RICE MILLING
ESTABLISHMENTS (COMPENSATION) RULES, 1976
[Gazette of Pakistan,
Extraordinary, Part 11, 27th December 1976]
S.R.O. 1228(1)/76.‑In
exercise of the powers conferred by section 32 of the Rice Milling Control and
Development Act, 1976 (LVIII of 1976), the Federal Government is pleased to
make the following rules, namely:‑
1. Short title and
commencement.‑(1) Theserules may be called the Rice 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 Rice Milling Control
and Development Act, 1976 (LVIII 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 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 arc 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 25 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 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 (t), 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
enfaced for payment of interest and principal at Karachi and Lahore offices of
the State Bank of Pakistan.
11. Payment of
principal.‑(1) On the formulation of
redemption programme by the Federal Government in accordance with the
provisions of para. graph 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 Secretaries
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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