Section 3: Conversion of Corporation into a Company

3. Conversion of Corporation into a Company.____ (1) The Corporation shall be deemed to have been converted into a company limited by shares with effect from the date of incorporation of the Company with the Securities, and Exchange Commission of Pakistan, under the Companies Ordinance, 1984(XLVII of 1984). (2) In consideration of the vesting in the Company of the property, rights and liabilities of the Corporation, the Company shall issue to the Federal Government in the name of the President of the Islamic Republic of Pakistan, such number of fully paid shares as the Federal Government may determine. The Federal Government may, whenever it deems appropriate, transfer shares of the company held by it to such persons on such terms and conditions and in such manner as it may determine. Explanation.____ For the purpose of this section- (a) the expression “property” includes assets, rights and entitlements of every description and nature wherever situated; and (b) the expression “liabilities” includes duties, obligations, loans, encumbrances, claims and charges of every description and nature, actual or contingent. (3) All orders made, proceedings taken and acts done by any authority or by any person, which were made, taken or done, or purported to have been made, taken or done between the twenty- third day of October, 1997, i.e., the date of incorporation of the company and the date on which this Ordinance comes into force, in exercise of the powers derived from the OGDC Ordinance, shall, notwithstanding any other law, be deemed always to have been validly made, taken or done and the same are hereby affirmed, adopted and declared to have been validly made, taken or done by the Oil and Gas Development Company Limited and shall have had effect accordingly.

Effective date: 2001-01-01

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