(Pb Act XV of 1973)
[13 August 1973]
An
Act to provide for the establishment of a Small Industries Corporation in the
Province of the Punjab
Preamble.— WHEREAS it is expedient to make provisions
for the establishment of a Corporation to succeed to the business, projects,
undertakings and properties of the defunct West Pakistan Small Industries
Corporation to the extent such business, projects, undertakings and properties
stand transferred to the Punjab Province on the dissolution of the West
Pakistan Small Industries Corporation by the West Pakistan Small Industries
Corporation (Dissolution) Ordinance, 1972, and for promoting the development of
Industries in the Province of the Punjab with particular reference to small and
cottage industries, and matters incidental and supplemental thereto;
It
is hereby enacted as follows:-
CHAPTER
I
PRELIMINARY
1. Short title, extent and commencement.— (1) This Act may be called the Punjab Small
Industries Corporation Act, 1973.
(2) It extends to the whole of the Province
of the Punjab.
(3) It shall
come into force at once and shall be deemed to have taken effect on and from
the day the Punjab Small Industries Corporation Ordinance, 1972 (Punjab
Ordinance No. XVIII of 1972), ceased to operate in accordance with the
provision of clause (2) of Article 135 of the Interim Constitution of the
Islamic Republic of Pakistan.
2. Definitions.— In this Act, unless there is anything
repugnant in the subject or context—
(a) “Board”
means the Board of Members of the Corporation;
(b) “borrower”
means any person or persons or body of persons whether incorporated or not, to
whom a loan is given by the Corporation or by a scheduled Bank on the guarantee
of the Corporation under this Act and includes the successors and assignees of
such person or persons or body of persons;
(c) “Corporation” means the Punjab Small
Industries Corporation established under this Act;
(d) “cottage
industry” means an industry which is carried on wholly or primarily with the
help of the members of the family as a whole time or part-time occupation;
(e) “Managing
Director” means the Managing Director of the Corporation;
(f) “Government”
means the Government of the Punjab;
(g) “Member”
means a Member of the Board and includes its Chairman;
(h) “other
industry” means any industry, other than cottage or small industry, approved by
the Government and set up or established in a small industries estate;
(i) “prescribed”
means prescribed by the rules;
(j) “regulations”
means regulations made under this Act;
(k) “rules”
means rules made under this Act;
(l) “Scheduled
Bank” means a bank for the time being included in the list of banks maintained
under sub-section (1) of section 37 of the State Bank of Pakistan Act, 1956;
[2][2][(m) “Small
Industry” means an industry engaged in the handicraft or manufacture of
consumer or producer goods, the value of the total fixed assets whereof
(excluding land & building) does not exceed rupees fifty lacs.]
(n) “small industries estate” means an estate
established and or managed by the Corporation to provide land and facilities
for the establishment and development of small, cottage and other industries;
(o) “specified”
means specified by regulations; and
(p) “State
Bank” means the State Bank of Pakistan.
CHAPTER
II
CONSTITUTION
OF THE CORPORATION
3. Constitution
of the Corporation.— (1) As soon as may be after the commencement of this
Act, there shall be established a Corporation to be known as “The Punjab Small
Industries Corporation.”
(2) The
Corporation shall be a body corporate, shall have the power to acquire and hold
property, both movable and immovable, subject to the provisions of this Act and
shall have perpetual succession and a common seal and shall by the said name sue
and be sued.
(3) The Head Office of the Corporation shall
be in Lahore.
4. Management.— (1) The administration and management of the
Corporation and its affairs shall vest in the Board which may exercise powers
and do all acts and things that may be exercised or done by the Corporation in
accordance with the provisions of this Act.
(2) The Board in discharging its functions,
shall act on commercial and national considerations and shall be guided by such
directions as the Government may give to it from time to time.
(3) Government may suspend the execution of
any such resolution or order of the Board as, in the opinion of Government,
contravenes the directions mentioned in sub-section (2), or prohibit the doing
of any act which is to be done or is being done in pursuance of the said
resolution or order, or if the act has been accomplished, order its
rectification in such manner as may be directed.
