bonds,
 
guarantees,
 
indemnities,
 
representations,
 
obligations,
 
undertakings
 
a
nd
 
other
 
legal
 
documents
 
a
n
d
 
instruments
 
of
 
every
 
description
 
executed
 
by
 
or
 
on
 
behalf
 
of
 
ADBP,
 
including
 
employment,
 
investment,
 
sales,
 
and
 
financial
 
contracts
 
with
 
whomsoever;
 
 
Page 
3
 
of 
5
 
 
(e)
 
“
deposits
”
 
mean
 
the
 
deposits
 
received
 
by
 
ADBP
 
during
 
the
 
course
 
of
 
its
 
business;
 
(f)
 
 
“
effective
 
dat
e
”
 
means
 
the
 
date
 
specified
 
in
 
the
 
order
 
issued
 
under
 
sub
-
section
 
(1)
 
of
 
section
 
4;
 
(g)
 
 
“
liabilities
”
 
mean
 
all
 
liabilities
 
lawfully
 
incurred
 
by
 
ADBP
 
and
 
includes
 
all
 
debts,
 
liabilities,
 
obligations
 
and
 
duties
 
of
 
every
 
kind
 
imposed
 
thereon;
 
(h)
 
 
“
Order
”
 
me
a
ns
 
an
 
order
 
made
 
by
 
the
 
Federal
 
Government
 
under
 
sub
-
section
 
(1)
 
of
 
section
 
4;
 
(i)
 
 
“
proceedings
”
 
include
 
applications,
 
appeals,
 
awards,
 
petition
s
 
reviews
 
and
 
revisions
 
f
iled
 
or
 
pending
 
in
 
an
y
 
suit,
 
arbitration
 
or
 
other
 
legal
 
or
 
administrative
 
proceedings
;
 
(j)
 
 
“
transfer
”
 
means
 
the
 
transfer
 
of
 
assets,
 
contracts,
 
deposits,
 
liabilities,
 
proceedings
 
and
 
undertakings
 
of
 
ADBP,
 
as
 
the
 
case
 
may
 
be;
 
and
 
(k)
 
 
“
undertaking
”
 
includes
 
all
 
projects
,
 
venture
s
 
and
 
any
 
other
 
operations,
 
undertaken
 
by
 
ADBP
 
in
 
collaboration
 
with
 
some
 
other
 
person.
 
(2)
 
All
 
expressions
 
and
 
words
 
used
 
but
 
not
 
defined
 
in
 
this
 
Ordinance
 
shall
 
have
 
the
 
same
 
meanings
 
as
 
in
 
the
 
Companies
 
Ordinance,
 
1984
 
(XLVII
 
of
 
1984).
 
3.
 
Registration
 
of
 
the
 
company.
—
As
 
soon
 
as
 
may
 
be,
 
after
 
the
 
commencement
 
of
 
thi
s
 
Ordinance,
 
the
 
Federal
 
Government
 
shall,
 
in
 
accordance
 
with
 
the
 
provisions
 
of
 
this
 
Ordinance
 
and
 
in
 
consultation
 
with
 
the
 
share
-
holders
 
of
 
ADBP,
 
take
 
steps
 
for
 
the
 
conversion
 
of
 
the
 
ADBP,
 
existing
 
immediately
 
before
 
such
 
commencement
 
into
 
a
 
public
 
limite
d
 
company
 
under
 
the
 
Companies
 
Ordinance,
 
1984
 
(XLVII
 
of
 
1984).
 
 
4.
 
Transfer
 
and
 
vesting
 
of
 
assets,
 
contracts,
 
liabilities,
 
proceedings
 
and
 
undertakin
gs.
—
 
 
(1)
 
After
 
the
 
registration
 
of
 
the
 
Company,
 
the
 
Federal
 
Government
 
shall
 
by
 
an
 
order
,
 
published
 
in
 
the
 
O
fficial
 
Gazette,
 
direct
 
that
 
all
 
the
 
assets,
 
contracts,
 
liabilities,
 
proceedings
 
and
 
undertakings
 
of
 
ADBP
 
stand
 
transferred
 
to,
 
vest
 
in
 
the
 
Company
 
from
 
the
 
date
 
specified
 
therein,
 
upon
 
such
 
terms
 
and
 
conditions
 
as
 
may
 
be
 
determined
 
by
 
the
 
Federal
 
Govern
me
nt
 
in
 
this
 
behalf.
 
