Section 23: Business which the Corporation is authorised to transact. The Corporation may

23. Business which the Corporation is authorised to transact. The Corporation may carry on, transact or do the several kinds of business and acts hereinafter specified, namely:__ (1) underwriting, managing and distributing the issue to of stocks, shares, bonds, debentures and other securities either directly or through or jointly with one or more of its constituent institutions or other investment or financial institutions ; (2) opening and maintaining of Investors’ Deposit Accounts; (3) making advances for purchase of shares and investment in such other securities as may be approved in each case ; (4) purchasing and selling shares to the Investors’ Deposit Account holders over the counter ; (5) engaging in the business of investing and reinvesting in and the owning and holding of securities 1[and of discounting of debentures and other securities]; (6) merchandising of shares ; (7) facilitating investments by selling new floatations of existing or new companies without underwriting obligations ; (8) helping generally in broadening the base of investments and encouraging investments in sound projects 1[whether by issuing ICP Mutual Funds or otherwise] ; (9) managing investment portfolios on behalf of individuals or institutions ; (10) providing professional counsel regarding investments ; (11) promoting industrial development in Pakistan ; (12) being a member of a Stock Exchange in Pakistan; (13) acting in any manner as a principal or agent in matters relating to investment in securities; (14) for purposes of, and in matters relating to, its business or objects; (a) to purchase or otherwise acquire, own, sell, transfer and exchange any tangible or intangible, movable or immovable property and any rights, title or interest in such property absolutely, temporarily or on hire or by hire­purchase or on instalment or on such other terms and conditions as may be approved by the Board ; (b) to accept and furnish any undertaking or commercial guarantee for the performance of any obligation or the fulfilment of any contract or the repayment of any money ; (c) to accept and furnish any lien, charge, hypothecation or mortgage on any movable or immovable property or any promissory note or bill of exchange ; 1Added by the Investment Corporation of Pakistan (Amdt.) Ordinance, 1971 (12 of 1971), s. 3. (d) to enter into agreements and contracts and execute such documents as may be considered necessary or expedient ; 1[(e) to be and act as trustees in respect of ICP Mutual Funds and any debentures, debenture stock or other securities or obligations and to execute any trusts ;] 2[(f) to assign, transfer to or enter into any contractual arrangements with any person or entity regarding rights and obligations pertaining to management, trusteeship of custodianship of ICP Mutual Funds.] (15) to appoint attorneys and agents ; (16) to receive and pay commission, fees and brokerage in connection with its business ; (17) to sell and realise all property whether movable or immovable which may in any way come into possession of the Corporation in satisfaction or part satisfaction of its claims ; and (17) generally do all such acts and things as may be necessary or incidental or subsidiary to the transacting of any of the aforesaid business or acts including proceedings in courts of law.

Effective date: 1966-01-01

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