5. Board.— (1) Subject to the provisions of sub-section
(2), the Board shall consist of—
(1)
|
Minister
for Industries, Government of the Punjab.
|
Chairman
|
(2)
|
Additional Chief Secretary, Planning and Development
Department, Government of the Punjab.
|
Member
|
(3)
|
Secretary, Industries
Department, Government of the Punjab.
|
Member
|
(4)
|
Secretary, Finance Department, Government of the
Punjab.
|
Member
|
(5)
|
Managing Director, Punjab Small Industries
Corporation.
|
Member
|
(6)
|
Three non-official members to be nominated by the
Government, one of whom at least shall be a Banker or a Chartered Accountant
or a Management Consultant.
|
Members
|
(2) Government shall have the power to alter
the membership of the Board as and when considered necessary.
6. Managing Director.— (1) Government shall appoint a Managing
Director of the Corporation who shall be its chief executive.
(2) The Managing Director shall—
(a) be
a whole time officer of the Corporation;
(b) perform
such duties as may be specified or as the Board may assign to him;
(c) subject
to the provisions of sections 8, 9 and 10, hold office as Managing Director for
a term of three years and subject as aforesaid—
(i) shall remain in office as Managing Director thereafter until his
successor in that office is appointed; and
(ii) may be appointed to hold that office for such
further term as Government may, in appointing thereto, determine;
(d) receive
such salary and allowances as Government may determine; and
(e) divest
himself of any directorship of, or other interest held by him in, any other
corporation, company or concern:
Provided
that nothing in this clause shall prevent the Managing Director from holding
shares in any public company acquired by him before his appointment as Managing
Director, or acquiring during his term of office as Managing Director shares in
any public company which is not a borrower:
Provided further
that Government may, in exceptional circumstances, where it considers necessary
to do so in the public interest, exempt by a special order, any person who has
been appointed or is about to be appointed as Managing Director from the
application of this clause.
7. Term of
office of nominated members.— Subject to the provisions of sections 8, 9 and 10, a
nominated member shall hold office for such term, not exceeding three years, as
may be determined by Government, and may be nominated thereafter for a further
term or terms of such duration as Government may, in nominating him thereto,
determine.
8. Disqualifications of Managing Director
and nominated members.— No
person shall be appointed as Managing Director or nominated as Member, or as
the case may be, shall continue to be a Managing Director or Member, who—
(a) is,
or at any time has been, convicted of any offence involving moral turpitude;
(b) is,
or at any time has been, adjudged insolvent;
(c) is
found a lunatic or becomes of unsound mind;
(d) is,
or at any time has been, disqualified for appointment in or dismissed from the
service of Pakistan;
(e) is
under the age of twenty-one years; or
(f) is
not a citizen of Pakistan.
9. Removal of Managing Director or
nominated members.—
Government may, by order in writing, remove the Managing Director or a
nominated Member, as the case may be, if he:-
(a) refuses or fails to discharge or becomes, in the opinion of
Govern-ment incapable of discharging his responsibilities under this Act;
(b) has,
in the opinion of Government, abused his position as Managing Director or
nominated Member;
(c) has
knowingly acquired or continued to hold, without the permission in writing of
Government, directly or indirectly, or through a partner, any share or interest
in any contract or employment with, by or on behalf of the Corporation, or in
any property, which, in his knowledge, is likely to benefit or has benefitted
as a result of the operations of the Corporation;
(d) has,
in the opinion of Government, violated the declaration of fidelity and secrecy
provided under section 12; or
(e) has,
absented himself from three consecutive meetings of the Board without the leave
of the Board.
[3][3][Provided that no order under this section
shall be passed unless an opportunity of being heard is provided to the persons
to be affected thereby].
10. Resignation by or removal of the Managing
Director or a nominated Member.— Notwithstanding anything contained in this Act, the Managing Director
or a nominated Member may, at any time before the expiry of his term, upon
three months notice, resign his office, or upon similar notice, be removed from
office by Government without assigning any reason:
Provided
that Government may, in case of Managing Director upon payment of three months salary
and allowances in lieu of the notice, remove him immediately without assigning
any reason.
11. Appointment of officers, etc.— (1) The Corporation may, subject to such
general or special orders, as Government may give to it from time to time,
appoint such officers, advisers and employees, as it considers necessary for
the efficient performance of its functions, on such terms and conditions as it
may deem fit.
(2) The
Corporation shall appoint such officers, experts, advisers, consultants and
other persons as may be transferred to it by Government on such terms and
conditions as may be determined by Government.
12. Declaration
of fidelity and secrecy.— (1) Every Member, adviser, officer and other employee of
the Corporation shall, before entering upon his office, make such declaration
of fidelity and secrecy as may be specified.
