Section 594: Shipping Development Fund

594. Shipping Development Fund.—(1) The Federal Government may, by notification in the Official Gazette, form a fund to be called the Shipping Development Fund (hereinafter referred to as the Fund) to be applied towards meeting the expenses of operating the Fund and for granting loans and financial assistance in any other form–– (a) to persons of the description mentioned in section 13— (i) for the acquisition and maintenance of ships, including modification, reconstruction and renovation thereof ; and (ii) for meeting any short term requirements. (b) to Pakistani shipyards for the construction of new ships. (2) The Federal Government may, by notification in the Official Gazette, make rules providing for— (a) the constituting of a committee for the management of the Fund and the manner and mode of its working and memberships; (b) the manner and mode of the payments into the Fund; (c) the exemption from liability to pay any taxes by the committee referred to in clause (a) ; and (d) any other matter which is considered necessary for the smooth operation of the Fund and the management of the committee referred to in clause (a).

Effective date: 2001-01-01

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