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  "schema_version": "qanun-law-text/1",
  "id": "pk-code-c42e8752d1eeb3df",
  "title": "Agricultural Development Bank of Pakistan (Reorganization and Conversion) Ordinance, 2002",
  "source_collection": "Federal",
  "content_kind": "stored_law_text",
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  "source_url": "https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2FuZ58%3D-sg-jjjjjjjjjjjjj",
  "version": null,
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  "text": "Up\r\ndated \r\ntill 19.04.2023\r\n \r\n \r\n \r\nTHE AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN\r\n \r\n(REORGANIZATION AND CONVERSION) O\r\nRDINANCE, 2002\r\n \r\n \r\nCONTENTS\r\n \r\n \r\n1. \r\n \r\nShort title, extent and commencement.\r\n \r\n2.\r\n \r\nDefinitions.\r\n \r\n3. \r\n \r\nRegistration of the company.\r\n \r\n4. \r\n \r\nTransfer and vesting of assets, \r\ncontracts, liabilit\r\ni\r\nes, proceedings and undertakings.\r\n \r\n5. \r\n \r\nContinuation of receiving deposits and other business.\r\n \r\n6. \r\n \r\nContinuation in service of the company.\r\n \r\n7. \r\n \r\nContracts and proceedings.\r\n \r\n8. \r\n \r\nBar of jurisdiction and indemnity.\r\n \r\n9. \r\n \r\nPower to make rules.\r\n \r\n10. \r\n \r\nOverriding effect.\r\n \r\n11. \r\n \r\nRemoval of difficulties.\r\n \r\n12. \r\n \r\nRepeal.\r\n \r\n \r\nPage \r\n2\r\n \r\nof \r\n5\r\n \r\n \r\nTHE \r\nAGRICULTURAL\r\n \r\nDEVELOPMENT\r\n \r\nBANK\r\n \r\nOF\r\n \r\nPAKISTAN\r\n \r\n(RE\r\n-\r\nORGANIZATION\r\n \r\nAND\r\n \r\nCONVERSION)\r\n \r\nORDINANCE,\r\n \r\n2002\r\n \r\nORDINANCE\r\n \r\nNo.\r\n \r\nLX\r\n \r\nOF\r\n \r\n2002\r\n \r\n \r\nAN \r\n \r\nORDINANCE \r\n \r\nto provide for reorganization and conversion of the Agri\r\ncultural Developmen\r\nt\r\n \r\nBank of\r\n \r\nPakistan\r\n \r\ninto \r\na public limited company incorporated under the Companies Ordinance, 1984\r\n \r\nWHEREAS\r\n \r\nit is expedient to provide for reorganization and the conversion of Agricultural \r\nDevelopment Bank of Pakistan into a public limited\r\n \r\ncompany for ensuri\r\nn\r\ng good governance, \r\nautonomy, delivering high quality and viable financial services to a greater number of rural clientele \r\nand adequate returns to the stake\r\n-\r\nholders and also for taking over the entire undertaking\r\ns\r\n \r\nof the said \r\nBank and fo\r\nr matters connected\r\n \r\ntherewith or incidental thereto;\r\n \r\n \r\nAND WHEREAS\r\n, the President is satisfied that circumstances exist which render it \r\nnecessary to take immediate action;\r\n \r\n \r\nNOW, THEREFORE\r\n, in pursuance of the Proclamation of Emergency of the Fourteenth \r\nday \r\nof October, 1999, a\r\nn\r\nd the Provisional Constitution\r\nal\r\n \r\nOrder No. 1 of 1999, read with the \r\nProvisional Constitution (Amendment) Order No. 9 of 1999, and in\r\n \r\nthe \r\nexercise of all powers \r\nenabling him in that behalf, the President of the Islamic Republic of Pakist\r\nan is pleased to ma\r\nk\r\ne and \r\npromulgate the following Ordinance:\r\n \r\n1.