Section 36: Power of the Board to make regulations

36. Power of the Board to make regulations.__ (1) The Board may make regulations to provide for all matters not required to be provided for by rules and for which provision is necessary or expedient for carrying out the purposes of this Ordinance. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for__ (a) the holding and conduct of elections under this Ordinance, including the final decision of doubts or disputes regarding the validity of any election; (b) the manner in which and the conditions subject to which the first allotment of the shares of the Corporation shall be made ; (c) the maintenance of the register of shareholders, the manner in which and the conditions subject to which shares may be held and transferred, suspension and the manner of suspension of transfer of shares and all matters relating to the rights and duties of shareholders ; 2[(cc) the constitution, issue, trusteeship and management of ICP Mutual Funds and transferability of Mutual Fund certificates ; ] (d) the manner in which the general meetings shall be convened and the procedure to be followed thereat; (e) the calling of the meeting of the Board and the Executive Committee, fees for attending the meetings thereof and the conduct of business thereat ; (f) the manner and terms of issue and redemption of bonds and debentures by the Corporation; (g) the conditions subject to which the Corporation may make investments in shares and securities, underwrite issues of stocks, shares, bonds, debentures, make advances and enter into guarantee arrangements and any business relating to investments as principal or agent ; (h) the manner and conditions subject to which the Corporation can borrow and raise finances ; (i) the form of returns and statements required to be prepared under this Ordinance ; 1Subs. by F.A.O., 1975, Art. 2 and Table, for “Central Government”. 2Ins. by the Investment Corporation of Pakistan (Amdt.) Ordinance, 1971 (12 of 1971), s. 4. (j) the duties and conduct of officers and servants and agents of the Corporation ; the recruitment of officers and staff of the Corporation; the terms and conditions of their service, the constitution and management of provident or other funds for the officers and staff of the Corporation and all matters connected with any of these things ; (k) the disclosure of interest, direct or indirect, of any Director or any member of the Executive Committee in any business under the consideration of the Corporation ; (l) taking over the management of, and managing the affairs of any person committing a breach of its agreement with the Corporation ; (m) generally for the efficient conduct of the affairs of the Corporation. (3) All regulations made under this section shall come into force on the date specified in each case. (4) Where any provisions of a regulation is inconsistent with any provision of the rule, the provision of the rule shall prevail.

Effective date: 1966-01-01

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