(2) Any
adviser, officer or other employee of the Corporation who, in the opinion of
Government or a person authorised by Government in this behalf, has violated
the declaration of fidelity and secrecy made by him under sub-section (1) shall
be liable, after being given a reasonable opportunity of showing cause against
the action proposed to be taken with respect to him be forthwith removed from
his office or post.
13. Financial, technical and advisory
committees.— The Board may
constitute such financial, technical and advisory committees as may be deemed
necessary for carrying out the purposes of this Act.
14. Immunity of
the Corporation and its employees.— (1) Every Member, adviser, officer and employee
of the Corporation shall be indemnified by the Corporation against all losses
and expenses sustained or incurred by him in the discharge of his duties, save
such losses and expenses as are sustained and incurred as a result of his own
wilful act or default.
(2) The
Managing Director shall not be personally responsible for the acts of any other
Member, adviser, officer or employee of the Corporation which he could not have
reasonably prevented by the due exercise of his powers and functions under this
Act and the rules and regulations made thereunder or for any loss or expense
resulting to the Corporation by reason of the insufficiency or deficiency in
value of or title to any property or security acquired or taken on behalf of the
Corporation by the wrongful act of any person under a liability to the
Corporation or anything done by him in good faith in execution of the duties of
his office.
15. Delegation
of powers.— The Board may, by general or special order, delegate to the Managing
Director, a Member, officer or employee of the Corporation any of its powers,
duties or functions under this Act, the rules and regulations, subject to such
conditions as it may deem fit to impose.
16. Meetings of the Board.— (1) The meetings of the Board shall be held
at such times and places as may be specified:
Provided
that at least one meeting shall be held during each quarter of the year:
Provided
further that until regulations are made in this behalf, such meetings shall be
held at such times and places as may be determined by the Chairman.
(2) The quorum required for transacting
business at a meeting of the Board shall be four.
(3) Each
Member, including the Chairman, shall have one vote but in the event of
equality of votes the Chairman shall have a casting vote.
(4) The
meetings of the Board shall be presided over by the Chairman and in his absence
by the [4][4][Vice Chairman and in the absence of both, the] senior
most ex-officio Member present at the
meeting.
(5) No act or proceeding of the Board shall
be invalid merely on the ground of the existence of any vacancy in, or any
defect in the constitution of the Board.
(6) The
minutes of every meeting, stating among other things, the names of the members
present, shall be drawn up and recorded in a book to be kept for the purpose
and shall be signed by the person presiding over the meeting and such book
shall, at all reasonable times and without payment of any fee, be open to
inspection by any Member.
(7) If Government so directs in any case, the
Managing Director shall forward to it copies of all papers laid before the
Board for consideration at a meeting.
(8) Government
may require the Managing Director to furnish to it—
(a) any return, statement, estimate, statistics or
other information regarding any matter under the control of the Corporation;
(b) a
report on any such matter; or
(c) a
copy of any document in his charge, and the Managing Director shall comply with
any such requisition without any undue delay.
17. Power of Board to associate other persons.— (1) The Board may associate with itself, in
such manner, on such terms and for such period as it may deem fit, any person
whose assistance or advice it may desire in carrying out any of the provisions
of this Act.
(2) A person associated under sub-section (1)
for any purpose shall have a right to take part in the discussion relating to
such purpose in the Board’s meeting but shall not have a right to vote, and
shall not be deemed to be a member for that or any other purpose.
CHAPTER
III
POWERS,
DUTIES AND FUNCTIONS
OF
THE CORPORATION
18. Functions of the Corporation.— (1) In accordance with the provisions of
this Act, the Corporation shall take such measures as it deems fit to render
assistance in the establishment and development of small, cottage and other
industries.
(2) In particular and without prejudice to
the generality of the foregoing function, the Corporation may, in order to
promote and carry out the purposes of this Act—
(a) give
loans in cash, or in kind or in the form of buildings, developed plots of lands
in the small industries estates or machinery and equipment on lease or on
hire-purchase basis, to borrowers for the purpose of small, cottage and other
industries; and
(b) furnish
guarantees to the Scheduled Banks for the repayment of loans to borrowers for
the development of industries and to share losses on account of bad debts in
accordance with the agreements executed or made in this behalf between the
Corporation and such Banks.
(3) The loans given under clause (a) or
guaranteed under clause (b) of sub-section (2) shall be repayable within a
period not exceeding twenty years.
