GOVERNMENT OF PUNJAB
Department of Legislative Affairs
THE PUNJAB EX-SERVICEMEN
CORPORATION ACT, 1978
(Punjab Act No. 33 of 1978)
THE PUNJAB EX-SERVICEMEN CORPORATION ACTS, 1978
Arrangement of Sections
Section Pages
1. Short Title and Commencement
2. Definitions
CHAPTER II
INCORPORATION OF PUNJAB EX-SERVICEMEN CORPORATION AND
ITS CAPITAL
3. Establishment of Punjab Ex-Servicemen
Corporation
4. Head office and other offices of the
Corporation
5. Capital of Corporation
CHAPTER III
MANAGEMENT OF THE CORPORATION
6. Management
7. Constitution of Board
8. Disqualification
9. Powers of Managing Director
10. Staff of the Corporation
11. Committees
12. Meetings of the Board
13. Delegation of powers to the Chairman or
the Managing Director and other officers
and employees
14. Casual vacancies
Section Pages
15.
16.
17.
18.
19.
20.
21
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
CHAPTER IV
FUNCTIONS AND FUND OF CORPORATION
Functions of the Corporation
Capital of the Corporation and its power to
borrow or issue bonds and
Debentures etc.
Ex-Servicemen Corporation Fund
CHAPTER V
LOANS
Power to impose conditions for loans
Power to call repayment before agreed
period
Recovery of Money due to the Corporation
First Charge of Corporation’s loans on debtor's
property
CHAPTER VI
ACCOUNTS AND AUDIT
Accounts
Audit
CHAPTER VII
MISCELLANEOUS
Dissolution of Corporation
Directors not to participate in certain
cases
Bar of jurisdiction
Protection of action taken in good faith
Indemnity of Director
Exemption from registration fee and stamp
duty
Power of Government to give directions
Power to make regulations
Power to make rules
Repeal and saving
THE PUNJAB EX-SERVICEMEN CORPORATION ACT, 1978
Punjab Act No. 33 of 1978
[Received the assent of the President of
India on the 10th October, 1978, and was first
published for general information in the
Punjab Government Gazette
(Extraordinary), Legislative Supplement,
dated the 13th, October, 1978]
An Act to provide for the establishment of
the Punjab Ex-Servicemen,
Corporation.
Be it enacted by the Legislature of the
State of Punjab in the Twenty-ninth Year
of the Republic of India as follows:-
1 (1) This Act may be called the Punjab
Ex-Servicemen Corporation Act,1978.
(2) It shall be deemed to have come into
force on the 10th day of
August, 1978.
2. In this Act, unless there is anything
repugnant in the subject or
context,-
(a) “Agricultural Development” includes
development of dairy, poultry,
piggery, sheep and cattle breeding,
pisciculture and sericulture;
(b) “Board” means the Board of Directors of
the Corporation;
(c) “Chairman” means the Chairman of the
Corporation;
(d) “Corporation” means the Punjab
Ex-Servicemen Corporation;
(e) | “Ex-serviceman” means a person who is
ordinarily residing in the State of
Punjab and has served in any rank, whether
as combatant or noncombatant, in
the Indian armed forces or armed forces of
the former Indian States (but
excluding the Assam Rifles, Defence
Security Corps, General Reserve Engineering
Force, Lok Sahayak Sena, Jammu and Kashmir
Militia and Territorial Army) for a
continuous period of not less than six
months after attestation and has been
released, otherwise than by way of
dismissal or discharge on account of
misconduct or inefficiency, and in the case
of a deceased or incapacitated
ex-serviceman includes his wife, children,
father, mother, minor rother;
widowed, daughter and widowed sister,
wholly dependent upon such ex-
serviceman immediately before his death or,
incapacitation ;
(f) “Ex-Servicemen Organization” means a
firm registered under the
Partnership Act, 1932, an association
registered under the Societies
Registration Act, 1860, or a Co-Operative
Society registered under the Punjab
Co-operative Societies Act, 1961, all the
partners or members, whereof, as the
case may be, are ex-servicemen;
(g) “Government” means Government of the
State of Punjab;
(h) “Managing Director” means the Managing
Director of the Corporation;
(i) “Marketing” means all activities
relating to the transport, grading,
pooling, marketing and sale of agricultural
or industrial produce,
whether in the primary form or in
semi-processed or processed form ;
(j) “Prescribed” means prescribed by rules
made under this Act ;
(k) “Processing” means all activities
relating to the processing of
agricultural produce so as to make it
marketable or fit for consumption and
includes purchase and storage of raw
material, purchase of equipment, and
purchase, installation and running of
machinery, required for processing and
storage of finished produce ;
10) “small Scale Industry” means a cottage
and small-scale Industry and,
includes industry engaged in fabrication,
repairs and maintenance of
agricultural machinery and equipment, in
which capital investment does not
exceed five lacs of rupees. [*] *
(m) “Supply and Storage” means supply and
storage of agriculture inputs
and establishment, maintenance and running
of storage, cold storages and
warehouses [;and] ?
