Section 18: Business which the Corporation can transact

18. Business which the Corporation can transact.— Without prejudice to the provisions of any other law for the time being in force and subject to the provisions of this Ordinance, the Corporation may exercise powers and functions as under: — (a) to acquire, purchase, hold, manage, restructure, rehabilitate, sell and dispose of non­performing assets; (b) to acquire, purchase, manage, restructure, rehabilitate, sell and dispose of any obligor being a corporation or a company; (c) to purchase, take over, own, hold, sell, lease, arrange finance for, manage, dispose of, re­organize, restructure, rehabilitate and otherwise, enter into any settlement or contract, realize, mortgage, hypothecate, control, manage any loan, finance, advance, commitment, lease installment, sale contract or other activity relating to a non­performing asset; (d) to purchase, take over, own, hold, sell, lease and otherwise dispose of, re­organize, restructure, rehabilitate and otherwise enter into any settlement or contract, realize, pledge, mortgage, hypothecate, control, manage and arrange finance for any asset, property, undertaking, collateral or security underlying or relating to or securing any financial asset or instrument, including any intellectual property, trade mark, equity, financial interest, legal and contractual right, asset, guarantee and other undertaking; (e) to initiate, take, continue, resist, implement and perform any and all activities for the recovery of non­ performing assets including filing suits and appeals and to enter into settlements, through the courts or outside, in respect thereof; (f) to engage and enter into agreements with financial and other institutions, and financial, legal, accounting, valuation and other specialists, for the purposes of the business of the Corporation; (g) to purchase, amalgamate, enter into partnerships, form joint ventures, make profit sharing arrangements or co-operate or participate with any company or other entity for the business purposes of the Corporation; (h) to borrow money and secure or discharge any debt or obligation binding on the Corporation in such manner as may be thought fit, and in particular by mortgages of or charges upon all or any of the real and personal property, present and future, of the Corporation or by the creation and issue, on such terms as may be deemed expedient, of debentures, term finance certificates, participation term certificates, or other redeemable capital as defined in the Companies Ordinance, 1984 (XLVII of 1984) or other securities of any description; (i) to sell, improve, manage, develop, exchange, mortgage, let or rent (for profit or royalty or otherwise), grant licences, easements, options, servitudes and other rights over and in any other manner deal with or dispose the real and personal property, assets, rights and effects of the Corporation; (j) to open and maintain the Corporation’s accounts with banks and financial institutions and to draw, make, endorse, accept, discount, executive and issue promissory notes, bills of exchange, bills of lading, warrants, participation term certificates and other negotiable or transferable instruments; (k) to establish or promote, or concur or participate in establishing, any corporation or other entity whose objects shall include the acquisition of all or any of the property or liabilities of the Corporation, or the promotion of which may seem, directly or indirectly, calculated to benefit the Corporation; (l) to enter into any agreement with any authorities, Federal, Provincial, autonomous, semi­ autonomous, municipal, local or otherwise that may seem conducive to the Corporation's objects or any of them, and to obtain from any such authority, rights, privileges and concessions which the Corporation may deem desirable to obtain and to carry out, exercise and comply with any such arrangements, rights, privileges and concessions; and (m) all powers enumerated in sub­section (3) of section 8 entrusted to the Chief Executive.

Effective date: 2000-01-01

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