19. Security for loans.— No loan shall be given by the Corporation
until it is secured by pledge, mortgage, hypothecation or assignment of such
property, movable or immovable, and of such value in proportion to the loan, as
the Corporation may deem fit:
Provided
that when the loan is given to an individual and does not exceed two thousand
rupees in the aggregate, it may be secured by bond with at least two solvent
sureties.
20. Interest on loans, etc.— The rate of interest chargeable on loans
given by the Corporation shall be determined and notified by Government from
time to time.
21. Limit on loans, etc.— (1) The Corporation shall not give loan,
make subscription or furnish guarantee to small or cottage industries located
outside the small industries estates in excess of the following aggregate
limits, namely:-
(a) when
made to an individual, rupees one lac; and
(b) when
made to any borrower other than individual, rupees ten lacs.
(2) The Corporation shall not give loans or
furnish guarantees in case of industries located in the small industries
estates in excess of such limits as may be notified by Government, from time to
time.
22. Relaxation.— Government may, from time to time, on the
recommendations of the Corporation, relax the aggregate limits of loans,
subscriptions, or guarantees, provided under section 21.
23. Power to
impose conditions.— At the time of settlement of any transaction, the
Corporation may attach such conditions as it may deem necessary or expedient
for protecting its own interest and for securing that the loan, under-writing
or other aid shall be put to the best use.
24. Power to
demand payment of entire sum.— (1) Notwithstanding anything to the contrary contained
in any agreement or law for the time being in force, if—
(a) it
is found that the loan was obtained by information supplied by the borrower
which was false or misleading in any material particular;
(b) the borrower is found to have committed the breach of any term of
his agreement with the Corporation relating to the loan;
(c) the
loan or any part of it is found to have been utilised for a purpose other than
for which it was given;
(d) there
is reasonable apprehension that the borrower will be unable to pay his debt or
may go into liquidation;
(e) the
property pledged, mortgaged, hypothecated or assigned to the Corporation as
security for the loan is not maintained in proper condition by the borrower or
the property has depreciated in value by more than the prescribed percentage
and the borrower is unable to furnish additional security to the satisfaction
of the Corporation;
(f) without the permission of the Corporation, machinery or other
equipment is removed from the premises of the borrower’s industrial
establishment without being adequately replaced;
(g) without
the permission of the Corporation, the building, land or other property
mortgaged as security for the loan is in any way disposed of or charged by the
borrower, or for any other reason, it is necessary, in the opinion of the
Board, to do so in order to protect the interest of the Corporation;
any officer authorised generally or specially
in this behalf by the Board may, by notice, call upon the borrower to pay up
the entire sum then remaining unpaid by the borrower, in respect of the loan
and the interest payable thereon or any lesser sum as the case may be, or
require the borrower to surrender the building, machinery and equipment and
other material given to him by way of loan or require him to comply with such
directions as the Board may consider necessary to give in order to safeguard
the interest of the Corporation.
(2) The notice referred to in sub-section (1)
shall indicate the time within which the borrower is required to make the
payment or to surrender the factory building, machinery and equipment and other
material or to carry out the directions given and shall also contain a warning
that if the borrower fails to pay the amount demanded or to surrender factory
building, machinery and equipment and other material or carry out the
directions given, as the case may be, within the time indicated, the Board may
issue a certificate declaring the borrower to be a defaulter and certifying the
sum due from the borrower to be recoverable as arrears of land revenue.
25. Certification
of sums recoverable.— (1) If the borrower fails to pay the amount demanded or
to carry out the directions given in the notice within the time indicated
therein, the Board may issue a certificate in the prescribed form and manner
declaring the borrower to be a defaulter and certifying the aggregate sum,
including interest, due to the Corporation from the borrower upto the date of
issuance of the certificate and mentioning the rate at which future interest
shall be paid thereon.
(2) Subject to
the provisions of sub-section (3), a certificate issued under sub-section (1)
shall be conclusive evidence that the sums certified in the certificate,
together with future interest to be determined at the rate mentioned therein,
are recoverable by the Corporation from the borrower.
(3) The borrower may, within fifteen days of
the issuance of a certificate under sub-section (1), appeal to Government and
thereupon Government may cancel or modify the certificate.
