Section 3: The Fund

3. The Fund.___(1)For the purposes of this Act, a Fund to be called the Pakistan Sovereign Wealth Fund hereby stands established which shall be owned and controlled by the Federal Government. (2) The head office of the Fund shall be situated in Islamabad and the Board of the Fund may also establish offices in Pakistan and outside Pakistan. (3) The Fund shall have perpetual succession and common seal and may sue and be sued at its own name, have independent legal personality and enjoy financial and administrative independence. (4) The Fund’s resources shall consist of— (i) the capital provided by the Federal Government; (ii) contribution from the Federal Government or State Bank of Pakistan; (iii) transfer of existing assets of the Federal Government including real estate and assets of state-owned enterprises under whatsoever arrangement; (iv) transfer of Federal Government shareholdings in state owned enterprises; (v) borrowings from established and reputable financial institutions; (vi) the profits and proceeds of the investments of the Fund; (vii) any moneys received by the Fund under any contract of insurance effected by the Board; (viii) such other moneys as may vest in or accrue to the Fund, whether in the course of its operations or otherwise; and (ix) any other resources as may be approved by the Board. (5) The authorized capital of the Fund shall be one hundred trillion Rupees and its issued capital shall be paid in cash or in kind by the Federal Government. (6) The issued capital of the Fund may be increased in the manner as provided in the regulations. (7) The authorized capital of the Fund may be increased by a resolution of the Supervisory Council. (8) The resolution to increase the authorized or the issued capital shall be published by the Board in the official Gazette and on the website of the Fund within fifteen days from the date of issue. (9) The Board shall apply resources of the Fund to fulfil the objectives of the Fund as per the investment mandate approved by the Supervisory Council.

Effective date: 2023-08-04

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