The Provincial Industrial Development Corporation (West Pakistan) Ordinance, 1962

Current legal status not independently verified. Source: Pakistan Code (single official PDF, 2026-08-21). The text below is the official Pakistan Code text as retrieved; whether it is still in force, or has since been amended or repealed, has not been independently checked.

WHEREAS it is expedient to provide for the establishment of an Industrial Development Corporation for the purpose of promoting the economic and industrial development 2* * *and for matters ancillary thereto; NOW, THEREFORE, in pursuance of the Proclamation of the seventh day of October, 1958, and in exercise of all powers enabling him in that behalf, the President is pleased to make and promulgate the following Ordinance:-

• Section 1: Short title, extent and commencement
• Section 2: Definitions. In this Ordinance, unless there is anything repugnant in the subject or
• Section 3: Establishment of the Corporation and its offices
• Section 4: Share Capital
• Section 5: Management
• Section 6: Appointment and term of office of Directors
• Section 7: Chairman
• Section 8: Notwithstanding anything contained in sections 6 and 7, when the Board is first
• Section 9: Disqualification of Directors
• Section 10: Appointment of officers
• Section 11: Declaration of fidelity and secrecy. Every Director, adviser, officer or other employee
• Section 12: Meetings of the Board
• Section 13: Forwarding of statements, etc., to the Government
• Section 13A: Power of Board to associate other persons
• Section 14: Delegation of Powers. The Chairman, may, by general or special order in writing,
• Section 15: Business which the Corporation shall transact
• Section 15A: [Limit of accommodation.] Omitted by the Provincial Industrial Development
• Section 15B: Security for loans or subscription. No 1* * subscription shall be made unless it is
• Section 15C: [Limit of loans or guarantees.] Omitted by the Provincial Industrial Development
• Section 15D: [Power to impose conditions.] Omitted by the Provincial Industrial Development
• Section 15E: Loans in foreign currency
• Section 15F: [Power to demand immediate Payment of the entire sum.] Omitted by the Provincial
• Section 15G: [Certification of sums re-coverable.] Omitted by the Provincial Industrial Development
• Section 15H: [Recovery of dues form borrower or surety.] Omitted by the Provincial Industrial
• Section 15I: Act XVIII of 1891 to apply to the books of the Corporation. The Corporation shall be
• Section 16: Annual Budget Statement. The Corporation shall by such date in each year as may be
• Section 17: Custody and investment of Corporation Funds
• Section 18: Maintenance of accounts. The Corporation shall maintain proper accounts and other
• Section 19: Audit
• Section 20: Annual Report
• Section 21: Indemnity of Directors. ⸻(1) Every Director shall be indemnified by the Corporation
• Section 22: Public servants. The Chairman, Directors, officers adviser or employee of the
• Section 23: Power to make rules
• Section 24: Power to make regulations
• Section 25: Power to amend the Schedule. The Government may, from time to time, by notification
• Section 26: Winding up of the Corporation. No provision of law relating to the winding up of
• SCHEDULE: SCHEDULE