Section 5: Management

5. Management.___(1) The 6[determination of questions of policy and the general direction of the affairs of the Corporation shall vest in the Board and the Board] may exercise all powers and do all acts and things which may be exercised or done by the Corporation in accordance with the provisions of this Ordinance. (2) The Board in discharging its functions shall act on commercial considerations and shall be guided by such directions as the Government may give it from time to time. 1Subs. by F.A.O., 1975, Art. 2 and sch., for “Provincial Government”. 2Subs. by the Provincial Industrial Development Corporation (W.P. (Amdt.). Ordinance 1963 (W.P. ord. No. 3 of 1963) s. 2 for full-stop.” 3Cls. (j) (k) (l) and (m) were added by W.P. Ord. No. 3 of 1963 s. 2, subsequently cls. (J) (K) and (M) have been omitted by the Provincial Industrial Development Corporation (W.P. (Amdt.) Ordinance, 1965 (29 of 1965) s. 2, to read as above.) 4The word (West omitted by Ord. 27 of 1981, s. 3, and Sch. II.) 5Subs. ibid., for Industrial Development Corporation West Pakistan”. 6Subs. by the Provisional Industrial Development Corporation (West Pakistan) (Amdt.) Ordinance, 1971 (26 of 1971), s. 2, for certain words. (3) If the Board fails to obey any direction as aforesaid, the Government may remove the Directors including the Chairman, and, notwithstanding anything in section 6, appoint persons in their place to be Directors temporarily until fresh Directors are appointed under that section.

Effective date: 1962-01-01

Related sections