(m) to receive the title to hold, and use the proceeds and income of stocks, bonds, obligations, or other securities of any Government or Corporations, domestic or foreign, for the foregoing purposes; and
(n) to undertake, do and perform all such acts, matters or things in general, as may be desirable or necessary in the opinion of the Committee for the accomplishment of foregoing purposes or any of them and, in particular but without prejudice to generality of the foregoing, to enter into contracts, to undertake financial and commercial obligations, to borrow or raise or secure the payment of money, to sell, exchange, mortgage, let or lease the property and accounts of the Foundation, to purchase, take on lease or tenancy or in exchange, hire, take over option, or otherwise require any estate interest or property and to hold develop, deal with, turn to account any property, assets, or rights, real or personal or any kind and in the directions of the Committee to apply the assets of the Foundation in or towards the establishment of any association and institution the objects or purposes of which are in accordsance with the objects of the Foundation.
4. Administration of Foundation.—(1) The Foundation shall be administered by a Committee of Administration consisting of the following members, including the Chairman, by virtue of their office, namely:–
(a) DG IB Chairman
(b) Senior most JDG of IB HQ Vice-Chairman
(c) JDG/DDG of IB HQ Member
(d) JDG/DDG, PPHQ Member
(e) JDG/DUG, SPHQ Member
(f) JDG/DDG, BPHQ Member
(g) JDG/DDG, KPHQ Member
(h) JDG/DDG, NR HQ Member
(i) JDG/DDG, CR HQ Member
(j) five retired officers not less than
the BPS-20 (to be nominated
by Chairman) Member
(k) Managing Director IB Foundation Member
(l) Secretary Member
(2) The Managing Director shall be appointed by the Chairman on the recommendation of the Committee from among the retired or serving officers of IB, not below the rank of BPS-21.
(3) The Secretary shall be appointed by the Chairman, on the recommendation of the Committee from among the serving or retired officers of IB, not below the rank of BPS-20.
(4) The Chairman, may convene meetings of the Committee at such time and place, as he may deem necessary and convenient for the transaction of business.
(5) The Chairman, and in his absence, the Deputy Chairman, shall convene and preside over the meeting.
(6) Eight members shall form of quorum at a meeting of the Committee, provided that Chairman or Vice Chairman shall be one of the eight members.
(7) The Chairman shall exercise a casting vote in case of a tie in a meeting.
(8) The Chairman shall be the head of the Foundation and, through the Managing Director, shall have the management and control of the Foundation and its properties and assets.
5. Powers and functions of the Committee.—(1) The Committee shall have the powers and discretion to utilize, apply and invest the corpus of the Foundation and its income in such manner, as it may consider proper.
(2) Without prejudice to the generality of the foregoing powers, the Committee may,–
(a) purchase, sell, endorse, transfer, negotiate or otherwise deal in Securities of the Government of Pakistan and any other securities of any description;
(b) raise loans for its various enterprises and undertakings and may for this purpose, pledge, hypothecate or otherwise charge the corpus and the properties of the Foundation;
(c) enter into contract, engagements, arrangements and execute necessary documents;
(d) open current, fixed overdraft, loan, cash credit and other accounts with any bank or banks as may be necessary and to pay into and to draw out money from such accounts;
(e) make, draw, endorse, sign, accept, negotiate and give-all cheques, bills of lading drafts, orders bills of exchange, Government Securities, promissory notes and other negotiable instruments;
(f) the Committee may appoint, sub-Committees to transact business and may delegate any of its powers to any of such sub-Committee or any member or officer of such sub-Committee;
(g) the Committee may delegate any of the powers to member or members or to any officer or employee in the employments of the Committee or any of its undertakings and for this purpose may execute or authorize execution of any powers of Attorney of other instruments;
(h) the Committee shall have powers to create posts appoint, remove or suspend such officers and agents, managements, secretaries, clerks and servants for permanent, temporary, or special services to work for remuneration or gratuitously as the Committee may, from time to time, think fit and may determine their powers and duties; and
(i) the Committee shall at all times confirm to and abide by the rules framed under Section 13 of the Act.
6. Welfare Endowment Fund.—Initially a sum of one million rupees has been vested as IB-Foundation Endowment Fund in the name of Treasurer IB-Foundation vide bank Draft No. P.O. 2048379, dated 9th January, 2011, drawn at Askari Bank F-10, Markaz Branch, Islamabad, Pakistan. This amount is kept as IB-Welfare Endowment Fund and shall not be utilized for any other purpose.
7. Audit of accounts.—The accounts of the Foundation shall be audited annually by the Auditor General of Pakistan.
8. Winding up.—(1) The assets and liabilities of any project or activity of the Foundation shall vest in the Committee in case of winding up of such project or activity.
(2) The assets and liabilities of the Foundation shall revert to IB in the case of winding up of the Foundation.