(4) Notwithstanding anything to the contrary
contained in the agreement or in any law for the time being in force—
(a) the Corporation shall have the option to
recover the amount due from a borrower either from him or from his security and
a certificate issued under sub-section (1) shall also be executable against the
surety as if he himself were the borrower;
(b) any transfer of property pledged, mortgaged,
hypothecated or assigned by the borrower as security for the repayment of the
loan, so long as the loan or the interest thereon or any part thereof remains
unpaid to the Corporation, shall be void as against the Corporation and such
property shall be liable to attachment and sale as if no such transfer has
taken place;
(c) where a loan has been advanced in the form of
building or machinery and equipment on hire purchase basis and the borrower has
committed a breach of the terms and conditions of the agreement or otherwise
violated any provision of this Act or failed to comply with a notice issued
under sub-section (1), the Corporation shall be entitled to take possession of
the building, machinery and equipment, as the case may be; and
(d) all
sums due to the Corporation from the borrower or any other person shall be
recoverable as arrears of land revenue.
26. Loans in foreign currency.— (1) The Corporation may, with the previous
approval of Government and the Government of Pakistan, and on such terms and
conditions as may be approved by Government, borrow in foreign currency from
the International Bank for Reconstruction and Development or other agencies,
moneys required for the development of small, cottage and other industries. In
the case of loan secured for the purpose of section 18, the Corporation may
pledge, mortgage, hypothecate or assign to the said International Bank or other
agency, as the case may be, all or any part of security taken by the
Corporation for the loan obtained in foreign currency.
(2) All loans obtained in foreign currency
shall be repayable—
(a) in
the currency in which they are obtained;
(b) in any other currency which is agreed upon by
the loan-giving agency, Government and Government of Pakistan; or
(c) in
Pakistan currency at the rate of exchange prevailing at the date of repayment.
27. Other functions of the Corporation.— The Corporation shall also be responsible
for—
(a) preparing
and submitting schemes to Government for the development of cottage, small and
other industries including schemes for research and mechanization of such
industries;
(b) giving
effect to approved schemes;
(c) sponsoring
industries to be set up in the small industries estates and outside the
estates;
(d) taking
over, implementing and running schemes, projects and training institutions, as
may be transferred to the Corporation by Government;
(e) organizing
co-operative societies in furtherance of the purposes of this Act;
(f) taking
appropriate measures for integration of small industries with medium and large
industries;
(g) undertaking,
census and survey of cottage, small and other industries;
(h) organizing
trade associations and taking other appropriate measures for promoting and
marketing the products of cottage and small industries;
(i) organizing
fairs, pavilions, sales and display of products of cottage and small
industries;
(j) establishing
service centres and common facility centres for specific industries or group of
industries;
(k) establishing,
in special cases and with the prior approval of Government, small and cottage
industries in less developed areas;
(l) establishing
small industries estates;
(m) establishing
artisan colonies, design centres, workshops and institutes for promotion and
development of handicrafts;
(n) procuring
and distributing raw material, machinery and spare parts to cottage and small
industries;
(o) establishing
institutes for promotion and development of cottage, small and other
industries;
(p) maintaining
and running depots for the supply of raw material and for the purchase and sale
of finished goods from cottage and small industries and projects run by it;
(q) introducing
better means of production and new designs including prototypes;
(r) formulating
and implementing schemes for training to artisans and small industrialists;
(s) arranging
for gradation and standardization of products of small and cottage industries;
(t) working
out entitlement to raw material of cottage, small and other industries;
(u) sanctioning,
balancing, modernizing, etc., of cottage, small and other industrial units in
accordance with the instructions of Government in exercise of powers that may
be delegated in this behalf by Government; and
(v) undertaking
such other functions, measures or steps as may be directed by Government.
28. Corporation to be deemed a Bank.— The Corporation shall be deemed to be a Bank
for the purposes of the Banker’s Books Evidence Act, 1891.
CHAPTER
IV
FINANCES
29. Corporation
funds.—
(1) There shall be a fund to be known as the “Corporation Fund” vested in the
Corporation, which shall be utilised by the Corporation to meet charges in
connection with its functions under this Act including salaries and other
remunerations of the Managing Director, officers and other employees of the
Corporation.
