Section 61: Repeals and savings

61. Repeals and savings.__ On the commencement of this Act__ (a) the Monopolies and Restrictive Trade Practices (Control and Prevention) Ordinance, 1970 (V of 1970), hereinafter referred to as the repealed Act, shall stand repealed; (b) the Monopoly Control Authority established under the repealed Act shall stand dissolved; (c) all assets, rights, powers, authorities and privileges and property, movable and immovable, cash and bank balances, reserve funds, investments and all other interests and rights in, or arising out of such property and all debts, liabilities and obligations of whatever kind of the Monopoly Control Authority subsisting immediately before its dissolution shall stand transferred to and vest in the Competition Commission of Pakistan established under this Act; (d) no officer, employee, servant, or any other person holding any post in connection with the affairs of the Monopoly Control Authority shall have any right or lien to appointment to any post in the Competition Commission of Pakistan established under this Act; (e) officers, employees, servants, or any other person holding any post in connection with the affairs of the Monopoly Control Authority, not considered for appointment in the Commission shall have the option to be discharged from service on payment of admissible relieving benefits , or alternatively, their services shall be placed at the disposal of the Finance Di vision for absorption on the terms and conditions to be determined by that Division but not less favorable than those which they were entitled to in Monopoly Control Authority, and unless sooner they are absorbed elsewhere they shall continue to draw their pay, allowances, privile ges or other benefits from the Commission as they were drawing while holding their posts in the Authority; (f) save as otherwise provided in clause (c), all the debts and obligations incurred or contracts entered into or rights acquired and all matters and things engaged to be done by, with or for the Monopoly Control Authority before the enforcement of this Act shall be deemed to have been incurred, entered into, acquired or engaged to be done by with or for the Commission, established under this Act, as the case may be; and (g) all suits and other legal proceedings instituted by or against the Monopoly Control Authority before the commencement of this Act shall be deemed to be suits and proceedings by or against the Competition Commission of Pakistan as the case may be and may proceed and be dealt with accordingly.

Effective date: 2010-01-01

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