Section 19: Creditor — Hydrogenated Vegetable Oil Industry (Control and Development) Act, 1973

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

Discuss this provision with AI

19. Creditor.—(1) A creditor of a managed establishment may apply to the Federal Government for payment to him of the amount due to him from the establishment. (2) The Federal Government may, on receipt of an application under subsection (1) and after such enquiry as it may deem fit, direct the managed establishment— (a) to repay the amount due to the creditor in such instalments and within such period as may be specified in the direction; or (b) if such managed establishment be a company, to convert the amount due to the creditor into share capital of the establishment. (3) If a managed establishment fails to comply with a direction issued to it under subsection (2) the Federal Government may order that the amount specified in the direction be recovered from it as an arrear of land revenue and paid to the creditor.

Effective date: 1973-01-01

Related sections

Section 18: Debtor Section 20: Power to revoke contract, etc Section 17: Prohibition to obstruct. No person shall, except under the authority of the Federal Section 21: Right of shareholders Section 16: Continuation in service. In the case of a managed establishment, all persons employed in, by Section 22: Continuance in service of employees on transfer to a corporation

Version hydrogenated-vegetable-oil-industry-control-and-development-act-1973~PK-FED~base · Source-traceable official reference. LawHub does not modify the official record.