\r\n \r\nShort\r\n \r\ntitle\r\n, extent\r\n \r\nand\r\n \r\ncommencement.\r\n—\r\n \r\n(1)\r\n \r\nThis\r\n \r\nOrdinance\r\n \r\nmay\r\n \r\nbe\r\n \r\ncalled\r\n \r\nthe\r\n \r\nAgricultural\r\n \r\nDevelopment\r\n \r\nBank\r\n \r\nof\r\n \r\nPakistan\r\n \r\n(Reorganization\r\n \r\nand\r\n \r\nConversion)\r\n \r\nOrdinance,\r\n \r\n2002.\r\n \r\n \r\n(2)\r\n \r\nIt\r\n \r\nextends to the whole of Pakistan.\r\n \r\n(3)\r\n \r\nIt\r\n \r\nshall\r\n \r\ncome\r\n \r\ninto\r\n \r\nforce\r\n \r\nat\r\n \r\nonce.\r\n \r\n2.\r\n \r\nD\r\ne\r\nfinitions.\r\n—\r\n \r\n(1)\r\n \r\nIn\r\n \r\nthis\r\n \r\nOrdinance,\r\n \r\nunless\r\n \r\nthere\r\n \r\nis\r\n \r\nanything\r\n \r\nrepugnant\r\n \r\nin\r\n \r\nthe\r\n \r\nsubject\r\n \r\nor\r\n \r\ncontext,\r\n \r\n(a)\r\n \r\n“\r\nADBP\r\n”\r\n \r\nmeans\r\n \r\nthe\r\n \r\nAgricultural\r\n \r\nDevelopment\r\n \r\nBank\r\n \r\nof\r\n \r\nPakistan\r\n \r\nestablished\r\n \r\nunder\r\n \r\nthe\r\n \r\nAgricultural\r\n \r\nDevelopment\r\n \r\nBank\r\n \r\nOrdinance,\r\n \r\n1961\r\n \r\n(IV\r\n \r\nof\r\n \r\n1961);\r\n \r\n(b)\r\n \r\n“\r\nassets\r\n”\r\n \r\nm\r\neans\r\n \r\nrights,\r\n \r\npowers\r\n \r\nof\r\n \r\nevery\r\n \r\ndescription\r\n \r\nand\r\n \r\nincludes\r\n \r\nall\r\n \r\nproperties,\r\n \r\nmovable\r\n \r\nor\r\n \r\nimmovable,\r\n \r\ntangible\r\n \r\nor\r\n \r\nintangible,\r\n \r\nmortgages,\r\n \r\ncharges\r\n \r\nand\r\n \r\nclaims,\r\n \r\ncash\r\n \r\nand\r\n \r\nbank\r\n \r\nbalance\r\ns\r\n,\r\n \r\nadvances,\r\n \r\nreserve\r\n \r\nfunds,\r\n \r\ninvestments\r\n \r\nand\r\n \r\nall\r\n \r\nother\r\n \r\ninterest\r\n \r\nor\r\n \r\nrights\r\n \r\nin\r\n \r\nthe\r\n \r\nname\r\n \r\nof\r\n \r\nADBP,\r\n \r\nas\r\n \r\nthe\r\n \r\ncase\r\n \r\nmay\r\n \r\nbe;\r\n \r\n(c)\r\n \r\n \r\n“\r\nCompany\r\n”\r\n \r\nmeans\r\n \r\nthe\r\n \r\nCompany\r\n \r\nformed\r\n \r\nand\r\n \r\nregistered\r\n \r\npursuant\r\n \r\nto\r\n \r\nsection\r\n \r\n3;\r\n \r\n(d)\r\n \r\n \r\n“\r\ncontracts\r\n”\r\n \r\nmean\r\n \r\nall\r\n \r\ncontracts,\r\n \r\nagreements,\r\n \r\nbonds,\r\n \r\nguarantees,\r\n \r\nindemnities,\r\n \r\nrepresentations,\r\n \r\nobligations,\r\n \r\nundertakings\r\n \r\na\r\nnd\r\n \r\nother\r\n \r\nlegal\r\n \r\ndocuments\r\n \r\na\r\nn\r\nd\r\n \r\ninstruments\r\n \r\nof\r\n \r\nevery\r\n \r\ndescription\r\n \r\nexecuted\r\n \r\nby\r\n \r\nor\r\n \r\non\r\n \r\nbehalf\r\n \r\nof\r\n \r\nADBP,\r\n \r\nincluding\r\n \r\nemployment,\r\n \r\ninvestment,\r\n \r\nsales,\r\n \r\nand\r\n \r\nfinancial\r\n \r\ncontracts\r\n \r\nwith\r\n \r\nwhomsoever;\r\n \r\n \r\nPage \r\n3\r\n \r\nof \r\n5\r\n \r\n \r\n(e)\r\n \r\n“\r\ndeposits\r\n”\r\n \r\nmean\r\n \r\nthe\r\n \r\ndeposits\r\n \r\nreceived\r\n \r\nby\r\n \r\nADBP\r\n \r\nduring\r\n \r\nthe\r\n \r\ncourse\r\n \r\nof\r\n \r\nits\r\n \r\nbusiness;\r\n \r\n(f)\r\n \r\n \r\n“\r\neffective\r\n \r\ndat\r\ne\r\n”\r\n \r\nmeans\r\n \r\nthe\r\n \r\ndate\r\n \r\nspecified\r\n \r\nin\r\n \r\nthe\r\n \r\norder\r\n \r\nissued\r\n \r\nunder\r\n \r\nsub\r\n-\r\nsection\r\n \r\n(1)\r\n \r\nof\r\n \r\nsection\r\n \r\n4;\r\n \r\n(g)\r\n \r\n \r\n“\r\nliabilities\r\n”\r\n \r\nmean\r\n \r\nall\r\n \r\nliabilities\r\n \r\nlawfully\r\n \r\nincurred\r\n \r\nby\r\n \r\nADBP\r\n \r\nand\r\n \r\nincludes\r\n \r\nall\r\n \r\ndebts,\r\n \r\nliabilities,\r\n \r\nobligations\r\n \r\nand\r\n \r\nduties\r\n \r\nof\r\n \r\nevery\r\n \r\nkind\r\n \r\nimposed\r\n \r\nthereon;\r\n \r\n(h)\r\n \r\n \r\n“\r\nOrder\r\n”\r\n \r\nme\r\na\r\nns\r\n \r\nan\r\n \r\norder\r\n \r\nmade\r\n \r\nby\r\n \r\nthe\r\n \r\nFederal\r\n \r\nGovernment\r\n \r\nunder\r\n \r\nsub\r\n-\r\nsection\r\n \r\n(1)\r\n \r\nof\r\n \r\nsection\r\n \r\n4;\r\n \r\n(i)\r\n \r\n \r\n“\r\nproceedings\r\n”\r\n \r\ninclude\r\n \r\napplications,\r\n \r\nappeals,\r\n \r\nawards,\r\n \r\npetition\r\ns\r\n \r\nreviews\r\n \r\nand\r\n \r\nrevisions\r\n \r\nf\r\niled\r\n \r\nor\r\n \r\npending\r\n \r\nin\r\n \r\nan\r\ny\r\n \r\nsuit,\r\n \r\narbitration\r\n \r\nor\r\n \r\nother\r\n \r\nlegal\r\n \r\nor\r\n \r\nadministrative\r\n \r\nproceedings\r\n;\r\n \r\n(j)\r\n \r\n \r\n“\r\ntransfer\r\n”\r\n \r\nmeans\r\n \r\nthe\r\n \r\ntransfer\r\n \r\nof\r\n \r\nassets,\r\n \r\ncontracts,\r\n \r\ndeposits,\r\n \r\nliabilities,\r\n \r\nproceedings\r\n \r\nand\r\n \r\nundertakings\r\n \r\nof\r\n \r\nADBP,\r\n \r\nas\r\n \r\nthe\r\n \r\ncase\r\n \r\nmay\r\n \r\nbe;\r\n \r\nand\r\n \r\n(k)\r\n \r\n \r\n“\r\nundertaking\r\n”\r\n \r\nincludes\r\n \r\nall\r\n \r\nprojects\r\n,\r\n \r\nventure\r\ns\r\n \r\nand\r\n \r\nany\r\n \r\nother\r\n \r\noperations,\r\n \r\nundertaken\r\n \r\nby\r\n \r\nADBP\r\n \r\nin\r\n \r\ncollaboration\r\n \r\nwith\r\n \r\nsome\r\n \r\nother\r\n \r\nperson.\r\n \r\n(2)\r\n \r\nAll\r\n \r\nexpressions\r\n \r\nand\r\n \r\nwords\r\n \r\nused\r\n \r\nbut\r\n \r\nnot\r\n \r\ndefined\r\n \r\nin\r\n \r\nthis\r\n \r\nOrdinance\r\n \r\nshall\r\n \r\nhave\r\n \r\nthe\r\n \r\nsame\r\n \r\nmeanings\r\n \r\nas\r\n \r\nin\r\n \r\nthe\r\n \r\nCompanies\r\n \r\nOrdinance,\r\n \r\n1984\r\n \r\n(XLVII\r\n \r\nof\r\n \r\n1984).\r\n \r\n3.\r\n \r\nRegistration\r\n \r\nof\r\n \r\nthe\r\n \r\ncompany.