(2) The Corporation Fund shall consist of—
(a) investment
made by Government;
(b) grants
made by Government;
(c) revolving funds placed by the Government at
the disposal of the Corporation for preparing feasibility studies for the
scheme;
(d) loans
obtained from Government;
(e) grants
made by the Local Bodies;
(f) sale
proceeds of raw material and finished goods;
(g) loans
obtained from the Scheduled Banks;
(h) foreign
loans obtained by the Corporation;
(i) charges
for the plots of land and other facilities provided in the small industries
estates;
(j) funds of the defunct West Pakistan Small
Industries Corporation to the extent such funds have been transferred to the
Punjab Province in accordance with the provisions of the West Pakistan Small
Industries Corporation (Dissolution) Ordinance, 1972; and
(k) all
other sums received by the Corporation.
30. Corporation
to be deemed a Local Body.— The Corporation shall be deemed to be a Local Body under
the Local Authorities Loans Act, 1914[5][5] for the purposes of borrowing money under the said Act
and the making and execution of any scheme under this Act shall be deemed to be
a work which such authority is legally authorised to carry out.
31. Custody and investment of Corporation Fund.— (1) All moneys at the credit of the
Corporation shall be kept in such manner as may be prescribed.
(2) Nothing
in sub-section (1) shall be deemed to preclude the Corporation from investing
any such moneys which are not required for immediate expenditure, in any of the
securities described in section 20 of the Trusts Act, 1882[6][6], in fixed deposit with
a bank approved by Government or in such other manner as may be approved by
Government.
32. Maintenance of accounts.— The Corporation shall maintain complete and
accurate accounts in such manner as may be prescribed.
33. Auditors.— The accounts of the Corporation shall be audited in such manner as may
be directed by Government from time to time.
34. Reports to be furnished by Government.— (1) The Corporation shall furnish to
Government as far as possible, within four months of the close of each financial
year an audited statement in the prescribed form of its assets and liabilities
of commercial undertakings and transactions as they stand at the close of that
year, together with a profit and loss account for the year and a full report on
the working of the Corporation during the year, and copies of the said
statements, account and report shall be published in the official Gazette.
(2) The Corporation shall submit to
Government its proposals for the ensuing financial year at such time and in
such manner as may be prescribed.
CHAPTER
V
TRANSFER
OF ASSETS, PROJECTS, UNDERTAKINGS, LIABILITIES, EMPLOYEES, ETC., OF THE DEFUNCT
WEST PAKISTAN SMALL INDUSTRIES CORPORATION
35. Transfer of
assets, etc., of the defunct West Pakistan Small Industries Corporation.— Notwithstanding any
arrangement made by Government to administer the business, projects,
undertakings and properties of the defunct West Pakistan Small Industries
Corporation necessitated by the enforcement of the West Pakistan Small
Industries Corporation (Dissolution) Ordinance, 1972, as from the coming into
force of this Act—
(a) all business, projects, undertakings and properties of the defunct
West Pakistan Small Industries Corporation transferred to and vesting in the
Punjab Province in accordance with the order made by the President in pursuance
of section 4 of the West Pakistan Small Industries Corporation (Dissolution)
Ordinance, 1972, shall stand transferred to the Corporation;
(b) all debts, liabilities and obligations incurred, contracts entered
into, and matters and things engaged to be done by, with or for, and all suits
and other proceedings by or against the West Pakistan Small Industries
Corporation to the extent such debts, liabilities, and obligations, stand
transferred to the Punjab Province in accordance with the President’s Order
referred to in clause (a) and in so far as the contracts, matters and things,
suits and other proceedings arise out of the business, projects, undertakings
and properties so transferred to the Punjab Province shall be deemed to be
debts, liabilities and obligations incurred, contracts entered into, or, as the
case may be, matters and things engaged to be done by, with or for, and suits
and other proceedings by or against the Corporation.
Explanation— The expressions “projects”, “undertakings” and
“properties” as used in this section shall have the same meanings as assigned
to them in the West Pakistan Small Industries Corporation (Dissolution)
Ordinance, 1972.
36. Officers and employees of the defunct West Pakistan
Small Industries Corporation.—
Officers and other employees of the defunct West Pakistan Small Industries
Corporation to be transferred to the Punjab Province in pursuance of the
provisions of section 5 of the West Pakistan Small Industries Corporation
(Dissolution) Ordinance, 1972 may be appointed for service under the
Corporation on such terms and conditions as may be determined by Government.
CHAPTER
VI
MISCELLANEOUS
37. Winding up.— No provision of law relating to the winding
up of companies and corporations shall apply to the Corporation and the
Corporation shall not be wound up except by an order of Government and in such
manner as it may direct.
