Law: West Pakistan Industrial and Commercial Employment (Standing Orders) Ordinance (VI of 1968)

Section: 2(b), 1 (4)(c), O. 15

(a) West Pakistan Industrial and Commercial Employment (Standing Orders) Ordi nance (VI of 1968) S. 2(b)-National Shipping Corporation of Pakistan-A joint stock, company notwithstanding its establishment under a specific Ordi nance and reservation of certain powers with Government, The argument was that since the petitioner Corporation is a statutory Corporation established under the National Shipping Corporation Ordi nance, 1963, it was not a joint stock company as contemplated under section 2(b) of West Pakistan Industrial and Commercial Employment (Standing Orders) Ordinance, 1968, with reference to section 254 of the Companies Act, 1913, it was sought to be argued that only that company is a joint stock company which is registered under the Companies Act. Held : The argument is fallacious. All that this section provides for is that Joint Stock Company as defined therein was capable of being registered under section 253 of the Act. The definition itself does not depart from the ordinarily understood meaning of a Joint Stock Company as a company limited by shares having a permanent paid up or nominal share capital of fixed amount divided into shares, etc. That the authorised capital of the Corporation is fixed by the Statute and that the Central Government has reserved for itself certain powers like increase in the capital, nominating majority directors or restricting the Corporation's borrowing power will not make the National Shipping Corporation anytheless a Joint Stock Company.. (b) West Pakistan industrial and Commercial Employment (Standing Orders) Ordi nance (VI of 1968) S. 1 (4)(c), proviso read with National Shipping Corporation Ordi nance (IV of 1963), Ss. 8(1) & 14(2)-Management of National Shipping Corporation vested in a Board authorised to carry on its, business as a body-Board to be only guided by Government only on questions of policy involving national interests-Establishment of National Shipping Corporation-Not carried on under authority of Central Government but on its own authority. (c) West Pakistan Industrial and Commercial Employment (Standing Orders) Ordi nance (VI of 1968) S. O. 15 read with Merchants Shipping Act (XXI of…