\r\n—\r\nAs\r\n \r\nsoon\r\n \r\nas\r\n \r\nmay\r\n \r\nbe,\r\n \r\nafter\r\n \r\nthe\r\n \r\ncommencement\r\n \r\nof\r\n \r\nthi\r\ns\r\n \r\nOrdinance,\r\n \r\nthe\r\n \r\nFederal\r\n \r\nGovernment\r\n \r\nshall,\r\n \r\nin\r\n \r\naccordance\r\n \r\nwith\r\n \r\nthe\r\n \r\nprovisions\r\n \r\nof\r\n \r\nthis\r\n \r\nOrdinance\r\n \r\nand\r\n \r\nin\r\n \r\nconsultation\r\n \r\nwith\r\n \r\nthe\r\n \r\nshare\r\n-\r\nholders\r\n \r\nof\r\n \r\nADBP,\r\n \r\ntake\r\n \r\nsteps\r\n \r\nfor\r\n \r\nthe\r\n \r\nconversion\r\n \r\nof\r\n \r\nthe\r\n \r\nADBP,\r\n \r\nexisting\r\n \r\nimmediately\r\n \r\nbefore\r\n \r\nsuch\r\n \r\ncommencement\r\n \r\ninto\r\n \r\na\r\n \r\npublic\r\n \r\nlimite\r\nd\r\n \r\ncompany\r\n \r\nunder\r\n \r\nthe\r\n \r\nCompanies\r\n \r\nOrdinance,\r\n \r\n1984\r\n \r\n(XLVII\r\n \r\nof\r\n \r\n1984).\r\n \r\n \r\n4.\r\n \r\nTransfer\r\n \r\nand\r\n \r\nvesting\r\n \r\nof\r\n \r\nassets,\r\n \r\ncontracts,\r\n \r\nliabilities,\r\n \r\nproceedings\r\n \r\nand\r\n \r\nundertakin\r\ngs.\r\n—\r\n \r\n \r\n(1)\r\n \r\nAfter\r\n \r\nthe\r\n \r\nregistration\r\n \r\nof\r\n \r\nthe\r\n \r\nCompany,\r\n \r\nthe\r\n \r\nFederal\r\n \r\nGovernment\r\n \r\nshall\r\n \r\nby\r\n \r\nan\r\n \r\norder\r\n,\r\n \r\npublished\r\n \r\nin\r\n \r\nthe\r\n \r\nO\r\nfficial\r\n \r\nGazette,\r\n \r\ndirect\r\n \r\nthat\r\n \r\nall\r\n \r\nthe\r\n \r\nassets,\r\n \r\ncontracts,\r\n \r\nliabilities,\r\n \r\nproceedings\r\n \r\nand\r\n \r\nundertakings\r\n \r\nof\r\n \r\nADBP\r\n \r\nstand\r\n \r\ntransferred\r\n \r\nto,\r\n \r\nvest\r\n \r\nin\r\n \r\nthe\r\n \r\nCompany\r\n \r\nfrom\r\n \r\nthe\r\n \r\ndate\r\n \r\nspecified\r\n \r\ntherein,\r\n \r\nupon\r\n \r\nsuch\r\n \r\nterms\r\n \r\nand\r\n \r\nconditions\r\n \r\nas\r\n \r\nmay\r\n \r\nbe\r\n \r\ndetermined\r\n \r\nby\r\n \r\nthe\r\n \r\nFederal\r\n \r\nGovern\r\nme\r\nnt\r\n \r\nin\r\n \r\nthis\r\n \r\nbehalf.\r\n \r\n(2)\r\n \r\nThe\r\n \r\nOrder\r\n \r\nissued\r\n \r\nunder\r\n \r\nsub\r\n-\r\nsection\r\n \r\n(1)\r\n \r\nshall,\r\n \r\ninter\r\n \r\nalia\r\n,\r\n \r\nprovide\r\n \r\nfor\r\n—\r\n \r\n(a)\r\n \r\nthe\r\n \r\ntransfer\r\n \r\nof\r\n \r\nall\r\n \r\nthe\r\n \r\nassets,\r\n \r\ncontracts,\r\n \r\nliabilities,\r\n \r\nproceedings\r\n \r\nand\r\n \r\nundertakings\r\n \r\nof\r\n \r\nADBP\r\n \r\nto\r\n \r\nthe\r\n \r\nCompany;\r\n \r\n(b)\r\n \r\n \r\nthe\r\n \r\nallotment\r\n \r\nof\r\n \r\nshares\r\n \r\nor\r\n \r\ndebentures\r\n \r\nof\r\n \r\nt\r\nhe\r\n \r\nCompany\r\n \r\nto\r\n \r\nthe\r\n \r\nshareholders\r\n \r\nand\r\n \r\ndebenture\r\n-\r\nholders\r\n \r\nof\r\n \r\nADBP,\r\n \r\nas\r\n \r\nthe\r\n \r\ncase\r\n \r\nmay\r\n \r\nbe,\r\n \r\nafter\r\n \r\ndetermining\r\n \r\nthe\r\n \r\nnet\r\n \r\nasset\r\n \r\nvalue\r\n \r\nof\r\n \r\ntheir\r\n \r\nshareholding\r\n \r\nin\r\n \r\nADBP\r\n \r\non\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate;\r\n \r\n(c)\r\n \r\n \r\nsuch\r\n \r\nincidental,\r\n \r\nconsequential\r\n \r\nand\r\n \r\nsupplemental\r\n \r\nmatters\r\n \r\nas\r\n \r\nare\r\n \r\nnecessary\r\n \r\nto\r\n \r\nth\r\ne\r\n \r\ntransfer\r\n \r\nof\r\n \r\nassets,\r\n \r\ncontracts,\r\n \r\nliabilities,\r\n \r\nproceedings\r\n \r\nand\r\n \r\nundertakings\r\n \r\nunder\r\n \r\nthis\r\n \r\nOrdinance;\r\n \r\nand\r\n \r\n(d)\r\n \r\n \r\nthe\r\n \r\ndissolution\r\n \r\nof\r\n \r\nADBP\r\n \r\nfrom\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate.