Senate unanimously passes two bills
ISLAMABAD: The Upper House of parliament on Monday unanimously passed the Industrial Development Bank of Pakistan (Reorganisation and Conversion) bill, 2010 and State Bank of Pakistan (Amendment) bill, 2010.
Leader of the House Syed Nayyar Hussain Bukhari moved the bill to provide for reorganisation and conversion of the Industrial Development Bank of Pakistan into a public limited company.
The statement of objects and reasons says that the Industrial Development Bank of Pakistan (Reorganisation and Conversion) Act was re-promulgated in November 2009 for repealing the Industrial Development Bank Ordinance,1961 under which the entity namely the Industrial Development Bank of Pakistan (IDBP) was established for providing credit facilities to industrial concerns.
The IDBP (Reorganisation and Conversion) Act, 2009 provides for the Reorganisation and Conversion of IDBP into a public limited company. Meanwhile, Chairman Standing Committee on Law, Justice and Parliamentary Affairs Senator Muhammad Kazim Khan presented reports of the committees on the bill further to amend the Pakistan Penal Code, 1860 and the Code of Criminal Procedure, 1898 [The Criminal Law (Amendment) Bill, 2010] on business of prize bond and recommended recommendation for incorporation in the bill. He also presented the committee report on the bill to amend the Legal Practitioners and Bar Councils Act, 1973 [The Legal Practitioners and Bar Councils (Amendment) Bill, 2011].
The committee unanimously recommended passage of the bill. Chairman of the Standing Committee on Defence Production Javed Ashraf presented the committee report on establishment of the National Defence University at Islamabad bill 2011. The committee recommended that the bill should be passed by the House so that the work and degree-awarding status of the University does not suffer.
Source: The News
Date:5/3/2011
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