[Gazette of Pakistan, Extraordinary, Part II, 31st December, 2002]
S.R.O. 980(I)/2002, dated 31-12-2002.—In exercise of the powers conferred by subsection (1) of section 9 of the law and justice commission of Pakistan Ordinance, 1979 (XIV of 1979) the law and justice Commission of Pakistan is pleased to make the following rules for administering and managing the Access to Justice Development Fund:–
1. Short title and commencement.—(i) These rules may be called the Access to justice Development Fund Rules, 2002.
(ii) They shall come into force at once.
2. Definitions.—In these rules, unless there is anything repugnant in the subject or context:–
(a) ‘Advisor’ means an investment advisor or an investment company registered as such and includes an investment consultant;
(b) ‘Chairman’ means Chairman of the commission;
(c) ‘Commission’ means law and justice commission of Pakistan;
(d) ‘Fund’ means Access to justice Development Fund consisting of endowment grants of the federal government under its access to justice programme;
(e) ‘Managing Director’ means Managing Director of the Fund;
(f) ‘Secretary’ means Secretary of the commission;
(g) ‘Governing Body’ means a Committee of the commission to administer and manage the Fund;
(h) ‘Government’ means a committee of the commission to administer and manage the Fund.
(i) ‘Member’ means Member of the commission;
(j) ‘Ordinance’ means law and justice Commission of Pakistan Ordinance;
(k) ‘Organization’ means a bar council, a bar association, an educational institution or any other organization formed with the permission or authority of the Government and includes a non-Governmental Organization; and
(l) ‘Rules’ means rules made under the law and justice Commission of Pakistan Ordinance, 1979.
3. (1) The commission shall have the possession, management and control of the Fund, its undertakings, properties and assets.
(2) The Fund shall be administered and managed by the Governing Body consisting of the Chairman, the Chief Justices of the four Provincial High courts, the Secretary, ministry of Finance, the Secretary, ministry of law, Justice and Human Rights and the Secretary, law and justice commission of Pakistan, members.
(3) the Governing Body shall regulate its own procedures and co-opt any member of the Civil society as may deem appropriate in discharge of its functions.
(4) Any defect in constitution of the Governing body shall not invalidate any thing done or any act performed by the Governing body.
(5) The Government Body shall hold its meeting at lest once in three months.
(6) During the interval between meetings of the governing body the chairman shall act in the vest interest of the Fund.
4. The governing Body shall.–
(a) invest the Fund for generating income;
(b) allocate the income earned on investment of fund to the fund window specified under rule 9;
(c) draw or authorise to draw Fund from the Bank accounts;
(d) verify the annual and half yearly accounts of the Fund.
(e) approve investment policy and schemes for investment of the Fund:
Provided that no scheme of investment in an entity of a company shall be approved which is rated below AI+for short-term and AAA for long term investment by a credit rating company within the preceding two years without advice of advisor or investment consultant;
(f) nominate director in a company in which an investment in made out of the Fund or there involves other special interest of Fund by virtue of contractual arrangement as provided by section 182 of the Companies Ordinance, 1984;
(g) file petition for winding up of an indebted company under sections 305, 306 and 309 Companies Ordinance.
5. (1) The Fund shall be operated through an account to be opened in a bank as authorised by the Governing body.
(2) The Fund account shall be operated jointly by two Members of the Governing Body or by the Secretary and the Managing Director authorised by it.
6. The chairman a shall appoint a Managing Director of the Fund from amongst officers not below the rank of joint Secretary of the Commission and other investment advisors, consultants, accountants, auditors and other employees of the Fund management on such terms and conditions as may be prescribed.
7. The managing Director shall:–
(a) Prepare schemes for investment of the Fund for generating income.
(b) Purchase, sell, endorse, transfer,
(c) raise loans for various projects and undertakings and for this purpose may pledge or otherwise charge the corpus of the capital and properties of the Fund;
(d) enter into contracts, agreements and arrangements, and execute necessary documents;
(e) open current, fixed, overdraft, loan, each, credit or other accounts in local or foreign currency, with any bank as may be necessary and deposit into or draw money from such accounts.
(f) cause the preparation and submission of annual and half yearly accounts of the Fund within the prescribed period.
(g) discharge any other function as authorised by the Governing Body;
8. (1) The find shall be invested with sound investment objectives with the advice of one or more professional investment managers, or advisors.
(2) The Governing Body may consider any investment criteria specified by a donor at the time of making donations to the fund, but shall not follow such criteria if it is considered an imprudent investment of Fund by the advisor.
9. (1) there shall be maintained seven windows for allocation of income of the Fund in the ratio given as under:–