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 Esso Undertakings (Vesting) Act, 1976: • commencing day — the day on which this Act comes into force • Government company'' means a company directly or indirectly owned or controlled by the Federal Government in which the Esso undertakings are vested by notification under sub-section (1) of section 5; (c) “Esso — Esso Eastern Inc., incorporated under the laws of the State of Delaware in the United States of America, having its principal office at 2401 South Gessner, City of Houston, State of Texas, in the United States of America, and having a branch in Pakistan • Esso undertakings — the business in Pakistan of Esso of purchasing, storing, distributing, blending, marketing and selling of refined petroleum products, of lubricants and of chemical products, and includes— 1For Statement of Objects and Reasons, see Gaz., of P., 1976, Ext., Pt. Ill, p. 1218. (i) all assets, rights, powers, authorities and privileges and all property, movable and immovable, book-debts, cash balances, reserves, provisions and investments pertaining to such business, and all other rights and interests in or arising out of such property, in Pakistan, as were, immediately before the commencing day, in the ownership, possession, power or control of Esso; (ii) all books of accounts, registers, records and all other documents of Whatever nature pertaining to such business in Pakistan, as were, immediately before the commencing day, in the possession, power or control of Esso; (iii) all debts, liabilities and obligations of whatever kind in Pakistan pertaining to such business, as were immediately before the commencing day, subsisting against Esso; (iv) all liabilities and entitlements of Esso undertakings for amounts payable to and recoverable from any other businesses or undertakings of Esso in Pakistan which, immediately before the commencing day, were subsisting on the basis of moneys pertaining to or arising out of any other businesses or undertakings of Esso in Pakistan which were utilized for the purposes of Esso undertakings being treated as liabilities and moneys pertaining to or arising out of Esso undertakings which were utilized for the purposes of any other businesses or undertakings of Esso in Pakistan being treated as entitlements; (v) all liabilities and entitlements of the Esso branch in Pakistan for amounts payable to and receivable from the principal office of Esso in the United States of America which, immediately before the commencing day, were subsisting on account of products and services pertaining to Esso undertakings; (vi) all liabilities and obligations of Esso for the payment of pensions to such of its former employees, or their personal representatives, who were, immediately before the commencing day, entitled to receive pensions on account of the past service of such former employees with Esso in Pakistan; (vii) all contracts and agreements pertaining to Esso undertakings, including the Sale and Purchase Agreement dated the first day of January, 1976, between Pakistan Refinery and Esso and the Agreements between Burmah Shell Oil Storage and Distributing Company of Pakistan Limited, Standard-Vacuum Oil Company and Caltex Oil (Pakistan) Limited relating to the Joint Hydrant System at the Karachi Airport; (viii) the profit or loss arising out of any Esso undertakings during the period between the first day of January, 1976, and the close of business on the day immediately preceding the commencing day; (ix) all liabilities of Esso for taxes and surcharges thereon leviable on or in relation to the income, profits or gains of Esso arising out of any Esso undertakings up to and inclusive of the year of account ending the thirty-first day of December, 1975; (x) all entitlements of Esso to credit or refund of taxes or any payments made for or in respect of any assessment or liability under the Income- tax Act, 1922 (XI of 1922), relating to any income, profits or gains of Esso arising out of any Esso undertakings up to and inclusive of the year of account ending the thirty-first day of December, 1975; but does not include— (1) the business of Esso in Pakistan relating to natural gas and crude oil; (2) the corporate name, trading styles and trade and service names, marks and other insignia used by Esso, any trade marks registered by Esso in Pakistan, or any right of Esso to use any trade mark registered in Pakistan by Exxon Corporation, a corporation incorporated in the State of New Jersey, United States of America, and having its principal office in New York, State of New York, United States of America; (3) any patent or design registered in Pakistan in the name of Esso or any affiliate of Esso; (4) any confidential and proprietary information and material or information and material pertaining to trade secrets belonging to Esso or procured by Esso for use in connection with Esso undertaking; (5) the business and any assets of Esso situated in the territories which immediately before the sixteenth day of December, 1971, constituted the Province of East Pakistan, and any claims by or against Esso and any receivables and payables of Esso pertaining to any business at any time carried on by Esso in such territories; (6) the Agreement dated the fifteenth day of September, 1976, between the President of Pakistan and Esso; (7) the policies of insurance issued in Pakistan by New Hampshire Insurance Company of Manchester, New Hampshire, U.S.A., in favour of Esso; (8) the benefits of any policies of insurance available to Esso in connection with the supply in Pakistan of aviation fuels and lubricants to international airlines; or (9) any contracts entered into by Esso for the delivery of aviation fuels and lubricants outside Pakistan to aircraft operated by the Pakistan International Airlines Corporation • Pak-Stanvac Petroleum Project — the joint exploration and production arrangements created by the Memorandum of Agreement between Esso under its former name of Standard-Vaccum Oil Company and the Governor-General of Pakistan, dated the 24th September, 1954, as amended; and • Pakistan Refinery — Pakistan Refinery Limited, a company incorporated in Pakistan under the Companies Act, 1913 (VII of 1913) and having its registered office at Korangi Creek Road, Karachi 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 Act, unless there is