Section 35: Liquidation of the Corporation

35. Liquidation of the Corporation.—(1) The Corporation shall have a life of six years from the date of commencement of this Ordinance which may be extended further by the Federal Government by law. The Corporation may be wound up by order of the Federal Government in such manner as it may direct, or under the orders of the competent court. (2) Notwithstanding anything contained in sub­section (1) or any other provision of this Ordinance or the agreement between the Corporation and the Financial institutions concerned and further in case the Corporation is wound up at any time prior to the expiry of the third year of its existence, all non­performing assets at that time shall be deemed transferred, assigned, sold and conveyed back hereunder to the financial institution by the Corporation with immediate effect and without the necessity of any further action or instrument. (3) On the winding up of the Corporation, the bonds issued by the Corporation, if any under section 21, shall be deemed to be bonds as if they were issued directly by the Federal Government and the winding up of the Corporation shall in no way affect the ability of the holder of the bond to receive full payment in terms of the bond. CHAPTER VIII . — GENERAL

Effective date: 2000-01-01

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