(2)
 
The
 
Order
 
issued
 
under
 
sub
-
section
 
(1)
 
shall,
 
inter
 
alia
,
 
provide
 
for
—
 
(a)
 
the
 
transfer
 
of
 
all
 
the
 
assets,
 
contracts,
 
liabilities,
 
proceedings
 
and
 
undertakings
 
of
 
ADBP
 
to
 
the
 
Company;
 
(b)
 
 
the
 
allotment
 
of
 
shares
 
or
 
debentures
 
of
 
t
he
 
Company
 
to
 
the
 
shareholders
 
and
 
debenture
-
holders
 
of
 
ADBP,
 
as
 
the
 
case
 
may
 
be,
 
after
 
determining
 
the
 
net
 
asset
 
value
 
of
 
their
 
shareholding
 
in
 
ADBP
 
on
 
the
 
effective
 
date;
 
(c)
 
 
such
 
incidental,
 
consequential
 
and
 
supplemental
 
matters
 
as
 
are
 
necessary
 
to
 
th
e
 
transfer
 
of
 
assets,
 
contracts,
 
liabilities,
 
proceedings
 
and
 
undertakings
 
under
 
this
 
Ordinance;
 
and
 
(d)
 
 
the
 
dissolution
 
of
 
ADBP
 
from
 
the
 
effective
 
date.
 
 
Page 
4
 
of 
5
 
 
(3)
 
The
 
value
 
ascribed
 
to
 
the
 
assets
 
and
 
liabilities
 
transfer
red
 
to,
 
and
 
vested
 
in,
 
the
 
Company
 
shall
 
r
epresent
 
the
 
net
 
value
 
of
 
assets
 
for
 
taxation,
 
depreciation
 
or
 
any
 
other
 
purposes.
 
(4)
 
Notwithstanding
 
anything
 
in
 
the
 
Stamp
 
Act,
 
1899
 
(II
 
of
 
1899),
 
no
 
stamp
 
duty
 
or
 
any
 
other
 
charges
 
shall
 
be
 
payable
 
by
 
the
 
Company
 
under
 
any
 
law
 
for
 
the
 
time
 
being
 
in
 
fo
rc
e
 
for
 
the
 
transfer
 
and
 
vesting
 
of
 
the
 
assets,
 
contracts,
 
liabilities,
 
proceedings
 
or
 
undertaking
s
 
of
 
ADBP
 
to
 
the
 
Company
 
or
 
any
 
share
 
or
 
securities
 
issued
 
by
 
the
 
company
 
in
 
favour
 
of
 
the
 
shareholders
 
or
 
debenture
-
holders
 
of
 
ADBP.
 
(5)
 
Notwithstanding
 
the
 
pr
ovisions
 
of
 
section
 
146
 
of
 
the
 
Companies
 
Ordinance,
 
1984
 
(XLVII
 
of
 
1984),
 
the
 
Company
 
shall,
 
upon
 
transfer,
 
continue,
 
all
 
undertakings
 
of
 
ADBP
 
as
 
were
 
being
 
carried
 
on
 
immediately
 
prior
 
to
 
the
 
effective
 
date.
 
5.
 
Continuation
 
of
 
receiving
 
deposits
 
and
 
oth
er
 
business.
—
 
(1)
 
Notwithstanding
 
anything
 
contained
 
in
 
any
 
other
 
law
 
for
 
the
 
time
 
being
 
in
 
force,
 
the
 
Company
 
shall
 
take
 
and
 
maintain
 
existing
 
deposits,
 
continue
 
lending
 
and
 
to
 
do
 
any
 
other
 
business,
 
which
 
were
 
being
 
undertaken
 
by
 
ADBP
 
without
 
prejudice
 
t
o
 
its
 
application
 
to
 
the
 
State
 
Bank
 
of
 
Pakistan
 
for
 
a
 
licence
 
to
 
transact
 
banking
 
business.
 
(2)
 
The
 
Company
 
shall
 
be
 
authorised
 
to
 
use
 
the
 
word
 
“
bank
”
 
or
 
any
 
of
 
its
 
derivatives
 
as
 
a
 
part
 
of
 
its
 
name.
 
Explanation
.
—
For
 
the
 
purpose
 
of
 
this
 
section
 
the
 
express
io
n
 
“
existing
 
deposits
”
 
means
 
deposits
 
received
 
by
 
the
 
company
 
as
 
a
 
part
 
of
 
the
 
transfer.
 
6.
 
Continuation
 
in
 
service
 
of
 
the
 
company.
—
 
(1)
 
The
 
employees
 
of
 
ADBP
 
who
 
were
 
in
 
the
 
service
 
of
 
ADBP
 
before
 
the
 
effective
 
date
 
shall
 
stand
 
transferred
 
to
 
and
 
become
 
th
e
 
employees
 
of
 
the
 
Company
 
as
 
of
 
the
 
effective
 
date
 
on
 
the
 
same
 
terms
 
and
 
conditions
 
and
 
shall
 
be
 
subject
 
to
 
the
 
same
 
rules
 
and
 
regulations
 
as
 
were
 
applicable
 
to
 
them
 
before
 
the
 
effective
 
date.
 
(2)
 
Notwithstanding
 
anything
 
contained
 
in
 
law,
 
contract,
 
agr
ee
ment
 
or
 
the
 
conditions
 
of
 
service
 
no
 
person
 
transferred
 
to
 
the
 
Company
 
in
 
pursuant
 
to
 
sub
-
section
 
(1)
 
shall
 
be
 
entitled
 
to
 
any
 
compensation
 
by
 
reason
 
of
 
such
 
transfer.
 
7.
 
