THE PUNJAB AGRICULTURAL DEVELOPMENT FINANCE CORPORATION (RECOVERY OF ARREARS) ACT,1958

(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][PUNJAB] AGRICULTURAL DEVELOPMENT FINANCE CORPORATION (RECOVERY OF ARREARS) ACT, 1958

(West Pakistan Act XVIII of 1958)

[23 April 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 Punjab] Agricultural Development Finance Corporation (Recovery of Arrears) Act, 1958.

      [4][(2)  It shall extend to the whole of the Province of [5][the Punjab] except the Tribal Areas.]

      (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The West Pakistan Agricultural Development Finance Corporation (Recovery of Arrears) Ordinance, 1957[7] is hereby repealed.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 4th August, 1956, p.766.

  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 Punjab Laws (Adaptation) Order, 1974 (Pb. A.O. 1 of 1974), for “West Pakistan”

[3]Ibid.

[4]Substituted by the West Pakistan Laws (Extension to Karachi) Ordinance, 1964 (VII of 1964).

[5]Substituted by the Punjab Laws (Adaptation) Order, 1974 (Pb. A.O. 1 of 1974), for “West Pakistan”.

[6]XVII of 1952.

[7]W.P. Ord. XII of 1957.