House Building Finance Corporation Act, 1952 (Repeal by act XXV of 2018,s.2)

The House Building Finance Corporation Act, 1952 is a repealed law - it was formally repealed by Act XXV of 2018, section 2 - so it is included here mainly for historical reference rather than as current law. While in force, it established and incorporated the House Building Finance Corporation, a state-linked institution created to provide financing for the construction, reconstruction, repair, and purchase of houses (Section 3, with the preamble explaining the Corporation's purpose).

Section 4 dealt with the Corporation's share capital and shareholders. Section 6 covered how the Corporation was managed, supported by an Executive Committee (Section 7), a Managing Director (Section 8), and a Board of Directors (Section 9) whose members served fixed terms (Section 10), faced disqualification in certain circumstances (Section 11), and could lose their position for missing three consecutive Board meetings (Section 12).

Sections 19 to 26 set out the Corporation's financial powers and limits: it could maintain deposit accounts, invest funds, raise money, accept deposits, and conduct the housing-finance business described in the preamble, subject to conditions and limits on individual investments. Section 27 listed types of business the Corporation was prohibited from engaging in. Sections 28 to 30A gave the Corporation special rights when a borrower defaulted, including the power to call in a loan early and enforce claims through streamlined legal procedures, and made this Act override conflicting provisions in other laws. Section 34 required the Corporation to be audited, and Section 35 required it to submit periodic returns to the government. Section 36 provided for how the Corporation could be wound up (liquidated). Section 40 made certain conduct an offence, though the specific penalty is not detailed in the available extract. The Schedule contained a "Declaration of Fidelity and Secrecy" that every director, officer, employee, and auditor of the Corporation had to sign, committing them to keep the Corporation's affairs confidential.

Because this Act has been repealed, none of its provisions currently govern housing finance in Pakistan; anyone researching how state-backed housing finance is regulated today should look at the successor legal framework rather than this Act.