Section 4: Dissolution of the Corporation

4. Dissolution of the Corporation.—(1) As soon as may be after the order under section 3 has issued, the Federal Government may, by notification1 in the official Gazette, direct that the Corporation shall be dissolved on such date as may be specified in the notification, and thereupon the Corporation shall stand dissolved. (2) Upon the dissolution of the Corporation under sub-section (1),— (a) the Pakistan Refugees Rehabilitation Finance Corporation Ordinance, 1959 (II of 1960) shall stand repealed ; (b) all debts, liabilities and obligations incurred by the Corporation before its dissolution shall be deemed to be debts, liabilities and obligations incurred by the body or authority to which the undertakings and properties of the Corporation are transferred under section 3 ; (c) all contracts entered into, and all matters and things engaged to be done, by, with or for the Corporation before its dissolution shall be deemed to be contracts entered into, and matters and things engaged to be done by, with or for such body or authority as aforesaid ; and (d) all suits and other legal proceedings instituted by or against the Corporation before its dissolution shall be deemed to be suits and legal proceedings instituted by or against such body or authority as aforesaid.

Effective date: 1980-01-01

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