Section 2: Definitions

Plain-Language Summary

A general explanation to aid understanding. The official statutory text appears below.

This section defines the following terms used in The Hydrogenated Vegetable Oil Industry (Control and Development) Act, 1973: • bank rate — the bank rate determined and made public under the provisions of the State Bank of Pakistan Act, 1956 (XXXIII of 1956); • Board — a Board of Management set up under section 7; • corporation — a corporation wholly owned by Government to which an establishment is transferred under section 13; • creditor — any person to whom a managed establishment owes any amount of money; • debtor — a person who owes any amount of money to a managed establishment; 1For Statement of Objects and Reasons, see Gaz. of P., 1973., Ext., Pt. III, p. 1514 • establishment — any company, firm, concern, institution or enterprise the whole or any Part of the undertaking of which pertains to the industry and includes any related office shop, factory, godown, yard, stocks and stores wherever that may be; • industry — the hydrogenated vegetable oil industry; • managed establishment — an establishment in respect of which a Managing Director has been appointed; • shareholder — a shareholder in the share capital of an establishment, and includes a stockholder; This is the official statutory text, shown as written — it is not a paraphrase or a legal opinion. Consult a verified lawyer to see how it applies to your specific situation.

2. Definitions.—In this Act, unless there is anything repugnant in the subject or context,— (a) “bank rate” means the bank rate determined and made public under the provisions of the State Bank of Pakistan Act, 1956 (XXXIII of 1956); (c) “Board” means a Board of Management set up under section 7; (d) “corporation” means a corporation wholly owned by Government to which an establishment is transferred under section 13; (d) “creditor” means any person to whom a managed establishment owes any amount of money; (e) “debtor” means a person who owes any amount of money to a managed establishment; 1For Statement of Objects and Reasons, see Gaz. of P., 1973., Ext., Pt. III, p. 1514. (f) “establishment” means any company, firm, concern, institution or enterprise the whole or any Part of the undertaking of which pertains to the industry and includes any related office shop, factory, godown, yard, stocks and stores wherever that may be; (g) “industry” means the hydrogenated vegetable oil industry; (h) “Managing Director” in relation to an establishment means the Managing Director appointed under section 6 in respect of such establishment; (i) “managed establishment” means an establishment in respect of which a Managing Director has been appointed; (j) “previous management” in relation to an establishment means the person, board of directors or other body or authority in whom or in which the management of the establishment vested immediately before the appointment of a Managing Director in respect thereof; (k) “shareholder” means a shareholder in the share capital of an establishment, and includes a stockholder; (l) “person” includes an individual, a Hindu undivided family, a partnership firm and an association of person or a body of individuals, Government of a Province and a local authority; (m) words and expressions used but not defined in this Act shall have the same meaning as in the Companies Act, 1913 (VII of 1913).

Effective date: 1973-01-01

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