Section 6: Composition of the Board

6. Composition of the Board.—(1) The Board shall consist of the following directors, namely:— (a) the Minister for Finance, Government of Pakistan; 1 [(b) the Minister of Commerce, Government of Pakistan; (bb) the Minister of Industries, Government of Pakistan;] (c) the Governor, State Bank of Pakistan; (d) the Chairman, Privatization Commission of Pakistan; 1 [(e) the Finance Secretary, Ministry of Finance;] (f) the Chief Executive as defined in clause (f) section 2; and 1Subs. by the Corporate and Industrial Restructuring Corporation (Amdt.) Act, 2005 (3 of 2005) s. 3 for clause (b) and (e) (g) a minimum of four and a maximum of eight persons of repute from the private sector and as far as possible from each Province, one of whom shall be from the banking sector. (2) The directors referred to in clauses (a) to (f) of sub­section (1) shall be ex officio directors. (3) The directors under clause (g) of sub­section (1) shall be appointed by the Federal Government, who shall hold office for a term of two years and shall be eligible for re­appointment for additional terms of two years each. (4) No act or proceedings of the Board shall be invalid merely on the ground of the existence of any vacancy in, or defect in the constitution of, the Board. (5) No director shall have any direct or indirect financial interest in, or have business connection with any obligor or financial institution whose non­performing assets are the subject of this Ordinance. Explanation. — For the purposes of this sub­section, any involvement of the spouse or any lineal ascendant or descendant of any director with any obligor or financial institution shall be considered as a direct financial interest or connection of the director with such obligor or financial institution. (6) The directors shall not, for two years after the expiry of their term of office, enter into the employment of or accept any advisory or consultancy relationship with any obligor or financial institution whose non­performing assets are the subject of this Ordinance.

Effective date: 2000-01-01

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