Section 4: Certain special provisions with respect to Company

4. Certain special provisions with respect to Company.___(1) For the removal of doubts, it is hereby clarified that, as from the date of its incorporation as a Company, the Company shall- (a) be deemed to own and hold all the assets, properties, lands, installations, plants, machinery, equipment, concessions, licences, grants and other rights of whatsoever nature owned and held by the Corporation as on that date, including, but no limited to all tangible, intangible, moveable and immovable properties, contractual and other rights, outstanding moneys claims receivables and investments; (b) be entitled to the benefit of all notifications, licences, permissions, sanctions, authorizations, grants, concessions, decrees and orders issued or granted to all subsisting in favour of the Corporation as at the date of its incorporation; (c) be deemed to have taken over all contractual rights, licences, grants, concessions and liabilities of the Corporation and shall be liable to pay and discharge all liabilities and obligations of whatsoever nature of the Corporation. (2) All suits appeals or other legal proceedings of whatever nature by, against or relating to the Corporation pending on the effective date in any court, tribunal or other authority shall be continued, prosecuted and enforced in the same manner and to the same extent as they would have been continued, prosecuted and enforced by or against, the Corporation, if the conversion of the Corporation into the Company would not have taken place, by or against the Company, and the same shall not abate, be discontinued or be in any way prejudiced or affected by the provisions of this Ordinance. (3) As from the date of its incorporation, the Company shall for all material purposes be the successor-in interest of the Corporation, and the name of the Company shall be deemed to be substituted for the name of the Corporation in all contracts, agreements, licences, leases, grants, concessions (including without limitation petroleum concessions, exploration and prospecting licences or permits and mining leases) and all other documents of whatsoever nature relating to the Corporation and no objection shall be entertained by any court, tribunal or authority in regard to such substitution or on the ground that any such contract agreement or document as aforesaid was or is, in, or with, the name of Corporation and not the Company. (4) The objects of the Corporation as set out in the OGDC Ordinance so far as they are not in conflict with the objects contained in the memorandum of the company shall be the objects of the Company and notwithstanding anything contained in any law for the time being in force, the conduct by the Company of any such business shall not be called in question by any person or authority in any manner or on any ground whatsoever, including but not limited to the ground that the Company was or is not eligible to commence or to carry on such business or that the Company failed to obtain any permission, authorization, consent, approval or sanction under any law in force for the time being.

Effective date: 2001-01-01

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