Punjab Mineral Development Corporation Act, (XXXIII of 1975)

From: 1975-04-03 - To: 0000-00-00 mineral development in the Province of the Punjab. Preamble.– WHEREAS it is expedient to establish a Corporation for the purpose of promoting mineral development in the Province of the Punjab: It is hereby enacted as follows:- 1. Short title, extent and commencement.– (1) This Act may be called the Punjab Mineral Development Corporation Act, 1975. (2) It extends to the whole of the Province of the Punjab. (3) It shall come into force at once. (4) It shall apply to all minerals, except mineral oil, natural gas and mineral resources necessary for the generation of nuclear energy. CHAPTER I PRELIMINARY 2. Definitions.– In this Act, unless there is anything repugnant in the subject or context– (a) “Board” means the Board of Directors of the Corporation; (b) “Chairman” means the Chairman of the Corporation: (c) “Corporation” means the Punjab Mineral Development Corporation established under this Act: (d) “Director” means a Director of the Corporation; (e) “Government” means Government of the Punjab; (f) “prescribed” means prescribed by rules; (g) “regulations” means regulations made under this Act; (h) “rules” means rules made under this Act; and (i) “specified” means specified by regulations. CHAPTER II ESTABLISHMENT, MANAGEMENT AND ORGANIZATION OF THE CORPORATION 3. Establishment and incorporation.– (1) As soon as may be after the commencement of this Act, Government shall establish a Corporation to be called the Punjab Mineral Development Corporation. (2) The Corporation shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire and hold property, both movable and immovable and shall sue and be sued by the said name. (3) The head office of the Corporation shall be at Lahore. 4. Management and administration.– (1) The general direction and administration of the Corporation and its affairs shall vest in the Board which may exercise all powers and do all acts which may be exercised or done by the Corporation. (2) The Board in discharging its functions shall act on commercial and national considerations and shall follow such directions as Government may give…