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(1) |
The Privatisation Commission is hereby established for carrying out the purposes of this Ordinance. The Privatisation Commission shall be a body corporate having perpetual succession and a common seal, with power, subject to the provisions of this Ordinance, to enter into agreements, contracts, acquire and hold property, both moveable and immovable, and to sue and be sued in its name. |
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(3) |
Upon the commencement of this Ordinance, the dissolution of the existing Commission and establishment of the Commission under this Ordinance:
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(a) |
all, assets, rights, powers, authorities and privileges, and all property, moveable and immovable cash and bank balances, reserve funds investment and all other interests and rights in, or arising out of, such property and all debts, liabilities and obligations of whatever kind of the existing Commission subsisting immediately before the dissolution shall stand transferred to and vest in the Commission; |
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(b) |
Notwithstanding anything contained in this Ordinance or any other law for the time being in force or in any agreement, deed, document or other instrument:
| (i) |
the Chairman of the existing Commission referred to in sub section (2) shall continue to be the Chairman of the Commission and the Board unless and until a Chairman is appointed under section 7; |
| (ii) |
the Secretary of the existing Commission referred to in sub section (2) shall continue to be the Secretary of the Commission and the Board unless and until a Secretary is appointed under section 7; |
| (iii) |
a member of the existing Commission referred to in sub section (2) shall continue to be a member of the Board unless and until such member is appointed under section 7; |
| (iv) |
all officers, consultants, advisers, auditors and other employees and staff of the existing Commission shall stand transferred and be officers, consultants, advisers, auditors and employees and staff of the Commission; |
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(c) |
the Chairman, Secretary, members and other persons mentioned in clause (b) above shall be deemed to have been appointed or engaged by the Commission in accordance with the same terms and conditions of service as were applicable to them, immediately before such continuance in office or transfer under this Ordinance and no Chairman, Secretary, member, officer, consultant, adviser, auditor or other employee or staff whose services are so continued or transferred shall be entitled to any compensation because of such continuance or transfer;
Provided that the civil servants appointed to or working in the existing Commission shall upon their transfer to the Commission continue to be governed by the Civil Servants Act, 1973 (Act LXXI of 1973) and rules made
thereunder;
Provided further that such civil servants may subject to their option be considered for absorption in the Commission in accordance with the regulations, the Civil Servants Act, 1973 (Act LXXI of 1973) and rules made
thereunder; |
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(d) |
the budget provision for the existing Commission shall stand transferred to the Commission Account upon authorization by the Federal Government; |
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(e) |
the balance amount of Privatisation Fund account of the existing Commission shall stand transferred to the Privatisation Fund; |
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(f) |
all debts and obligations incurred or contracts entered into or rights acquired and all matters and things engaged to be done by, with or for the existing Commission before its dissolution shall be deemed to have been incurred, entered into, acquired or engaged to be done by, with or for the Commission; |
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(g) |
all suits and other legal proceedings instituted by or against the existing Commission before its dissolution shall be deemed to be suits and proceedings by or against the Commission and shall be proceeded or otherwise dealt with accordingly; and |
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(h) |
a reference to the existing Commission in any statutory instrument or document shall, unless the context otherwise requires, be read and construed as reference to the Commission. |
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(4) |
All rules, regulations, notifications, orders or instructions in force immediately before the commencement of this Ordinance, shall, so far as they are not inconsistent with any of the provisions of this Ordinance, continue to be in force until repealed or altered by rules or regulations made under this Ordinance. |