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ORDINANCE XV of 2007 ORDINANCE XV of 2007 BALOCHISTAN PENSION FUND MANAGEMENT AUTHORITY ORDINANCE, 2007 An Ordinance to provide for establishment of an authority for management of Fund and to generate revenue for discharge of the pension liabilities of the Government; [Gazette of Balochistan, Extraordinary, 18th September, 2007] No.Legis:4-105/Law/85, dated 18-9-2007.---The following Ordinance made by the Governor of Balochistan on 15th September, 2007, is hereby published for general information: Whereas it is expedient to establish an authority for management of a Pension Fund for the common benefit of the employees of the Provincial Government to provide for their Pension and provide for matters connected therewith on indicate thereto; And whereas the Provincial Assembly is not in session, the Governor is satisfied that circumstances exist which render it necessary to take immediate Ordinance: Now, therefore in exercise of powers conferred by clause (1) of Article 128 of the Constitution of Islamic Republic of Pakistan, the Governor of Balochistan is pleased to make and promulgate the following Ordinance:-- It is hereby enacted as follows:-- Preamble.--Whereas it is expedient to establish a Fund for management of the pension liabilities of the Government and to make provisions for matters ancillary thereto; It is hereby enacted as follows:-- CHAPTER-IV POWERS AND FUNCTIONS OF THE BOARD 8. Powers and functions of the Board.--Subject to the provisions of this Ordinance, the Management Board shall, in the prescribed manner, exercise such powers and perform such functions as may be necessary for carrying out the purposes of this Ordinance, including-- (a) formulation of investment policy, establishment of standards and procedures for the investment from the Reserve Fund; (b) investment of amounts from the Reserve Fund; (c) transfer of any profit generated through the investment to the Reserve Fund; (d) initiating proposals for making or amendment of the rules; (e) employ such persons as may be necessary for the purposes of this Ordinance; (f) constitution of committees from amongst its Members to make recommendations on a specific issue or issues; (g) preparation of an annual report for submission to the Government detailing the performance of the Fund; (h) borrow money from the Government or any other institution; and (i) performance of such other functions which are ancillary to the above functions or incidental to the purposes of this Ordinance.