N.-W.F.P. General Provident Investment Fund Ordinance 1998

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ORDINANCE III OF 1998

NORTH‑WEST FRONTIER PROVINCE GENERAL PROVIDENT INVESTMENT FUND ORDINANCE, 1998

An Ordinance to provide for establishment of general Provident Investment Fund in the North‑West Frontier Province

[Gazette of N.‑W.F.P. Extraordinary, 11th June, 1998]

No.Legis.l(7)/97, dated 11‑6‑1998.‑‑The following Ordinance by the Governor of the North‑West Frontier Province is hereby published for general information:‑‑

Whereas it is expedient to provide for establishment of a General Provident Investment Fund in the North‑West Frontier Province;

And whereas the Provincial Assembly is not in session and the Governor of the North‑West Frontier Province is satisfied that circumstances exist which render it necessary to take immediate action;

Now therefore, in exercise of the powers conferred by clause (1) of Article 128 of the Constitution of the Islamic Republic of Pakistan, the Governor of the North‑West Frontier Province is pleased to make and promulgate the following Ordinance:

  1. Short title, extent and commencement.‑‑‑(1) This Ordinance may be called the North‑West Frontier Province General Provident Investment Fund Ordinance, 1998.

(2) It shall extend to whole of the North‑West Frontier Province

(3) It shall come into force at once.

  1. Definitions. ‑‑‑In this Ordinance, unless the context otherwise requires,‑

(a) 'Bank' means the financial institution in whose custody and control the Fund under this Ordinance is kept and invested;

(b) 'Board' means the Board constituted under section 5'

(c) 'Fund' means the Fund established under section 3(1);

(d) 'Government' means the Government of the North‑West Frontier Province;

(e) 'prescribed' means prescribed by rules made under this Ordinance;

(f) 'Public Account of the Province' shall have the same meaning as assigned to it under Article 118 of the Constitution of the Islamic Republic of Pakistan; and

(g) 'section' means a section of this Ordinance.

  1. **Establishment of the fund.‑‑‑(1)**As soon as may be after the commencement of this Ordinance, Government shall establish a fund to be known as the Provincial General Provident Investment Fund.

(2) The Fund shall be established with a capital of Rs. 1050.000 million having been authorized by Government from the Public Account of the Province during the financial years 1991‑92 to 1995‑96.

(3) Subject to the availability of resources, with particular reference to its over all liabilities, Government shall, with effect from the financial year 1997‑98, place the annual net receipt of the General Provident Fund being maintained by it within the meaning of the Provident Funds Ordinance, 1925 (XIX of 1925), in the Fund established under subsection (1).

(4) The amount credited to the Fund shall be distinct and operated upon strictly in accordance with the provisions of this Ordinance and the rules made thereunder.

(5) An expenditure from the Fund shall be charged upon the Provincial Consolidated Fund within the meaning of Article 121(e) of the Constitution of the Islamic Republic of Pakistan.

  1. Control and management of Fund.‑‑‑(1) The Fund shall be under the control of, and operated upon by, the Board and shall be kept in such Bank and invested in such manner as may be determined by the Board in consultation with Government.

(2) The Fund shall be available and utilized for payment to the subscribers of General Provident Fund.

  1. **Constitution of Board.‑‑‑(1)**There shall be a Board to carry out the purposes of this Ordinance, consisting of the following members: ‑‑

(i) the Chief Secretary to Government; Chairman

(ii) the Secretary to Government, ............................. Member

Finance Department;

(iii) the Secretary to Government, Service Member

and General Administration Department;

(iv) the Managing Director, Bank of Khyber;

Member

(v) the Chief Manager, State Bank of Member

Pakistan, Peshawar;

(vi) a representative of the subscribers Member

to the General Provident Fund to be

nominated by Government; and

(vii) the President, Islamabad Stock Exchange; Member

(2) An Additional Secretary of the Finance Department, nominated by the Secretary Finance, shall act as Secretary of the Board.

(3) The Board shall meet at such place and on such date as the Chairman may direct.

(4) The Board shall evolve its own procedure for the conduct of its business under this Ordinance.

(5) No remuneration shall be admissible to any member or the Secretary of the Board.

  1. Audit and accounts.‑‑‑(1) The Bank shall be responsible to maintain the accounts in the Fund in such form and in such manner as may be prescribed.

(2) No amount from the Fund shall be withdrawn, unless it is approved by the Board. Withdrawal of amount shall be permissible only under the joint signatures of the Chief Secretary and the Secretary Finance in their capacity as Chairman and member of the Board.

(3) The Bank shall prepare annual statement of accounts of the Fund within 30 days of closing of the respective financial year. The Board shall cause the annual statement to be laid before Government accompanied by a brief report on the maintenance and management of the Fund.

(4) Accounts is the Fund shall be audited in the prescribed manner.

  1. Power to make rules.‑‑Government may make rules for carrying out the purposes of this Ordinance.

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