PUNJAB AGRICULTURAL DEVELOPMENT FINANCE CORPORATION (RECOVERY OF ARREARS) ACT, 1958

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THE PUNJAB AGRICULTURAL DEVELOPMENT FINANCE 
CORPORATION (RECOVERY OF ARREARS) ACT, 1958 
(XVIII of 1958) 
CONTENTS 
1. Short title, extent and commencement. 
2. Pledging of property to the Corporation and recovery of its dues. 
3. Repeal of West Pakistan Ordinance XII of 1957. 
 
 
TEXT 
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THE 
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[PUNJAB] AGRICULTURAL DEVELOPMENT FINANCE 
CORPORATION (RECOVERY OF ARREARS) ACT, 1958 
(XVIII of 1958) 
[23 April 1958] 
An 
Act 
to provide facilities to the Agricultural Development Finance Corporation for 
recovering its dues. 
Preamble.– WHEREAS it is necessary to provide facilities to the Agricultural 
Development Finance Corporation for recovering its dues; 
 It is hereby enacted as follows:– 
1. Short title, extent and commencement .– (1) This Act may be called the 
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[Punjab] Agricultural Development Finance Corporation (Recovery of Arrears) Act, 
1958. 
 
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[(2) It shall extend to the whole of the Province of 
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[the Punjab], except the 
Tribal Areas.] 
 (3) It shall come into force at once. 
2. Pledging of property to the Corporation and recovery of its dues .– (1) 
Notwithstanding anything contained in any other law for the time being in force it 
shall be lawful for any agricultural concern, as defined  in the Agricultural 
Development Finance Corporation Act, 1952
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 (hereinafter called the said Act) to 
pledge, mortgage, hypothecate or assign to the Agricultural Development Finance 
Corporation (hereinafter called the Corporation) established under the said  Act, any 
movable or immovable property, in order to secure a loan advanced or to be 
advanced by the Corporation under the said Act. 
 (2) The Corporation shall, in accordance with the provisions of the said 
Act, be competent to deal with and recover its du es by disposal of any property, 
                                                           
1For Statement of Objects and Reasons see Gazette of West Pakistan (Extraordinary), dated August  4, 1956, p. 766. This Act 
was passed by the West Pakistan Assembly on March  30, 1958, assented to by the Governor of West Pakistan on April  17, 
1958, published in the Gazette of West Pakistan (Extraordinary), dated April 23, 1958, pp. 617-618.  
This Act has been extended to the District of Karachi subject to certain modifications see the West Pakistan Laws (Extension to 
Karachi) Ordinance 1964 (VII of 1964), s. 2 read with Schedule (with effect from May 25, 1964).  
2Substituted for the words “West Pakistan” by the Punjab Laws (Adaptation) Order, 1974 (I of 19 74) (w.e.f. 14.8.1973), 
published in the Punjab Gazette (Extraordinary), dated November 20, 1974, pp.  1425-A-1425-PP, Article 2(1) read with  
Schedule, Part III, Serial No. 8.  
3Ibid.  
4Substituted by the West Pakistan Laws (Extension to Karachi) Ordinance, 1964 (VII of 1964), published in the Gazette of West 
Pakistan (Extraordinary), dated May 25, 1964, pp. 1679-1688, s. 2 read with Schedule, Serial No. 6. 
5Substituted for the words “West Pakistan” by the Punjab Laws (Adaptation) Order, 1974 (I of 19 74) (w.e.f. 14.8.1973), 
published in the Punjab Gazette (Extraordinary), dated November 20, 1974, pp.  1425-A-1425-PP, Article 2(1) r ead with  
Schedule, Part III, Serial No. 8.  
6XVII of 1952.  
pledged, mortgaged, hypothecated or assigned as aforesaid and nothing contained 
in any other law shall affect the rights or powers of the Corporation conferred on it 
under the provisions of the said Act, or affect anything d one or purported to be done 
thereunder. 
3. Repeal of West Pakistan Ordinance XII of 1957 .– The West Pakistan 
Agricultural Development Finance Corporation (Recovery of Arrears) Ordinance, 
1957
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 is hereby repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                           
1W.P. Ord. XII of 1957.