An Act further to amend the Corporate and Industrial
Restructuring corporation ordinance, 2000

[Gazette of Pakistan, Extraordinary, Part-I, 7th April, 2005]

The following Act of Majlis-e-Shoora (Parliament) received the assent of the President on the 30th March, 2005, and is hereby published for general information:

Whereas it is expedient further to amend the Corporate and Industrial Restructuring Corporation Ordinance, 2000 (L of 2000) for the purposes hereinafter appearing;

It is hereby enacted as follows:-

1. Short title and commencement, – – – (1) This Act may be called the Corporate and Industrial Restructuring Corporation (Amendment) Act 2005.

(2) It shall come into force at once.

2. Amendment of Section 2, Ordinance L of 2000, – – – In the Corporate and Industrial Restructuring Corporation Ordinance 2000 (L of 2000), hereinafter referred to as the said Ordinance, in Section 2, for clause (1) the following shall be substituted, namely: –

“(1) “Financial Institution” means any bank or other financial institution operating in Pakistan wherein the Federal Government holds any equity.”

3. Amendment of Section 6, Ordinance, L of 2000, – – – In the said Ordinance, in Section 6, in sub-section (1), – –

(i) For clause (b) the following shall be substituted, namely: – –

“(b) The minister of commerce, Government of Pakistan;
(bb) The Minister of Industries, Government of Pakistan;

(ii) For clause (e) the following shall be substituted, namely: – –

“(e) The Finance Secretary, Ministry of Finance;”

4. Substitution of Section 20, Ordinance L of 2000, – – – In the said Ordinance, for Section 20 the following shall be substituted, namely: – –

“20 The Federal Government may, by notification in the official gazette included in the schedule the name of any financial institution as defined in sub-clause (1) of Section 2.”