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Pakistan (Punjab) Legislation |
THE
(West Pakistan Act XVIII of 1958)
C O N T E N T S
Sections
1. Short title, extent and commencement.
2. Pledging of property to the Corporation and recovery of its dues.
3. Repeal of W.P. Ord. XII of 1957.
[1]THE [2][
(West Pakistan Act XVIII of
1958)
[
An Act to provide facilities to the Agricultural Development Finance Corporation for recovering its dues
Preamble.-- WHEREAS it
is necessary to provide facilities to the Agricultural Development Finance
Corporation for recovering its dues;
It is hereby enacted as follows:-
1. Short
title, extent and commencement.-- (1) This Act may
be called [3][the
[4][(2) It shall extend to the whole of the Province
of
[5][the
(3) It shall come into force at once.
2. Pledging of property to the Corporation and
recovery of its dues.-- (1)
Notwithstanding anything contained in any other law for the time being in force
it shall be lawful for any agricultural concern,
as defined in the Agricultural
Development Finance Corporation Act, 1952[6] (hereinafter called the said Act) to pledge,
mortgage, hypothecate or assign to the Agricultural Development Finance
Corporation
(hereinafter called the Corporation) established under the said
Act, any movable or immovable property, in order to secure a loan
advanced or
to be advanced by the Corporation under the said Act.
(2) The
Corporation shall, in accordance with the provisions of the said Act, be
competent to deal with and recover its dues by disposal
of any property,
pledged, mortgaged, hypothecated or assigned as aforesaid and nothing contained
in any other law shall affect the
rights or powers of the Corporation conferred
on it under the provisions of the said Act, or affect anything done or
purported to
be done thereunder.
3. Repeal of W.P. Ord. XII of 1957.-- The West Pakistan Agricultural Development Finance Corporation (Recovery of Arrears) Ordinance, 1957[7] is hereby repealed.
[1]For statement of objects and
reasons, see Gazette of West Pakistan
(Extraordinary), dated
This Act was passed by the West Pakistan Assembly on 30th March, 1958; assented to by the Governor of West Pakistan on 17th April, 1958; and, published in the West Pakistan Gazette (Extraordinary), dated 23rd April, 1958, pages 617-618.
This Act has been extended to the District of Karachi subject to
certain modifications see the West
Pakistan Laws (Extension to Karachi) Ordinance 1964 (VII of 1964), section 2,
Schedule (with effect from 25th May, 1964).
[2]Substituted by the
[3]Ibid.
[4]Substituted
by the
[5]Substituted by the
[6]XVII of
1952.
[7]W.P. Ord.
XII of 1957.
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URL: http://www.commonlii.org/pk/legis/pj/consol_act/padfcoaa1958703