Associated Cement (Vesting) Act, 1974

This 1974 Act transferred the cement business known as 'Associated Cement,' previously held by the Federal Government, into the State Cement Corporation of Pakistan Limited. Section 3 provides that, from the 'commencing day,' Associated Cement, including its land, buildings, machinery and funds, together with all related powers, rights, liabilities, contracts and pending legal cases, moves from the Federal Government to the Corporation.

Section 4 carries over employees of Associated Cement to the Corporation on the same terms or better, subject to a retirement age of fifty-eight; they may later be transferred by the Corporation to another company it sets up, or by the Federal Government to another government-controlled corporation, again on no-worse terms, but without any right to compensation or to keep their prior job title, and no court or tribunal can entertain a claim for either. Section 6 moves the accumulated balances from the former Staff and Workers Provident Funds of Associated Cement into a new Provident Fund maintained by the Corporation, with a separate account preserved for each employee, and the balance moves again if the employee is later transferred elsewhere.

Section 7 treats the Federal Government's earlier investment in Associated Cement as its equity in the Corporation, though loans taken out to expand the cement factories, plus interest, remain repayable by the Corporation; the exact equity amount is determined by the Federal Government in consultation with the Corporation. Section 8 grants indemnity for anything done in good faith under the Act, and Section 9 bars courts from questioning actions taken under it. Section 11 lets the Federal Government issue orders to remove difficulties in applying the Act, but only within one year of the commencing day.