Contracts
 
and
 
proceedings.
—
 
(1)
 
All
 
agreements
 
and
 
contracts
 
to
 
which
 
ADBP
 
may
 
have
 
b
een
 
a
 
party
 
or
 
beneficiary,
 
subsisting
 
immediately
 
before
 
the
 
effective
 
date,
 
shall
 
be
 
deemed
 
to
 
have
 
been
 
made
 
by
 
the
 
Company.
 
(2)
 
All
 
proceedings
 
by
 
or
 
against
 
or
 
relating
 
to
 
ADBP,
 
pending
 
on
 
the
 
effective
 
date,
 
before
 
any
 
c
ourt,
 
tribunal,
 
arbitrator
 
o
r
 
other
 
forum
 
shall
 
be
 
recovered,
 
continued,
 
prosecuted,
 
defended,
 
enforced
 
and
 
executed
 
by
 
the
 
C
ompany
 
in
 
the
 
same
 
manner
 
as
 
would
 
have
 
been
 
recovered,
 
continued,
 
prosecuted,
 
defended,
 
enforced
 
and
 
executed
 
by
 
ADBP
 
under
 
the
 
Agricultural
 
Development
 
Bank
 
Or
dinance,
 
1961
 
(IV
 
of
 
1961)
 
and
 
relevant
 
provisions
 
of
 
the
 
said
 
Ordinance,
 
mutatis
 
mutandis,
 
shall
 
continue
 
to
 
apply
 
to
 
these
 
proceedings
 
notwithstanding
 
the
 
repeal
 
of
 
the
 
said
 
Ordinance.
 
 
 
 
 
Page 
5
 
of 
5
 
 
1
[(3) Notwithstanding anything contained in any other law for th
e 
time being in force, for the 
period of three years from the effective date, all sums due to the Company shall, in addition to any 
other mode of recovery, be recoverable as arrears of land revenue.]
 
8.
 
Bar
 
of
 
jurisdiction
 
and
 
indemnity
.
—
 
(1)
 
No
 
c
ourt,
 
tri
bu
nal
 
or
 
any
 
authority
 
shall
 
question
 
anything
 
done,
 
order
 
made,
 
step
 
or
 
action
 
taken
 
or
 
purported
 
to
 
be
 
made,
 
done
 
or
 
taken
 
which
 
is
 
in
 
good
 
faith,
 
done,
 
made
 
or
 
taken
 
under
 
this
 
Ordinance.
 
(2)
 
No
 
suit,
 
prosecution
 
or
 
other
 
legal
 
proceedings
 
or
 
action
 
sha
ll
 
lie
 
against
 
the
 
Federal
 
Government,
 
ADBP,
 
the
 
Company
 
or
 
any
 
other
 
person
 
for
 
anything
 
which
 
is
 
in
 
good
 
faith
 
done
 
or
 
intended
 
to
 
be
 
done
 
under
 
this
 
Ordinance
 
or
 
any
 
rule
 
or
 
order
 
trade
 
thereunder.
 
9.
 
Power
 
to
 
make
 
rules.
—
 
The
 
Federal
 
Government
 
may,
 
by
 
n
otification
 
in
 
the
 
official
 
Gazette,
 
make
 
rules
 
for
 
conveying
 
out
 
the
 
purposes
 
of
 
this
 
Ordinance.
 
10.
 
Overriding
 
effect.
—
 
The
 
provisions
 
of
 
this
 
Ordinance
 
and
 
any
 
rules
 
or
 
order
 
made
 
thereunder
 
shall
 
have
 
effect
 
notwithstanding
 
anything
 
contained
 
in
 
any
 
ot
her
 
law
 
for
 
the
 
time
 
being
 
in
 
force,
 
or
 
in
 
any
 
agreement,
 
contract,
 
decree,
 
order
 
or
 
any
 
other
 
instrument
 
whatsoever.
 
11.
 
Removal
 
of
 
difficulties.
—
 
If
 
any
 
difficulty
 
arises
 
in
 
giving
 
effect
 
to
 
any
 
provisions
 
of
 
this
 
Ordinance,
 
the
 
Federal
 
Government
 
may
 
ma
ke
 
such
 
orders,
 
not
 
inconsistent
 
with
 
the
 
provisions
 
of
 
this
 
Ordinance,
 
as
 
may
 
appear
 
to
 
it,
 
to
 
be
 
necessary
 
for
 
the
 
purpose
 
of
 
removing
 
the
 
difficulty.
 
12.
 
Repeal.
—
 
Immediately
 
after
 
the
 
dissolution
 
of
 
the
 
ABDP
 
in
 
pursuance
 
of
 
clause
 
(d)
 
of
 
sub
-
section
 
(2
)
 
of
 
section
 
4
 
the
 
Agricultural
 
Development
 
Bank
 
Ordinance,
 
1961
 
(IV
 
of
 
1961),
 
shall
 
stand
 
repealed
 
from
 
the
 
effective
 
date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
Added by Agricultural Development Bank of Pakistan (Reorganization and Conversion) (amendment) Ordinance, 
2002 (CXXXV), s. 2.