Section 8: Chief Executive of the Corporation

8. Chief Executive of the Corporation.—(1) The Chief Executive shall be appointed by the Federal Government who shall be the whole­time chief executive officer of the Corporation. (2) The Chief Executive shall hold office for a term of two years and shall be eligible for re­appointment for additional terms of two years each. (3) Subject to its superintendence, direction and control, the Board may authorise in writing the Chief Executive to exercise and perform any or all of the following powers and functions as the Board deems fit, namely:— (a) to deal with, negotiate, enter into and sign agreements and contracts with any obligor or financial institution in respect of the non­performing assets or related collateral and to take any and all actions, in any manner, to advance the business of the Corporation as specified in section 18; (b) to institute, finance, manage, oversee and terminate rehabilitation plans and schemes for the non­performing assets or the obligor, as the case may be; (c) to pay the cost, charges and expenses for the day to day business of the Corporation; (d) to receive money or goods on behalf of the Corporation; (e) to sell, deal in and dispose of all articles and goods of the Corporation; (f) to engage, employ, fix and pay the remuneration and dismiss or discharge all managers, agents, secretaries, clerks, servants, workmen and other persons employed in, or in connection with, the Corporation’s business; (g) to appoint any person or persons to be attorney or attorneys of the Corporation for such purposes and with such powers, authorities and discretions and for such period and subject to such conditions as he may from time to time think fit; (h) to make and give receipt, release and discharge, all moneys payable to the Corporation or for the claims and demands of the Corporation; (i) to draw, accept, endorse and negotiate all such cheques, bills of exchange, promissory notes and Government and other securities as shall be necessary in or for carrying on the affairs of the Corporation whether the account may be overdrawn or not; (j) to institute, compromise, withdraw or abandon any legal proceedings by or against the Corporation or its officers or otherwise concerning the affairs of the Corporation; (k) to provide for the welfare of employees or ex­employees of the Corporation and the wives, widows or families or the dependents of such persons in such manner as he may think fit; (l) to open, maintain and operate accounts or letters of credit for any amount with any bank or banks and to give instructions for operation of such accounts; (m) to appear before any court law, civil, criminal, revenue, excise, income­tax including banking courts and tribunals established for recovery of bank dues and loans, whether original or appellate, High Courts and Supreme Court of Pakistan and other authorities for and on behalf of the Corporation and to institute, apply for transfer of suits and other proceedings, conduct, prosecute and defend suits and legal proceedings whatsoever including original, appellate or any other jurisdiction, sign power of attorney or other authorisation, statements, pleadings and petitions on behalf of the Corporation and to represent, defend and safeguard the interest of the Corporation; (n) to enter into all such negotiations and contracts and rescind or vary all such contracts and do all acts, deeds and things, in the name and on behalf of the Corporation as he may consider necessary, expedient or proper, or in relation to any of the matters aforesaid or otherwise, for the purposes of the Corporation; (o) to give effectual discharge for moneys payable to the Corporation and for its claims and demands; (p) to purchase or take on lease or otherwise acquire for the Corporation, land, buildings, rights and privileges for the purpose of offices or premises of the Corporation at such prices and generally on such terms as he may think necessary and expedient, to build, alter and furnish offices, houses or premises and let or sub-let any such houses or premises in portion or otherwise; (q) to demand and enforce payment, delivery, transfer of any dues for recovery and receive from all and every persons, body corporate or corporations, firm or companies whatsoever, all money, securities for money, debts and claims of all kinds and demand, enforce, deliver and receive and take possession of money, securities, shares, and goods produced and property of all kinds whether belonging to the Corporation as security or in trust or held by any person or company in trust or by way of security for the Corporation; (r) to deal with, make arrangements, sign contracts with Government, semi Government, autonomous bodies, corporations, local Government and other institutions; and (s) to appoint attorneys, agents, managers and authorise them to exercise any or all such powers and functions as are mentioned in clauses (a) to (r) above. (4) The Federal Government may, by notification in the official Gazette, remove the Chief Executive if, — (a) he refuses or fails to discharge or becomes in the opinion of the Federal Government, incapable of discharging his responsibilities under this Ordinance; or (b) he has been declared insolvent; or (c) he has been declared to be disqualified for employment in, or has been dismissed from the service of Pakistan, or has been convicted of an offence involving moral turpitude; or (d) he has knowingly acquired or continued to hold without the permission in writing of the Federal Government, directly or indirectly or through a partner, any share or interest in any obligor or financial institution.

Effective date: 2000-01-01

Related sections