\r\n \r\n \r\nPage \r\n4\r\n \r\nof \r\n5\r\n \r\n \r\n(3)\r\n \r\nThe\r\n \r\nvalue\r\n \r\nascribed\r\n \r\nto\r\n \r\nthe\r\n \r\nassets\r\n \r\nand\r\n \r\nliabilities\r\n \r\ntransfer\r\nred\r\n \r\nto,\r\n \r\nand\r\n \r\nvested\r\n \r\nin,\r\n \r\nthe\r\n \r\nCompany\r\n \r\nshall\r\n \r\nr\r\nepresent\r\n \r\nthe\r\n \r\nnet\r\n \r\nvalue\r\n \r\nof\r\n \r\nassets\r\n \r\nfor\r\n \r\ntaxation,\r\n \r\ndepreciation\r\n \r\nor\r\n \r\nany\r\n \r\nother\r\n \r\npurposes.\r\n \r\n(4)\r\n \r\nNotwithstanding\r\n \r\nanything\r\n \r\nin\r\n \r\nthe\r\n \r\nStamp\r\n \r\nAct,\r\n \r\n1899\r\n \r\n(II\r\n \r\nof\r\n \r\n1899),\r\n \r\nno\r\n \r\nstamp\r\n \r\nduty\r\n \r\nor\r\n \r\nany\r\n \r\nother\r\n \r\ncharges\r\n \r\nshall\r\n \r\nbe\r\n \r\npayable\r\n \r\nby\r\n \r\nthe\r\n \r\nCompany\r\n \r\nunder\r\n \r\nany\r\n \r\nlaw\r\n \r\nfor\r\n \r\nthe\r\n \r\ntime\r\n \r\nbeing\r\n \r\nin\r\n \r\nfo\r\nrc\r\ne\r\n \r\nfor\r\n \r\nthe\r\n \r\ntransfer\r\n \r\nand\r\n \r\nvesting\r\n \r\nof\r\n \r\nthe\r\n \r\nassets,\r\n \r\ncontracts,\r\n \r\nliabilities,\r\n \r\nproceedings\r\n \r\nor\r\n \r\nundertaking\r\ns\r\n \r\nof\r\n \r\nADBP\r\n \r\nto\r\n \r\nthe\r\n \r\nCompany\r\n \r\nor\r\n \r\nany\r\n \r\nshare\r\n \r\nor\r\n \r\nsecurities\r\n \r\nissued\r\n \r\nby\r\n \r\nthe\r\n \r\ncompany\r\n \r\nin\r\n \r\nfavour\r\n \r\nof\r\n \r\nthe\r\n \r\nshareholders\r\n \r\nor\r\n \r\ndebenture\r\n-\r\nholders\r\n \r\nof\r\n \r\nADBP.\r\n \r\n(5)\r\n \r\nNotwithstanding\r\n \r\nthe\r\n \r\npr\r\novisions\r\n \r\nof\r\n \r\nsection\r\n \r\n146\r\n \r\nof\r\n \r\nthe\r\n \r\nCompanies\r\n \r\nOrdinance,\r\n \r\n1984\r\n \r\n(XLVII\r\n \r\nof\r\n \r\n1984),\r\n \r\nthe\r\n \r\nCompany\r\n \r\nshall,\r\n \r\nupon\r\n \r\ntransfer,\r\n \r\ncontinue,\r\n \r\nall\r\n \r\nundertakings\r\n \r\nof\r\n \r\nADBP\r\n \r\nas\r\n \r\nwere\r\n \r\nbeing\r\n \r\ncarried\r\n \r\non\r\n \r\nimmediately\r\n \r\nprior\r\n \r\nto\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate.\r\n \r\n5.\r\n \r\nContinuation\r\n \r\nof\r\n \r\nreceiving\r\n \r\ndeposits\r\n \r\nand\r\n \r\noth\r\ner\r\n \r\nbusiness.