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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-VI MISCELLANEOUS 17. Conflict of interest.--(1) No Member shall, directly or indirectly, receive any profit from his position as a Member. (2) The pecuniary interests of immediate family members or close personal or business associates of a member shall also be considered the pecuniary interests of the Member. (3) A Member shall be in conflict of interest if he:-- (a) A paid consultant of a business entity that has, or of a trade association of business entities that have, a substantial interest in the management of the Fund; (b) owns, controls, or has, directly or indirectly, more than ten per cent interest in a business entity that has a substantial interest in the Fund; (c) receives more than twenty-five per cent of his individual income from a business entity that has a substantial interest in the Fund; (d) himself, or one or more members of his family, business partners or close personal associates, may personally benefit either directly or indirectly, financially or otherwise, from his position on the Board. (4) A Member shall disclose a potential, real or perceived conflict of interest as soon as he becomes aware of the potential conflict and before the Board or any of its committees takes cognizance of the matter. (5) If a Member is not concerned about the conflict of interest situation, he shall bring the matter before the Committee for advice. (6) The decision of the Board on conflict of interest shall be final. (7) A Member shall not take part in the proceedings of the Board in which any question of his conflict of interest is on the agenda. (8) The disclosure of conflict of interest and the decision of the Board shall be recorded in the minutes of the meeting.