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AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN (REORGANIZATION AND CONVERSION) ORDINANCE, 2002 AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN (REORGANIZATION AND CONVERSION) ORDINANCE, 2002 ORDINANCE LX OF 2002 An Ordinance to provide for reorganization and conversion of the Agricultural Development Bank of Pakistan into a public limited company incorporated under the Companies Ordinance, 1984 [Gazette of Pakistan, Extraordinary, Part-I, 4th October, 2002] F.No.2(1)/2002-Pub. dated 4-10-2002.---The following Ordinance promulgated by the President is hereby published for general information:-- 4. Transfer and vesting of assets, contracts, liabilities, proceedings and undertakings.--(1) After the registration of the Company, the Federal Government shall by an order published in the Official Gazette, direct that all the assets, contracts, liabilities, proceedings and undertakings of ADBP stand transferred to, vest in the Company from the date specified therein, upon such terms and conditions as may be determined by the Federal Government in this behalf. (2) The Order issued under subsection (1) shall, inter alia, provide for --- (a) the transfer of all the assets, contracts, liabilities, proceedings and undertakings of ADBP to the Company; (b) the allotment of shares or debentures of the Company to the shareholders and debenture-holders of ADBP, as the case may be, after determining the net assets value of their shareholding in ADBP on the effective date; (c) such incidental, consequential and supplemental matters as are necessary to the transfer of assets, contracts, liabilities, proceedings and undertakings under this Ordinance; and (d) the dissolution of ADBP from the effective date. (3) The value ascribed to the assets and liabilities transfer to, and vested in, the Company shall represent the net value of assets for taxation, depreciation or any other purposes. (4) Notwithstanding anything in the Stamp Act, 1899 (II of 1899), no stamp duty or any other charges shall be payable by the Company under any law for the time being in force for the transfer and vesting of the assets, contracts, liabilities, proceedings or undertaking of ADBP to the Company or any share or securities issued by the company in favour of the shareholders or debenture-holders of ADBP. (5) Notwithstanding the provisions of section 146 of the Companies Ordinance, 1984 (XLVII of 1984), the Company shall, upon transfer, continue, all undertakings of ADBP as were being carried on immediately prior to the effective date.