COTTON GINNING ESTABLISHMENT
(COMPENSATION) RULES, 1976
[Gazette of Pakistan,
Extraordinary. Part IT, 27th December 1976]
S.R.O. 1229 (l)/76.‑In
exercise of the powers conferred by section 26 of Cotton Ginning Control and
Development Act, 1976 (LIX of 1976), the Federal Government is pleased to make
the following rules, namely;‑
l. Short title and
commencement.‑(1) These rules may be called the Cotton Ginning
Establishments (Compensation) Rules, 1976.
(2) They shall come into
force at once.
2. Definitions.‑In these
rules, unless there is anything repugnant in the subject or context;
(a) "Act" means the Cotton Ginning Control
and Development Act, 1976 (LIX of 1976) ;
(b) "bond"
means a bond issued by the Federal Government as com. pensation, for shares or
proprietary interests of an establishment acquired under section 5 of the Act
in Form 1 (C) of the Schedule to the Public Debt Rules, 1946 ;
(c) other words and
expressions used but not defined in these rules shall have the same meaning as
are respectively assigned to them in the Act.
3. Issue of Public notice in newspapers etc.‑The
Corporation shall issue a public notice in such newspapers as it may deem fit
calling upon‑
(a) the former
shareholders of acquired establishments, whether the shares of such
establishments are quoted on any stock exchange or not, to surrender to the
Corporation, within fifteen days of the publication of the notice, the share
certificates held by them for the purpose of payment of compensation payable to
them ;
(b) the former
shareholders, partners and proprietors as the case may be, of acquired
establishments to furnish to the Corporation, or the authority designated by
the Corporation within fifteen days of the publication of the notice,
documentary evidence in respect of their proprietary interests in such
establishments ;
Provided that the
Corporation may issue individual notices under registered cover in lieu of or
in addition to the public notice.
4. Preparation of list
of shareholders, etc.‑The Corporation shall, after taking into consideration
the particulars received under rule 3 as well as the records taken possession
of under section 13 of the Act and after such further enquiry as it may
consider necessary prepare a list containing the names and addresses of former
shareholders, owners and partners as well as the extent of the interest of
each.
5. Cases where
disputes arise.‑(1) If any dispute arises as to the apportionment of
the compensation or any part thereof or as to the person to whom the same or
part thereof is payable, the Corporation shall refer the matter to the Federal
Government with its comments.
(2) The Federal
Government may, on receipt of such reference after giving to the parties an
opportunity of being heard, take such decision on merits as it deems fit.
(3) If no decision is taken by the Federal
Government under sub‑rule (2), it shall direct the parties to refer the dispute
to a civil Court of competent jurisdiction and compensation shall in such cases
be paid in accordance with the decision of the Court.
6. Determination
of compensation.‑The Federal Government shall determine, in
accordance with the provisions of the Schedule to the Act, the amount of
compensation payable in respect of each acquired establishment and also the
apportionment of the total amount of compensation between the shareholders,
owners or partners, as the case may be, on the basis of the list prepared under
rule 4 read with the provisions of rule 5.
7. Representation
for enhancement of compensation.‑A former shareholder, owner or
partner of an acquired establishment may, within fifteen days of the dare on
which the payment of compensation is made or offered to him, make a
representation to the Federal Government for the enhancement or modification of
compensation and the Federal Government may pass such orders as it deems fit.
8. Payment of compensation.‑(1) On receipt of intimation from
the Federal Government about the amount of compensation payable, the Corporation
shall, where such compensation is payable in bonds send a requisition in the
Form* appended to these rules to the State Bank of Pakistan, Public Debt
Office. Karachi or Lahore, as the case may be, for issuing bonds of the
denomination stated in the requisition.
(2) For the purpose of sending
requisition under sub‑rule (1), the Corporation shall supply to the State Bank
of Pakistan, Public Debt Office, Karachi and Lahore, the specimen signature of
the officer authorised in this behalf, hereinafter referred to as the
authorised officer, duly countersigned by an officer of the Federal Government
not below the rank of a Joint Secretary to that Government.
(3) Any change in the
incumbency of the authorized officer shall forthwith be notified to the State
Bank of Pakistan, Public Debt Office, Karachi and Lahore.
(4) On receipt of a
requisition, the State Bank of Pakistan shall issue a bond or bonds, as the
case may be, and forward the same to the authorized officer who issued the
requisition for delivery to the person concerned after obtaining proper
acknowledgement.
(5) The date of issue of
bonds shall be the same as the date of acquisition of the establishment
concerned.
(6) The bonds shall be
of the denominations of Rs. 100, Rs. 1,000, Rs. 5,000, Rs. 10,000 and Rs,
20,000 only.
(7) So much of the
compensation as is not a multiple of 100 shall be paid, in cash or by cheque,
by the authorised officer.
9. Redemption of bonds.‑The bonds shall be redeemable in
accordance with the redemption programme formulated by the Federal Government
under the provisions of paragraph 3 of the Schedule to the Act.
10. Payment of Interest.‑(1) The
interest on bonds shall be reckoned from the date of acquisition of shares and
shall be payable biannually.
(2) The bonds shall be
enlaced for payment of interest and principal at Karachi and Lahore offices of
the State Bank of Pakistan.
11. Payment of principal.‑On the formulation of redemption
programme by the Federal Government in accordance with the provisions of
paragraph 3 of the Schedule to the Act, the public debt offices of the
State Bank of Pakistan, where the bon& are enfaced for payment ref
interest and principal, shall make necessary payment on presentation of bonds.
(2) In the case of
persons holding bonds of a total value of less than five thousand rupees, the
bonds shall be redeemable within a period of two years.
(3) The redemption of
bonds shall be notified by the Federal Government or any agency authorized by
it in this behalf in the official Gazette and, on and from the date of such
notification, the interest on the bonds shall cease to accrue.
12. Renewal
etc. of bonds.‑(1) For the renewal, consolidation, subdivision or
change of enfacement of a bond, the holder thereof shall make an application to
the bank where such bond is enfaced for payment of interest alongwith the bond.
(2) On receipt of the
application under sub‑rule (1), the bank shall forward it to the Public Debt
Office concerned and that office shall renew, consolidate, sub‑divide or change
the enfacement of the bond and return it to the said bank for delivery to the
holder of the bond.
13. Bonds may
be tendered to pay Government dues.‑(1) The bonds may, after
announcement of the redemption programme by the Federal Government, he tendered
for payment of Government dues and for such payment the bonds shall require to
be transferred by endorsement in favour of the official to whom the payment is
due, by the name of his office, provided that such office is included in
Appendix III to the Government Securities Manual.
(2) If, for the payment
of Government dues, a bond is required to be sub‑divided, it may be sub‑divided
only within the prescribed denominations.
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