The PESCO Act. 1978
punjab · 1978
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1—
- S. 2Section 2 defines key terms used in the PESCO Act, including "agricultural development," "Board," "Chairman," "Corporation," "Ex-serviceman," and "Ex-servicemen Organisation."
- S. 3Establishes the Punjab Ex-Servicemen Corporation with perpetual succession and powers to acquire, hold, dispose of property, and contract.
- S. 4Section 4 of The PESCO Act, 1978 (Punjab) designates Chandigarh as the head office and allows the establishment of additional offices as deemed necessary.
- S. 5Section 5 sets the initial authorized capital of the Corporation up to five crores and allows the government to increase it within the same limit.
- S. 6Section 6 vests overall control and management of the Corporation in a Board of Directors.
- S. 7Section 7 outlines the composition and appointment terms of the Board of Directors for the PESCO Act, including ex-officio and nominated government officials and ex-servicemen.
- S. 8Section 8 of The PESCO Act, 1978 (Punjab) disqualifies individuals from serving as directors if they are insolvent, of unsound mind, convicted of moral offenses, or removed from government service.
- S. 9Section 9 outlines the duties of the Managing Director and allows for temporary replacement in case of incapacity or absence.
- S. 10The section allows the Corporation to hire staff and set their terms, subject to government approval.
- S. 11The section allows the Board to form committees to help it perform its duties.
- S. 12Section 12 outlines the meeting procedures and quorum requirements for the Board under the PESCO Act.
- S. 13Section 13 allows the Board to delegate its powers and duties to specific officers or employees, except for the power to make regulations.
- S. 14Section 14 allows certain officers to resign their positions by notice to the government, and fills vacancies by appointment.
- S. 15Section 15 outlines the Corporation's duties to promote welfare and economic uplift of ex-servicemen through various development programs and financial assistance.
- S. 16The PESCO Act allows the Corporation to receive capital, borrow money, and issue bonds, with government guarantee for borrowed funds.
- S. 17Section 17 establishes the Ex-servicemen Corporation Fund for the Corporation to manage and apply funds for its welfare-related functions.
- S. 18Section 18 allows the Corporation to set conditions for loans to protect its interests and set concessional interest rates with government approval.
- S. 19Section 19 allows the Corporation to demand immediate full repayment from debtors under certain conditions.
- S. 20Section 20 allows the recovery of due amounts from the Corporation as land revenue arrears after a certificate from the Managing Director.
- S. 21Section 21 prioritizes loans from the Corporation over other charges on debtor's property.
- S. 22Section 22 mandates the Corporation to prepare and maintain its balance-sheet and accounts by March 31 each year.
- S. 23Section 23 mandates the annual audit of the Corporation's accounts by qualified auditors and requires reporting to both the Corporation and the Government.
- S. 24Section 24 specifies that only the PESCO Act governs the Corporation's winding up, dissolution, or liquidation, excluding other laws.
- S. 25Section 25 requires directors with financial interests in board or committee matters to disclose them and abstain from related deliberations.
- S. 26Section 26 prevents civil courts from hearing cases or granting injunctions on matters the Corporation or appointed officers/authorities handle under the PESCO Act.
- S. 27Section 27 provides immunity from lawsuits for actions taken in good faith under the PESCO Act.
- S. 28Section 28 indemnifies directors against losses and expenses from their duties, except for willful misconduct.
- S. 29Section exempts Corporation documents from stamp duty and registration fees, except for duties where state legislature has authority.
- S. 30The section mandates the Corporation to follow government directives for the Act's effective administration.
- S. 31Section 31 allows the Corporation to make regulations with government approval to manage its operations, duties, and employee benefits.
- S. 32(1) The Government may, by notification, make rules to carry out all or any of the purposes of this Act
- S. 33Repeal and saving 1THE PUNJAB EX-SERVICEMEN CORPORATION ACT, 1978 (Punjab Act No
- S. 1978—