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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 10. Limitations on the investment:---Notwithstanding anything contained in section 12 or under any other law for the time being in force, no investment shall be made by the Board from the Reserve Fund:-- (a) for a period of more than three years or in any foreign market or firm, except with the prior approval of the Government; (b) for an amount of more than twenty-five per cent of the Reserve Fund in one financial institution cumulatively except with the prior approval of the Government. (c) for an amount more than seventy-five per cent of the Reserve Fund in the Government bonds cumulatively; (d) For an amount of more than five per cent of the Reserve Fund in corporate or other bonds or short term financial instruments, per issue of the bond or the instrument; and (e) for an amount of more than five per cent of the Reserve Fund in third party product, unit trust, mutual fund or through managed portfolios in each case.