38. Supplemental powers.— For the purposes of carrying into effect the
provisions of this Act, Government may, in such manner as it may consider
necessary or expedient, provide for—
(a) the
removal of difficulties arising out of, or in connection with the transfer of
assets and liabilities vesting in it, of the defunct West Pakistan Small
Industries Corporation; and
(b) other
matters supplemental or incidental to or consequential upon the transfer of
such assets and liabilities.
39. Quarterly report by Managing Director.— The Managing Director shall regularly submit
a quarterly report to the Board on the working of the Corporation.
40. Power to make
rules.—
(1) Government may, by notification in the official Gazette, make rules for
carrying out the purposes of this Act.
(2) In particular and without prejudice to
the generality of the foregoing provision, such rules may provide for—
(a) the
manner and form of keeping the accounts of the Corporation;
(b) recruitment
of officers, advisers and other employees of the Corporation;
(c) terms
and conditions of service of the officers, advisers and other employees of the
Corporation;
(d) functions
of the advisers;
(e) borrowings
by the Corporation;
(f) the
date on which and the form in which the annual budget statement of the
Corporation is to be submitted each year;
(g) procedure
for appropriation and reappropriation of moneys at the credit of the
Corporation;
(h) manner
and form in which and the authorities to whom returns, reports or statements
shall be submitted;
(i) investment
of Corporation funds and surplus moneys;
(j) sale
or transfer of industrial units and other immovable property of the
Corporation; and
(k) such
other matters relating to the administration and other affairs of the
Corporation as Government may think fit to regulate by rules.
41. Power to make regulations.— (1) The Board may, with the previous
approval of Government, make regulations for all matters not provided for in
the rules for which provision is necessary or expedient for carrying out the
purposes of this Act and the rules.
(2) In particular and without prejudice to
the generality of the foregoing provisions, such regulations may specify for—
(a) meetings
of the Board;
(b) constitution,
power and terms and conditions of the committees;
(c) building
bye-laws, agreements and lease deeds pertaining to small industries estates;
(d) conditions
subject to which the Corporation may grant loans; and
(e) manner
and form of determining the sufficiency of security taken for loans or for
granting loans.
42. Savings.— Notwithstanding the repeal of the West Pakistan Small Industries
Corporation Ordinance, 1965 (W.P. Ordinance XXX of 1965), by the West Pakistan
Small Industries Corporation (Dissolution) Ordinance, 1972, any form, rule,
regulation, or scheme made or issued under the repealed Ordinance, shall, so
far as it is not inconsistent with the provisions of this Act, continue in
force and be deemed to have been made or issued under the provisions of this
Act unless or until it is superseded by any form, rule, regulation or scheme
made or issued under the provisions of this Act.
43. Repeal and validation.— (1) The Punjab Ordinances Temporary
Enactment Act, 1973, in so far as it enacts the provisions of the Punjab Small
Industries Corporation Ordinance, 1972 (Punjab Ordinance No. XVIII of 1972), is
hereby repealed.
(2) Everything done, action taken or order
made by the Government or the Corporation or the Chairman or the Managing
Director or any officer of the Corporation in exercise of the powers vested in
Government or the Corporation or the Chairman or the Managing Director or any
officer of the Corporation, as the case may be, under the Punjab Small
Industries Corporation Ordinance, 1972 (Punjab Ordinance No. XVIII of 1972) and
its provisions as enacted by the Punjab Ordinances Temporary Enactment Act,
1973, on or after the 9th October, 1972, and before the commencement of this
Act, shall be deemed to have been validly done, taken or made.
[1][1]This Act was passed by the
Punjab Assembly on 13th July, 1973; assented to by the Governor of the Punjab
on 12th August, 1973; and, published in the Punjab Gazette (Extraordinary),
dated 13th August, 1973, pages 1216-A to 1216-Q.
[2][2]Substituted
by the Punjab Small Industries Corporation (Amendment) Ordinance, 1983 (VIII of
1983).
[4][4]Inserted by the Punjab Small
Industries Corporation (Amendment) Ordinance 1999 (XXXVII of 1999), by the
Punjab Agricultural Income Tax (Second Amendment) Ordinance, 2001 (VIII of
2001), which will remain in force under the Provisional Constitution
(Amendment) Order 1999 (9 of 1999), Article 4, notwithstanding the maximum
limit of three months prescribed under Article 128 of the Constitution of the
Islamic Republic of Pakistan.
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