Section 2: Definitions. In this Ordinance, unless there is anything repugnant in the subject or

Plain-Language Summary

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

This section defines the following terms used in The Investment Corporation of Pakistan Ordinance, 1966: • advance — a loan for purposes of investment; • Board — the Board of Directors of the Corporation ; • bond — a bond of any description issued by any institution or by the 2[Federal Government] or a Provincial Government ; • Chairman — the Chairman of the Board ; • company — a company as defined in section 2 (2) of the Companies Act, 1913 (VII of 1913), and includes a body corporate established or incorporated under any other law for the time being in force in Pakistan; 1Approved by the National Assembly of Pakistan on the 16th March, 1966, see Gaz. of P., 1965, Ext., p. 137. 2Subs. by F.A.O., 1975, Art. 2 and Table for “Central Government” • constituent institution — any scheduled bank or other investing institution which becomes a shareholder of the Corporation with the approval of the 1[Federal Government]; • Corporation — the Investment Corporation of Pakistan established under this Ordinance; • debenture — debenture issued by any company or institution in Pakistan in accordance with the rules for the time being applicable to the issue of debentures and includes debenture stock ; • Deposit Account — an account maintained by the Corporation of the cash deposits made with it for purposes of investment; • Director — a Director of the Corporation; 2[ • ICP Mutual Funds — Mutual Funds from time to time constituted, issued and managed by the Corporation, whether directly or through a subsidiary company or agency set­up by it or by any other entity or person qualified to manage Mutual Funds to whom the right to manage the Mutual Funds has been assigned by the Corporation, whether under its trusteeship or any other entity appointed or approved by it operating under any law for the time being in force and the rules or regulations made thereunder] • institution — an organisation established under any law for the time being in force in Pakistan for the promotion of some public object ; • investment — investment in the equity or debentures and other securities of any company or institution ; • Managing Director — the Managing Director of the Corporation and includes any person for the time being authorised to discharge the functions of the Managing Director ; • prescribed — prescribed by rules ; • prospectus — a prospectus as defined in clause (14) of section 2 of the Companies Act, 1913 (VII of 1913); • regulations — regulations made under this Ordinance ; • rule — a rule made under this Ordinance ; • share — share of any joint stock company registered in Pakistan ; • State Bank — the State Bank of Pakistan ; • underwriting — contracting, with or without conditions, to purchase or subscribe for stocks, shares, bonds, debentures or other securities issued by any company or institution with a view to holding, selling or distributing the whole or part thereof 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 Ordinance, unless there is anything repugnant in the subject or context__ (a) “advance” means a loan for purposes of investment; (b) “Board” means the Board of Directors of the Corporation ; (c) “bond” means a bond of any description issued by any institution or by the 2[Federal Government] or a Provincial Government ; (d) “Chairman” means the Chairman of the Board ; (e) “company” means a company as defined in section 2 (2) of the Companies Act, 1913 (VII of 1913), and includes a body corporate established or incorporated under any other law for the time being in force in Pakistan; 1Approved by the National Assembly of Pakistan on the 16th March, 1966, see Gaz. of P., 1965, Ext., p. 137. 2Subs. by F.A.O., 1975, Art. 2 and Table for “Central Government”. (f) “constituent institution” means any scheduled bank or other investing institution which becomes a shareholder of the Corporation with the approval of the 1[Federal Government]; (g) “Corporation” means the Investment Corporation of Pakistan established under this Ordinance; (h) “debenture” means debenture issued by any company or institution in Pakistan in accordance with the rules for the time being applicable to the issue of debentures and includes debenture stock ; (i) “Deposit Account” means an account maintained by the Corporation of the cash deposits made with it for purposes of investment; (j) “Director” means a Director of the Corporation; 2[(jj) “ICP Mutual Funds” means Mutual Funds from time to time constituted, issued and managed by the Corporation, whether directly or through a subsidiary company or agency set­up by it or by any other entity or person qualified to manage Mutual Funds to whom the right to manage the Mutual Funds has been assigned by the Corporation, whether under its trusteeship or any other entity appointed or approved by it operating under any law for the time being in force and the rules or regulations made thereunder] (k) “institution” means an organisation established under any law for the time being in force in Pakistan for the promotion of some public object ; (l) “investment” means investment in the equity or debentures and other securities of any company or institution ; (m) “Managing Director” means the Managing Director of the Corporation and includes any person for the time being authorised to discharge the functions of the Managing Director ; (n) “prescribed” means prescribed by rules ; (o) “prospectus” means a prospectus as defined in clause (14) of section 2 of the Companies Act, 1913 (VII of 1913); (p) “regulations” means regulations made under this Ordinance ; (q) “rule” means a rule made under this Ordinance ; (r) “scheduled bank” has the same meaning as is assigned to it in the State Bank of Pakistan Act, 1956 (XXXIII of 1956); 1Subs. by F.A.O., 1975, Art. 2 and Table, for “Central Government”. 2Subs. by Act 4 of 1999, s.9. (s) “securities” include any note, stock, bond, debenture, evidence of indebtedness, transferable share, investment contract, certificate of deposit for a security, a certificate of interest or participation in any profit sharing agreement ; (t) “share” means share of any joint stock company registered in Pakistan ; (u) “State Bank” means the State Bank of Pakistan ; (v) “underwriting” means contracting, with or without conditions, to purchase or subscribe for stocks, shares, bonds, debentures or other securities issued by any company or institution with a view to holding, selling or distributing the whole or part thereof.

Effective date: 1966-01-01

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