THE ASSOCIATED CEMENT (VESTING) ACT, 1974
1ACT No. VII OF 1975
[13th January, 1975]
An Act to provide for the vesting of the Associated Cement in the State Cement Corporation of Pakistan Limited.
WHEREAS it is expedient to provide for the vesting of the Associated Cement in the State Cement Corporation of Pakistan Limited and for matters connected there with or incidental thereto;
It is hereby enacted as follows:—
1. Short title and Commencement.—(1) This Act may be called the Associated Cement (Vesting) Act, 1974.
(2) It shall come into force at once.
2. Definition. In this Act, unless there is anything repugnant in the subject or context,—
(a) "Associated Cement" means the undertakings known as Associated Cement which immediately before the commencing day vested in the Federal Government, together with all lands, buildings, machinery, appliances, fixtures and funds appertaining thereto;
(b) "commencing day" means the day on which this Act comes into force; and
(c) “Corporation” means the State Cement Corporation of Pakistan Limited formed and registered under the Companies Act, 1913.
3. Vesting of Associated Cement in Corporation. As from the commencing day,__
(a) the Associated Cement shall vest in the Corporation and all powers which immediately before that day were exerciseable by the Federal Government in relation to the Associated Cement shall be exerciseable by the Corporation ;
(b) all rights, properties, assets, liabilities, debts and obligations of the Federal Government relating to the Associated Cement shall be the rights, properties, assets, liabilities, debts and obligations of the Corporation;
1For Statement of Objects and Reasons, see Gaz. of P., 1974, Ext., Pt.III, p.1357.
(c) any contract made, or deemed to have been made, on behalf of the President for the purposes of the Associated Cement shall be deemed to have been made on behalf of the Corporation;
(d) all suits and other legal proceedings in relation to the Associated Cement instituted, or deemed to have been instituted, by or against the Federal Government shall be deemed to be suits and proceedings instituted by or against the Corporation and may be proceeded with accordingly ; and
(e) all orders and instructions issued by the President or the Federal Government before the commencing day in relation to the Associated Cement shall, to the extent they are not inconsistent with the provisions of this Act, be deemed to be orders and instructions issued by the Corporation.