\r\n—\r\n \r\n(1)\r\n \r\nNotwithstanding\r\n \r\nanything\r\n \r\ncontained\r\n \r\nin\r\n \r\nany\r\n \r\nother\r\n \r\nlaw\r\n \r\nfor\r\n \r\nthe\r\n \r\ntime\r\n \r\nbeing\r\n \r\nin\r\n \r\nforce,\r\n \r\nthe\r\n \r\nCompany\r\n \r\nshall\r\n \r\ntake\r\n \r\nand\r\n \r\nmaintain\r\n \r\nexisting\r\n \r\ndeposits,\r\n \r\ncontinue\r\n \r\nlending\r\n \r\nand\r\n \r\nto\r\n \r\ndo\r\n \r\nany\r\n \r\nother\r\n \r\nbusiness,\r\n \r\nwhich\r\n \r\nwere\r\n \r\nbeing\r\n \r\nundertaken\r\n \r\nby\r\n \r\nADBP\r\n \r\nwithout\r\n \r\nprejudice\r\n \r\nt\r\no\r\n \r\nits\r\n \r\napplication\r\n \r\nto\r\n \r\nthe\r\n \r\nState\r\n \r\nBank\r\n \r\nof\r\n \r\nPakistan\r\n \r\nfor\r\n \r\na\r\n \r\nlicence\r\n \r\nto\r\n \r\ntransact\r\n \r\nbanking\r\n \r\nbusiness.\r\n \r\n(2)\r\n \r\nThe\r\n \r\nCompany\r\n \r\nshall\r\n \r\nbe\r\n \r\nauthorised\r\n \r\nto\r\n \r\nuse\r\n \r\nthe\r\n \r\nword\r\n \r\n“\r\nbank\r\n”\r\n \r\nor\r\n \r\nany\r\n \r\nof\r\n \r\nits\r\n \r\nderivatives\r\n \r\nas\r\n \r\na\r\n \r\npart\r\n \r\nof\r\n \r\nits\r\n \r\nname.\r\n \r\nExplanation\r\n.\r\n—\r\nFor\r\n \r\nthe\r\n \r\npurpose\r\n \r\nof\r\n \r\nthis\r\n \r\nsection\r\n \r\nthe\r\n \r\nexpress\r\nio\r\nn\r\n \r\n“\r\nexisting\r\n \r\ndeposits\r\n”\r\n \r\nmeans\r\n \r\ndeposits\r\n \r\nreceived\r\n \r\nby\r\n \r\nthe\r\n \r\ncompany\r\n \r\nas\r\n \r\na\r\n \r\npart\r\n \r\nof\r\n \r\nthe\r\n \r\ntransfer.\r\n \r\n6.\r\n \r\nContinuation\r\n \r\nin\r\n \r\nservice\r\n \r\nof\r\n \r\nthe\r\n \r\ncompany.\r\n—\r\n \r\n(1)\r\n \r\nThe\r\n \r\nemployees\r\n \r\nof\r\n \r\nADBP\r\n \r\nwho\r\n \r\nwere\r\n \r\nin\r\n \r\nthe\r\n \r\nservice\r\n \r\nof\r\n \r\nADBP\r\n \r\nbefore\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate\r\n \r\nshall\r\n \r\nstand\r\n \r\ntransferred\r\n \r\nto\r\n \r\nand\r\n \r\nbecome\r\n \r\nth\r\ne\r\n \r\nemployees\r\n \r\nof\r\n \r\nthe\r\n \r\nCompany\r\n \r\nas\r\n \r\nof\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate\r\n \r\non\r\n \r\nthe\r\n \r\nsame\r\n \r\nterms\r\n \r\nand\r\n \r\nconditions\r\n \r\nand\r\n \r\nshall\r\n \r\nbe\r\n \r\nsubject\r\n \r\nto\r\n \r\nthe\r\n \r\nsame\r\n \r\nrules\r\n \r\nand\r\n \r\nregulations\r\n \r\nas\r\n \r\nwere\r\n \r\napplicable\r\n \r\nto\r\n \r\nthem\r\n \r\nbefore\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate.\r\n \r\n(2)\r\n \r\nNotwithstanding\r\n \r\nanything\r\n \r\ncontained\r\n \r\nin\r\n \r\nlaw,\r\n \r\ncontract,\r\n \r\nagr\r\nee\r\nment\r\n \r\nor\r\n \r\nthe\r\n \r\nconditions\r\n \r\nof\r\n \r\nservice\r\n \r\nno\r\n \r\nperson\r\n \r\ntransferred\r\n \r\nto\r\n \r\nthe\r\n \r\nCompany\r\n \r\nin\r\n \r\npursuant\r\n \r\nto\r\n \r\nsub\r\n-\r\nsection\r\n \r\n(1)\r\n \r\nshall\r\n \r\nbe\r\n \r\nentitled\r\n \r\nto\r\n \r\nany\r\n \r\ncompensation\r\n \r\nby\r\n \r\nreason\r\n \r\nof\r\n \r\nsuch\r\n \r\ntransfer.\r\n \r\n7.\r\n \r\nContracts\r\n \r\nand\r\n \r\nproceedings.