Section 8: Re-organization of Government company

8. Re-organization of Government company.—(1) If the Esso undertakings are vested in a Government company under sub-section (1) of section 5, the Federal Government may direct the Board of Management constituted under the Marketing of Petroleum Products (Federal Control) Act, 1974 (XVII of 1974), to draw up a plan for the re-organization of the company with a view to increasing its efficiency and rationalising its operations, hereafter in this section referred to as the re- organization plan. (2) The re-organization plan may include provision for amalgamation of the Government company with any one or more managed companies under the Marketing of Petroleum Products (Federal Control) Act, 1974 (XVII of 1974), and may provide for a scheme for the re-construction of the Government company or such company or companies or amalgamation of the Government company with any one or more such company or companies and such scheme may provide for all or any of the matters contained in section 153 or section 153B of the Companies Act, 1913 (VII of 1913), or for alteration of share capital or loan structure and alteration of existing, or adoption of fresh, memorandum or articles of association of such companies. (3) The re-organization plan shall be submitted to the Federal Government for approval and shall be simultaneously published in the official Gazette accompanied by a certified statement showing the value of the holdings of the shares of the Federal Government in the companies covered by the plan on the date of the submission of the plan, and, from the date of such submission, dealings in shares of the companies covered by the plan in any of the stock exchanges shall remain suspended until the Federal Government has approved the re-organization plan. (4) The re-organization plan shall be implemented and shall take effect in such manner and at such time and with such modification as may be approved by the Federal Government.

Effective date: 1976-01-01

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