Section 3: Vesting of the property, rights and liabilities of the Corporation

3. Vesting of the property, rights and liabilities of the Corporation.___ (1) As soon as may be after the commencement of this Ordinance, the Federal Government may, by order, published in Official Gazette, direct that as and from the date, as may be specified in the order by the Federal Government, (hereinafter referred to as the effective date), all property, rights and liabilities to which the Corporation was entitled or subject, immediately before such orders, and identified therein, shall, on such terms and conditions as the Federal Government may determine, vest in the Company and become the property, rights and liabilities of the Company. (2) An order issued under sub-section (1) shall provide for all such matters consequential and incidental to the matters provided for in sub-section (1) as the Federal Government shall consider necessary or expedient. (3) An order issued under sub-section (1) shall provide for — (a) the continuation by the Company of the operations and undertaking of the Corporation on the same basis as were being carried on immediately prior to the date of the order; and (b) the dissolution of the Corporation from the effective date on which date the Corporation shall cease to exist. (4) In consideration of the vesting in the Company of the property, rights and liabilities of the Corporation under the order issued under sub-section (1), the Company shall issue in the name of the President of the Islamic Republic of Pakistan such number of fully paid ordinary shares, of the Company as the Federal Government may determine to be the estimated net asset value of the Corporation on the effective date. (5) No stamp duty shall be payable under any law for the time being in force or in relation to the transfer or vesting of property of the Corporation under any order issued under subsection (1), or on any shares or securities or the certificates or scripts evidencing title thereto issued to the President of the Islamic Republic of Pakistan. (6) The value ascribed to the property vested in the Company by the Federal Government under the order made under this section shall represent the actual acquisition cost of the property for the purposes of taxation and depreciation. (7) All contracts, bonds, agreement, powers of attorney, grants of legal representation and all other instruments of whatever kind in each case subsisting or having effect immediately before the effective date or to, which the Corporation may have been a party before the effective date shall be deemed to have been made with the Company, as if, instead of the Corporation, the Company had been a party thereto. (8) All suits, appeals or other legal proceedings of whatever nature by or against or relating to the Corporation pending on the effective date in any court, tr ibunal or other authority shall be continued, prosecuted and enforced in the same manner and to the same extent as they would or might have been continued, prosecuted and enforced by or against the Corporation. (9) On and after the effective date, any reference to the Corporation in any law other than the Ordinance, or in any rul e, regulation, other notification or in any contract, deed or other document shall, except where the context otherwise requires or the Federal Government otherwise directs, be construed as reference to the Company. Explanation.—-For the purpose of this section the expression “property” includes assets and entitlements of every description and nature, wherever situated; and “liabilities” includes duties, obligations, loans, encumbrances, claims and charges of every description and nature, actual or contingent, whether or not they are capable, under any law of Pakistan or of any other State or under any agreement or otherwise, of being vested, transferred or assigned by the Corporation.

Effective date: 2000-01-01

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