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AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN (REORGANIZATION AND CONVERSION) ORDINANCE, 2002

ORDINANCE No. CXXXV OF 2002

AN

ORDINANCE

to amend the Agricultural Development Bank of Pakistan (Reorganization and Conversion) Ordinance, 2002

 

WHEREAS it is expedient to amend the Agricultural Development Bank of Pakistan (Reorganization and Conversion) Ordinance, 2002 (LX of 2002), for the purpose hereinafter appearing;

AND WHEREAS the National Assembly is not in session and the President is satisfied that 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.— (1) This Ordinance may be called the Agricultural Development Bank of Pakistan (Reorganization and Conversion) (Amendment) Ordinance, 2002.

(2) It shall come into force at once.

(3) It shall come into force at once.

2. Definitions.--(1) In this Ordinance, unless there is anything repugnant in the subject or context,

(a) "ADBP" means the Agricultural Development Bank of Pakistan established under the Agricultural Development Bank Ordinance, 1961 (IV of 1961);

(b) "assets" means rights, powers of every description and includes all properties, movable or immovable, tangible or intangible, mortgages, charges and claims, cash and bank balance, advances, reserve funds, investments and all other interest or rights in the name of ADBP, as the case may be;

(c) "Company" means the Company formed and registered pursuant to section 3;

(d) "contracts" mean all contracts, agreements, bonds, guarantees, indemnities, representations, obligations, undertakings arid other legal documents and instruments of every description executed by or on behalf of ADBP, including employment, investment, sales, and financial contracts with whomsoever;

(e) "deposits" means the deposits received by ADBP during the course of its business;

(f) "effective date" means the date specified in the order issued under subsection (1) of section 4;

(g) "liabilities" means all liabilities lawfully incurred by ADBP and includes all debts, liabilities, obligations and duties of every kind imposed thereon;

(h) "Order" means an order made by the Federal Government under subsection (1) of section 4;

(i) "proceedings" include applications, appeals, awards, petition reviews and revisions tiled or pending in an suit, arbitration or other legal or administrative proceedings;

(j) "transfer" means the transfer of assets, contracts, deposits, liabilities, proceedings and undertakings of ADBP, as the case may be; and

(k) "undertaking" includes all projects venture and any other operations, undertaken by ADBP in collaboration with some other person.

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2016-07-23T10:46:45+05:00