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GILGIT ACT NO. VII OF 2012

GILGIT-BALTISTAN COUNCIL, FINANCIAL INSTITUTIONS (RECOVERY OF FINANCES) (ADAPTATION) ACT, 2012

An Act to adapt and to enforce the Financial Institutions (Recovery of Finances ) Ordinance, 2001 of Pakistan in Gilgit-Baltistan

[Gazette of Pakistan, Extraordinary, Part-I, 6th June, 2012]

No. C-1 (2)/2012 GBC—The following Act, passed by the Gilgit-Baltistan Council on 21st March, 2012 and authenticated by the Chairman, Gilgit-Baltistan Council/Prime Minister of Pakistan, is hereby published for general information.

WHBREAS it is necessary to adapt and to enforce Financial Institutions (Recovery of Finances) Ordinance, 2001 (XLVI of 2001) as in force in Pakistan and to provide for matters connected therewith or ancillary thereto;

It is hereby enacted as follows :—

1.       Short title, extent, and commencement.—(1) This Act may be called the Gilgit-Baltistan Council, Financial Institutions (Recovery of Finances) (Adaptation) Act, 2012.

(2)     It shall extend to the whole of Gilgit-Baltistan,

(3)     It shall come into force at once.

 

2.       Interpretation.—In this Act, unless there is anything repugnant in the subject or context, 'previous law' shall mean a law in force in the Gilgit-Baltistan territory immediately before the commencement of this Act and corresponding to any law adapted by this Act.

3.       Adaptation of the Financial Institutions (Recovery of Finances) Ordinance, 2001.—The Financial Institutions (Recovery of Finances) Ordinance, 2001 (XLVI of 2001) and all rules notifications and orders made thereunder and in force immediately before the commencement of this Act are adapted and shall, as far as practicable, be in force in Gilgit-Baltistan subject to the following modifications, namely:—

(a)     the expressions 'Government', 'Federal Government', President' or any other expressions however worded, referring to any Executive Government, shall, as far as practicable, be construed to refer to the Gilgit-Baltistan Council and reference to Pakistan or any part of Pakistan shall be construed to refer to Gilgit-Baltistan; and

(b)     the expressions 'Provincial Government' shall be construed to refer to the Gilgit-Baltislan Government.

(c)     the expressions "High Court" shall be construed to refer to the Gilgit-Baltistan Chief Court; and

(d)     the expressions "Chief Justice" shall be construed to refer to the Chief Judge, Gilgit-Baltistan Chief Court.

4.       Previous laws to cease to have effect.—If immediately before the coming into force of this Act if there is in force in Gilgit-Baltistan any law corresponding to any law adapted by this Act, it shall, subject to the other provisions of this Act, cease to have effect on and from the date of the commencement of this Act:

Provided that the provisions of this Act shall not render invalid anything duly done before the commencement of this Act under the provisions of any previous law.

5.  Removal of difficulty.—If any difficulty or question arises in giving effect to the provisions of this Act or in regard to the construction to be placed on any adaptation, the Council may, from time to time, make such provisions or give such directions as appear to it to be necessary for the purpose of removing such difficulty.

Passed by the Gilgit-Baltistan Council on the 21st March, 2012.