Provincial Industrial Development Corporation (West Pakistan) Ordinance, 1962

This 1962 Ordinance established an Industrial Development Corporation to promote economic and industrial development by investing in and managing companies in specified industries. Originally named the "Provincial Industrial Development Corporation (West Pakistan)" and later renamed the "Pakistan Industrial Development Corporation" by a 1981 amendment (the extract shows this renaming in Section 1(1) and Section 3), it was set up under presidential proclamation powers.

Section 3 establishes the Corporation as a body corporate with perpetual succession, initially headquartered in Karachi (though the government could relocate it by notification), with power to establish Regional Offices as needed. Section 4 fixes the Corporation's authorised share capital at one crore (ten million) rupees, divided into one hundred shares of one lakh (one hundred thousand) rupees each, of which forty-five shares were to be issued initially, with the rest issued over time and the total capital increasable with government approval.

Section 5 vests determination of policy and general direction of the Corporation's affairs in its Board of Directors, which must act on commercial considerations while following government directions; if the Board disobeys a government direction, the government can remove the Directors, including the Chairman, and appoint temporary replacements. Section 6 provides for a Board of three to five whole-time Directors appointed by the government for three-year terms (renewable), one of whom serves as Financial Director; Directors must give up other directorships before taking office, subject to exceptions the government can grant. Section 7 provides for a Chairman, appointed by the government from among the Directors, who serves as the Corporation's chief executive for a three-year term.

Section 15 identifies the business the Corporation is meant to transact, though the specific list is not shown in this extract. Sections 16-20 require an annual budget statement, proper custody and investment of Corporation funds, maintenance of accounts, audit, and an annual report. Section 22 deems the Corporation's officers and employees to be public servants for purposes of the Pakistan Penal Code. Sections 23-24 give the government power to make rules (covering matters like recruitment, borrowing, and accounting) and give the Board power to make regulations (with government sanction) on matters not covered by the rules, such as Board meetings and investment of funds. Section 26 provides that the Corporation cannot be wound up under ordinary company law - only by government order and in whatever manner the government directs.

The Schedule lists the industries the Corporation was originally meant to cover: jute; paper, board and newsprint; heavy engineering (excluding shipbuilding); shipbuilding; heavy chemicals (other than fertilizers); fertilizers; sugar; cement; textiles; chemicals, pharmaceuticals and dyestuffs; coal and peat; marine fisheries (within territorial waters); forest-product industries; and cottage and small-scale industries - though Section 25 lets the government amend this list by notification. This is an old law from 1962 that has been amended repeatedly (the extract shows changes in 1963, 1964, 1965, 1967, 1971 and 1981, including the name change from "Provincial" to "Pakistan" Industrial Development Corporation), so readers should verify the Corporation's current name, share capital and covered industries against up-to-date sources.