anything repugnant in the subject or context,— (a) “commencing day” means the day on which this Act comes into force; (b) “Government company'' means a company directly or indirectly owned or controlled by the Federal Government in which the Esso undertakings are vested by notification under sub-section (1) of section 5; (c) “Esso” means Esso Eastern Inc., incorporated under the laws of the State of Delaware in the United States of America, having its principal office at 2401 South Gessner, City of Houston, State of Texas, in the United States of America, and having a branch in Pakistan; (d) “Esso undertakings” means the business in Pakistan of Esso of purchasing, storing, distributing, blending, marketing and selling of refined petroleum products, of lubricants and of chemical products, and includes— 1For Statement of Objects and Reasons, see Gaz., of P., 1976, Ext., Pt. Ill, p. 1218. (i) all assets, rights, powers, authorities and privileges and all property, movable and immovable, book-debts, cash balances, reserves, provisions and investments pertaining to such business, and all other rights and interests in or arising out of such property, in Pakistan, as were, immediately before the commencing day, in the ownership, possession, power or control of Esso; (ii) all books of accounts, registers, records and all other documents of Whatever nature pertaining to such business in Pakistan, as were, immediately before the commencing day, in the possession, power or control of Esso; (iii) all debts, liabilities and obligations of whatever kind in Pakistan pertaining to such business, as were immediately before the commencing day, subsisting against Esso; (iv) all liabilities and entitlements of Esso undertakings for amounts payable to and recoverable from any other businesses or undertakings of Esso in Pakistan which, immediately before the commencing day, were subsisting on the basis of moneys pertaining to or arising out of any other businesses or undertakings of Esso in Pakistan which were utilized for the purposes of Esso undertakings being treated as liabilities and moneys pertaining to or arising out of Esso undertakings which were utilized for the purposes of any other businesses or undertakings of Esso in Pakistan being treated as entitlements; (v) all liabilities and entitlements of the Esso branch in Pakistan for amounts payable to and receivable from the principal office of Esso in the United States of America which, immediately before the commencing day, were subsisting on account of products and services pertaining to Esso undertakings; (vi) all liabilities and obligations of Esso for the payment of pensions to such of its former employees, or their personal representatives, who were, immediately before the commencing day, entitled to receive pensions on account of the past service of such former employees with Esso in Pakistan; (vii) all contracts and agreements pertaining to Esso undertakings, including the Sale and Purchase Agreement dated the first day of January, 1976, between Pakistan Refinery and Esso and the Agreements between Burmah Shell Oil Storage and Distributing Company of Pakistan Limited, Standard-Vacuum Oil Company and Caltex Oil (Pakistan) Limited relating to the Joint Hydrant System at the Karachi Airport; (viii) the profit or loss arising out of any Esso undertakings during the period between the first day of January, 1976, and the close of business on the day immediately preceding the commencing day; (ix) all liabilities of Esso for taxes and surcharges thereon leviable on or in relation to the income, profits or gains of Esso arising out of any Esso undertakings up to and inclusive of the year of account ending the thirty-first day of December, 1975; (x) all entitlements of Esso to credit or refund of taxes or any payments made for or in respect of any assessment or liability under the Income- tax Act, 1922 (XI of 1922), relating to any income, profits or gains of Esso arising out of any Esso undertakings up to and inclusive of the year of account ending the thirty-first day of December, 1975; but does not include— (1) the business of Esso in Pakistan relating to natural gas and crude oil; (2) the corporate name, trading styles and trade and service names, marks and other insignia used by Esso, any trade marks registered by Esso in Pakistan, or any right of Esso to use any trade mark registered in Pakistan by Exxon Corporation, a corporation incorporated in the State of New Jersey, United States of America, and having its principal office in New York, State of New York, United States of America; (3) any patent or design registered in Pakistan in the name of Esso or any affiliate of Esso; (4) any confidential and proprietary information and material or information and material pertaining to trade secrets belonging to Esso or procured by Esso for use in connection with Esso undertaking; (5) the business and any assets of Esso situated in the territories which immediately before the sixteenth day of December, 1971, constituted the Province of East Pakistan, and any claims by or against Esso and any receivables and payables of Esso pertaining to any business at any time carried on by Esso in such territories; (6) the Agreement dated the fifteenth day of September, 1976, between the President of Pakistan and Esso; (7) the policies of insurance issued in Pakistan by New Hampshire Insurance Company of Manchester, New Hampshire, U.S.A., in favour of Esso; (8) the benefits of any policies of insurance available to Esso in connection with the supply in Pakistan of aviation fuels and lubricants to international airlines; or (9) any contracts entered into by Esso for the delivery of aviation fuels and lubricants outside Pakistan to aircraft operated by the Pakistan International Airlines Corporation; (e) “Pak-Stanvac Petroleum Project” means the joint exploration and production arrangements created by the Memorandum of Agreement between Esso under its former name of Standard-Vaccum Oil Company and the Governor-General of Pakistan, dated the 24th September, 1954, as amended; and (f) “Pakistan Refinery” means Pakistan Refinery Limited, a company incorporated in Pakistan under the Companies Act, 1913 (VII of 1913) and having its registered office at Korangi Creek Road, Karachi.

Effective date: 1976-01-01

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