950805

Converting into limited company

OGDC ordinance

promulgated

ISLAMABAD: The President has promulgated the Oil and Gas Development Corporation (OGDC) (Second Amendment) Ordinance 1995, on Friday which shall come into force at once:-

Following is the text of the ordinance:-

"ORDINANCE NO. LXXXIII OF 1995

AN ORDINANCE

further to amend the Oil and Gas Development Corporation Ordinance, 1961,

Whereas it is expedient further to amend the Oil and Gas Development Corporation Ordinance, 1961 (XXXVII of 1961), for the purpose hereinafter appearing;

And whereas the National Assembly is not in session and the President is satisfied that the circumstances exist which render it necessary to take immediate action;

Now, therefore, in exercise of the powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following ordinance:-

1. Short title and commencement:- The Ordinance may be called the Oil and Gas Development Corporation (Second Amendment) Ordinance, 1995.

(2) It shall come into force at once.

2. Substitution of section 31, Ordinance XXXVII of 1961, - In the Oil and Gas Development Corporation Ordinance, 1961 (XXXVII of 1961), for section 31 the following shall be substituted namely:-

"31. Conversion of Corporation into a Limited Company.-

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(1) Notwithstanding anything contained hereinbefore, the Federal Government may, whenever it deems expedient, cause the Corporation to be incorporated under the Companies Ordianace 1984 (XLVII of 1984, as a company limited by shares.

(2) All assets, properties, installations, plants, machinery, rights and liabilities of the corporation shall, on incorporation of the company under sub-section (1), stand transferred to that company and all unexpended funds and appropriations of the corporation shall be available to pbe expended by the company in exercise of the powers, authority and duties conferred in it by its memorandum and articles of association.

(3) All contracts, aids licences or concessions issued and all liabilities incurred by the corporation shall on incorporation of the company under sub-section (1) shall be deemed to be made, issued or incurred by the company and shall be enforceable accordingly.

(4) All employees of the corporation shall stand transferred to the company incorporated under sub-section (1) on the same terms and conditions of employment as where applicable to them immediately before the incorporation of the company under sub-section (1).

(5) On incorporation of the corporation in to a limited company under sub-section (1), the corporation shall cease to exist."-APP