Section 2: Definitions

Plain-Language Summary

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

This section defines the following terms used in The Pakistan Industrial Development Corporation (Dissolution) Ordinance, 1984: • Corporation — the Pakistan Industrial Development Corporation established under the Pakistan Industrial Development Corporation Ordinance, 1962 (XXXVIII of 1962) • Company — the Pakistan Industrial Development Corporation Limited, a company formed and registered under the Companies Act, 1913 (VII of 1913) • Managed Company — a company formed and registered under the Companies Act, 1913 (VII of 1913) which is being managed by the Corporation and of the issued and subscribed share capital of which the whole or a part is held by the Corporation and its nominees • project — a project in the possession, ownership, power or control of the Corporation and includes the assets, rights, authorities, powers, privileges, properties, lands, buildings, mines, leases, lease-holds, licences, works, workshops, any related office, shop, factory godown, yard, stocks, stores, reserve fund, cash and bank balances, investments, security, book -debts, and all rights, interests and benefits in assignable contracts and choses in action relating to the project, and all books of accounts, registers, records and all other documents of whatever nature relating thereto and all borrowings, liabilities and obligations of whatever kind of or relating to the project • subsidiary — a company formed by the Corporation and registered under the Companies Act, 1913 (VII of 1913) for the purpose of eventually owning and managing a project 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) “Corporation” means the Pakistan Industrial Development Corporation established under the Pakistan Industrial Development Corporation Ordinance, 1962 (XXXVIII of 1962). (b) “Company” means the Pakistan Industrial Development Corporation Limited, a company formed and registered under the Companies Act, 1913 (VII of 1913); (c) “Managed Company” means a company formed and registered under the Companies Act, 1913 (VII of 1913) which is being managed by the Corporation and of the issued and subscribed share capital of which the whole or a part is held by the Corporation and its nominees; (d) “project” means a project in the possession, ownership, power or control of the Corporation and includes the assets, rights, authorities, powers, privileges, properties, lands, buildings, mines, leases, lease-holds, licences, works, workshops, any related office, shop, factory godown, yard, stocks, stores, reserve fund, cash and bank balances, investments, security, book -debts, and all rights, interests and benefits in assignable contracts and choses in action relating to the project, and all books of accounts, registers, records and all other documents of whatever nature relating thereto and all borrowings, liabilities and obligations of whatever kind of or relating to the project; (e) “properties”, in relation to the Corporation, includes assets, rights, authorities, powers, privileges, properties, both movable and immovable, including lands, mines, leasees, leaseholds, licences, works, workshops, reserve funds, investments, shares, book-debts, and all rights interests and benefits in assignable contracts and choses in action; and (f) “subsidiary” means a company formed by the Corporation and registered under the Companies Act, 1913 (VII of 1913) for the purpose of eventually owning and managing a project.

Effective date: 1984-01-01

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