\r\n—\r\n \r\n(1)\r\n \r\nAll\r\n \r\nagreements\r\n \r\nand\r\n \r\ncontracts\r\n \r\nto\r\n \r\nwhich\r\n \r\nADBP\r\n \r\nmay\r\n \r\nhave\r\n \r\nb\r\neen\r\n \r\na\r\n \r\nparty\r\n \r\nor\r\n \r\nbeneficiary,\r\n \r\nsubsisting\r\n \r\nimmediately\r\n \r\nbefore\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate,\r\n \r\nshall\r\n \r\nbe\r\n \r\ndeemed\r\n \r\nto\r\n \r\nhave\r\n \r\nbeen\r\n \r\nmade\r\n \r\nby\r\n \r\nthe\r\n \r\nCompany.\r\n \r\n(2)\r\n \r\nAll\r\n \r\nproceedings\r\n \r\nby\r\n \r\nor\r\n \r\nagainst\r\n \r\nor\r\n \r\nrelating\r\n \r\nto\r\n \r\nADBP,\r\n \r\npending\r\n \r\non\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate,\r\n \r\nbefore\r\n \r\nany\r\n \r\nc\r\nourt,\r\n \r\ntribunal,\r\n \r\narbitrator\r\n \r\no\r\nr\r\n \r\nother\r\n \r\nforum\r\n \r\nshall\r\n \r\nbe\r\n \r\nrecovered,\r\n \r\ncontinued,\r\n \r\nprosecuted,\r\n \r\ndefended,\r\n \r\nenforced\r\n \r\nand\r\n \r\nexecuted\r\n \r\nby\r\n \r\nthe\r\n \r\nC\r\nompany\r\n \r\nin\r\n \r\nthe\r\n \r\nsame\r\n \r\nmanner\r\n \r\nas\r\n \r\nwould\r\n \r\nhave\r\n \r\nbeen\r\n \r\nrecovered,\r\n \r\ncontinued,\r\n \r\nprosecuted,\r\n \r\ndefended,\r\n \r\nenforced\r\n \r\nand\r\n \r\nexecuted\r\n \r\nby\r\n \r\nADBP\r\n \r\nunder\r\n \r\nthe\r\n \r\nAgricultural\r\n \r\nDevelopment\r\n \r\nBank\r\n \r\nOr\r\ndinance,\r\n \r\n1961\r\n \r\n(IV\r\n \r\nof\r\n \r\n1961)\r\n \r\nand\r\n \r\nrelevant\r\n \r\nprovisions\r\n \r\nof\r\n \r\nthe\r\n \r\nsaid\r\n \r\nOrdinance,\r\n \r\nmutatis\r\n \r\nmutandis,\r\n \r\nshall\r\n \r\ncontinue\r\n \r\nto\r\n \r\napply\r\n \r\nto\r\n \r\nthese\r\n \r\nproceedings\r\n \r\nnotwithstanding\r\n \r\nthe\r\n \r\nrepeal\r\n \r\nof\r\n \r\nthe\r\n \r\nsaid\r\n \r\nOrdinance.\r\n \r\n \r\n \r\n \r\n \r\nPage \r\n5\r\n \r\nof \r\n5\r\n \r\n \r\n1\r\n[(3) Notwithstanding anything contained in any other law for th\r\ne \r\ntime being in force, for the \r\nperiod of three years from the effective date, all sums due to the Company shall, in addition to any \r\nother mode of recovery, be recoverable as arrears of land revenue.]\r\n \r\n8.\r\n \r\nBar\r\n \r\nof\r\n \r\njurisdiction\r\n \r\nand\r\n \r\nindemnity\r\n.\r\n—\r\n \r\n(1)\r\n \r\nNo\r\n \r\nc\r\nourt,\r\n \r\ntri\r\nbu\r\nnal\r\n \r\nor\r\n \r\nany\r\n \r\nauthority\r\n \r\nshall\r\n \r\nquestion\r\n \r\nanything\r\n \r\ndone,\r\n \r\norder\r\n \r\nmade,\r\n \r\nstep\r\n \r\nor\r\n \r\naction\r\n \r\ntaken\r\n \r\nor\r\n \r\npurported\r\n \r\nto\r\n \r\nbe\r\n \r\nmade,\r\n \r\ndone\r\n \r\nor\r\n \r\ntaken\r\n \r\nwhich\r\n \r\nis\r\n \r\nin\r\n \r\ngood\r\n \r\nfaith,\r\n \r\ndone,\r\n \r\nmade\r\n \r\nor\r\n \r\ntaken\r\n \r\nunder\r\n \r\nthis\r\n \r\nOrdinance.