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 Regional Development Finance Corporation and Small Business Finance Corporation (Amalgamation and Conversion) Ordinance, 2001: • assets — rights, and powers of every description and includes all properties, movable or immovable, tangible or intangible, mortgages, charges and claims in the name of the RDFC or SBFC, as the case may be • company — the company, formed and registered pursuant to section 4 • effective date — the date specified in the Order; * i.e. 1-1-2001,vide S.R.O. 898(I)/2001, dt. 29-12-2001 • liabilities — all liabilities lawfully incurred by the RDFC or SBFC, as the case may be, and includes duties of every kind imposed thereon • order — an order made by the Federal Government under subsection (1) of section 5 • R.D.F.C. — the Regional Development Finance Corporation established under the Regional Development. Finance Corporation Ordinance, 1985 (XXXII of 1985) • S.B.F.C. — the Small Business Finance Corporation established under` the Small Business Finance Corporation Act, 1972 (XXIX of 1972) • transfer — the transfer of assets, contracts, liabilities, proceedings and undertakings of the R.D.F.C. or S.B.F.C., as the case may be, to the company and 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.___(1) In this Ordinance, unless there is anything repugnant in the subject or context,___ (a) “assets” means rights, and powers of every description and includes all properties, movable or immovable, tangible or intangible, mortgages, charges and claims in the name of the RDFC or SBFC, as the case may be; (b) “company” means the company, formed and registered pursuant to section 4; (c) “contracts” means; all contracts, agreements, bonds, guarantees, indemnities, representations, obligations, undertakings and other legal documents and instruments of every description executed by or on behalf of the RDFC or SBFC, as the case may be, including employment, investment, sales and financial contracts with whomsoever; *(d) “effective date” means the date specified in the Order; * i.e. 1-1-2001,vide S.R.O. 898(I)/2001, dt. 29-12-2001. (e) “liabilities” means all liabilities lawfully incurred by the RDFC or SBFC, as the case may be, and includes duties of every kind imposed thereon; (f) “order” means an order made by the Federal Government under subsection (1) of section 5; (g) “proceedings” includes applications, appeals, awards, reviews and revisions filed of pending in any suit, arbitration or other legal or administrative proceedings; (h) “R.D.F.C.” means the Regional Development Finance Corporation established under the Regional Development. Finance Corporation Ordinance, 1985 (XXXII of 1985); (i) “S.B.F.C.” means the Small Business Finance Corporation established under` the Small Business Finance Corporation Act, 1972 (XXIX of 1972); (j) “transfer” means the transfer of assets, contracts, liabilities, proceedings and undertakings of the R.D.F.C. or S.B.F.C., as the case may be, to the company and (k) “undertaking” includes all projects, ventures and any other operations undertaken by the R.D.F.C. or S.B.F.C., as the case may be, individually or in collaboration with some other person, (2) All expressions and words used but not defined in this Ordinance shall have the same meanings as in the Companies Ordinance, 1984 (XLVII of 1984).

Effective date: 2001-01-01

Related sections