FLOUR MILLING
ESTABLISHMENTS (COMPENSATION) RULES, 1976
[Gazette of Pakistan,
Extraordinary, Part II, 27th December 1976]
S.R.O. 1230(1)/76.‑In
exercise of the powers conferred by section 26 of the Flour Milling Control and
Development Act, 1976 (LVII of 1976), the Federal Government is pleased to make
the following rules, namely:‑
1. Short title and commencement.‑(1) Theserules may be called the Flour Milling
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 Flour Milling Control
and Development Act, 1976 (LVII of 1976);
(b) "bond"
means a bond issued by the Federal Government as compensation, for shares or
proprietary interests of an establishment acquired under section 5 of the Act
in Form I(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 off` 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 a9 well as the records
taken possession of under section 18 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 date on which the payment on 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 thedenominations stated in the requisition.
(2) For the
puprose 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 Joint Secretary to that Government.
(3) Any change in the
incumbency of the authorised 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
acknowledgment.
(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.‑(l) The interest on bonds shall be reckoned from the
date of acquisition of shares and shall be payable biannually.
(2) The bonds shall be
enfaced for payment of interest and principal at Karachi and Lahore office 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 bonds are enfaced for payment of 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, be 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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