\r\n \r\n(2)\r\n \r\nNo\r\n \r\nsuit,\r\n \r\nprosecution\r\n \r\nor\r\n \r\nother\r\n \r\nlegal\r\n \r\nproceedings\r\n \r\nor\r\n \r\naction\r\n \r\nsha\r\nll\r\n \r\nlie\r\n \r\nagainst\r\n \r\nthe\r\n \r\nFederal\r\n \r\nGovernment,\r\n \r\nADBP,\r\n \r\nthe\r\n \r\nCompany\r\n \r\nor\r\n \r\nany\r\n \r\nother\r\n \r\nperson\r\n \r\nfor\r\n \r\nanything\r\n \r\nwhich\r\n \r\nis\r\n \r\nin\r\n \r\ngood\r\n \r\nfaith\r\n \r\ndone\r\n \r\nor\r\n \r\nintended\r\n \r\nto\r\n \r\nbe\r\n \r\ndone\r\n \r\nunder\r\n \r\nthis\r\n \r\nOrdinance\r\n \r\nor\r\n \r\nany\r\n \r\nrule\r\n \r\nor\r\n \r\norder\r\n \r\ntrade\r\n \r\nthereunder.\r\n \r\n9.\r\n \r\nPower\r\n \r\nto\r\n \r\nmake\r\n \r\nrules.\r\n—\r\n \r\nThe\r\n \r\nFederal\r\n \r\nGovernment\r\n \r\nmay,\r\n \r\nby\r\n \r\nn\r\notification\r\n \r\nin\r\n \r\nthe\r\n \r\nofficial\r\n \r\nGazette,\r\n \r\nmake\r\n \r\nrules\r\n \r\nfor\r\n \r\nconveying\r\n \r\nout\r\n \r\nthe\r\n \r\npurposes\r\n \r\nof\r\n \r\nthis\r\n \r\nOrdinance.\r\n \r\n10.\r\n \r\nOverriding\r\n \r\neffect.\r\n—\r\n \r\nThe\r\n \r\nprovisions\r\n \r\nof\r\n \r\nthis\r\n \r\nOrdinance\r\n \r\nand\r\n \r\nany\r\n \r\nrules\r\n \r\nor\r\n \r\norder\r\n \r\nmade\r\n \r\nthereunder\r\n \r\nshall\r\n \r\nhave\r\n \r\neffect\r\n \r\nnotwithstanding\r\n \r\nanything\r\n \r\ncontained\r\n \r\nin\r\n \r\nany\r\n \r\not\r\nher\r\n \r\nlaw\r\n \r\nfor\r\n \r\nthe\r\n \r\ntime\r\n \r\nbeing\r\n \r\nin\r\n \r\nforce,\r\n \r\nor\r\n \r\nin\r\n \r\nany\r\n \r\nagreement,\r\n \r\ncontract,\r\n \r\ndecree,\r\n \r\norder\r\n \r\nor\r\n \r\nany\r\n \r\nother\r\n \r\ninstrument\r\n \r\nwhatsoever.\r\n \r\n11.\r\n \r\nRemoval\r\n \r\nof\r\n \r\ndifficulties.\r\n—\r\n \r\nIf\r\n \r\nany\r\n \r\ndifficulty\r\n \r\narises\r\n \r\nin\r\n \r\ngiving\r\n \r\neffect\r\n \r\nto\r\n \r\nany\r\n \r\nprovisions\r\n \r\nof\r\n \r\nthis\r\n \r\nOrdinance,\r\n \r\nthe\r\n \r\nFederal\r\n \r\nGovernment\r\n \r\nmay\r\n \r\nma\r\nke\r\n \r\nsuch\r\n \r\norders,\r\n \r\nnot\r\n \r\ninconsistent\r\n \r\nwith\r\n \r\nthe\r\n \r\nprovisions\r\n \r\nof\r\n \r\nthis\r\n \r\nOrdinance,\r\n \r\nas\r\n \r\nmay\r\n \r\nappear\r\n \r\nto\r\n \r\nit,\r\n \r\nto\r\n \r\nbe\r\n \r\nnecessary\r\n \r\nfor\r\n \r\nthe\r\n \r\npurpose\r\n \r\nof\r\n \r\nremoving\r\n \r\nthe\r\n \r\ndifficulty.\r\n \r\n12.\r\n \r\nRepeal.\r\n—\r\n \r\nImmediately\r\n \r\nafter\r\n \r\nthe\r\n \r\ndissolution\r\n \r\nof\r\n \r\nthe\r\n \r\nABDP\r\n \r\nin\r\n \r\npursuance\r\n \r\nof\r\n \r\nclause\r\n \r\n(d)\r\n \r\nof\r\n \r\nsub\r\n-\r\nsection\r\n \r\n(2\r\n)\r\n \r\nof\r\n \r\nsection\r\n \r\n4\r\n \r\nthe\r\n \r\nAgricultural\r\n \r\nDevelopment\r\n \r\nBank\r\n \r\nOrdinance,\r\n \r\n1961\r\n \r\n(IV\r\n \r\nof\r\n \r\n1961),\r\n \r\nshall\r\n \r\nstand\r\n \r\nrepealed\r\n \r\nfrom\r\n \r\nthe\r\n \r\neffective\r\n \r\ndate.\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\n1\r\nAdded by Agricultural Development Bank of Pakistan (Reorganization and Conversion) (amendment) Ordinance, \r\n2002 (CXXXV), s. 2.",
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