(n) [Vice Chairman” means the Vice
—Chairman of the Corporation.]?
CHAPTER II
INCORPORATION OF PUNJAB EX-SERVICEMEN CORPORATION AND
ITS CAPITAL
3. (1) With effect from such date as the
Government may
by notification, appoint, there shall be
established for the purpose
of this Act a Ex-Servicemen Corporation to
be known as the Punjab
Ex-Servicemen Corporation.
(2) The Corporation shall be a body
corporate with the
name aforesaid having perpetual, succession
and a common seal with
powers, subject to the provisions of this
Act, to acquire, hold and
dispose of property and to contract, and may,
by that name, sue and be
sued.
4. (1) The Head office of the Corporation
shall be at Chandigarh or at such
other place as the Government may, by
notification, specify.
5 Omitted by the Punjab Ex-Servicemen
Corporation (amendment) Act, 2012 w.e.f.
20" August 2010.
2 & 3. Inserted by Punjab Ex-Servicemen
Corporation (amendment) Act, 2012 wef.
20" August 2010.
(2) | The Corporation may establish offices
or agencies at such places as
it may think fit.
5. The authorized capital of the Corporation
shall be such sum not exceeding
five crores of rupees as the Government may
initially fix:
Provided that where the capital initially
fixed is less than five crores of
rupees, the Government may, from time to
time, increase the capital to such sum
not exceeding five crores of rupees as it
may think fit.
CHAPTER III
MANAGEMENT OF THE CORPORATION
6. The general superintendence, direction
and management of the Affairs and
the business of the Corporation shall vest
in a Board of Directors which may
exercise all such powers and do all such
acts and things as may be exercised or
done by the Corporation-
7. (1) | The Board of Directors shall
consist of [the Chairman, the Vice-
Chairman,] the Managing Director and the
following other directors,
namely:-
(a) The Secretary to Government in the
department of Defence
Service Welfare or his nominee, ex-officio;
(b) The Secretary to Government in the
Finance Department or
his nominee, ex-officio;
(c) The Secretary to Government in the
Development
Department or his nominee, ex-officio;
(d) The Director of Industries, Punjab, or
his nominee, ex-officio;
(e) Director Sainik Welfare, Punjab.
(f) Four other directors to be nominated by
the Government
from amongst ex-servicemen.
(2) | [The Chairman, the Vice Chairman
shall be the persons who are
Ex-servicemen and] ° were holding a class I
post while in service and the
Managing Director shall be a person who is
or has been a Class I
Officer of the state Government or Central
Government and they shall be
appointed by the Government on such terms
and conditions, including
salary and allowances, as may be
prescribed.
(3) The terms and conditions of service,
including salaries and
allowances, of the directors referred to in
clause (e) of sub-section (1)
shall be such as may be prescribed.
(4) The Term of the office of [the
Chairman, the Vice Chairman,] ®
the Managing Director and the directors
referred to in clause (e) of sub-
section (1) shall be two years and they
shall be eligible for re-appointment.
012
y ij Pe
wef, 20" August 2010.
5. Substituted for “The Chairman shall be a
person who is an ex-serviceman and was” by the Punjab
Ex-Servicemen Corporation (amendment) Act,
2012 w.e.f. 20" August 2010.
17.
(c) Issue bonds and debentures or draw,
make, accept, endorse,
discount, execute and issue promissory
notes, bills of exchange,
hundies, bill, warrants, debentures and
other negotiable instruments.
(d) The Government may guarantee the
repayment of the moneys
borrowed by the Corporation under
sub-section (1) and the
payment of interest thereon.
(1) The Corporation shall maintain a fund
called the ex-servicemen
Corporation Fund (hereinafter referred to
as the Fund) to which shall be
credited-
(a) Allmoneys received by it from the
Government or
any person or association of persons
interested in or dealing with
the welfare of ex-servicemen.
(b) | Such sums of money as may, from time
to time, be realized
by way of repayment of loans made from the
Fund or from interest
on loans.
(c) _ All moneys borrowed under section 16;
and
(d) All moneys received by it from any
other source.
(2) The moneys in the Fund shall be applied
by the Corporation
for carrying out its functions under this
Act.
(3) All moneys in the Fund shall be
deposited in a Bank for the
time being included in the Second Schedule,
to the Reserve Bank of
India Act, 1934, or in a Government
Treasury, as may be decided
by the Corporation.
Provided that the Corporation may invest or
deposit its surplus
funds in the government securities or in
such other manner as it may
decide.
21. — Notwithstanding anything, contained
in any law for the time being in force, but
subject to the provisions relating to
priority of charges in any law made by Parliament
and to any prior charge of the prescribed
financing institutions or any prior claim of
the Government in respect, of land revenue
or any money recoverable by it as
arrears of land revenue a loan advanced by
the Corporation under this Act
together with interest accrued thereon and
costs of its recovery, shall be first charge on
the property of the debtor.
CHAPTER VI
ACCOUNTS AND AUDIT
22. (1) The balance-sheet and accounts
including the profit and loss Account of
the Corporation shall be prepared and
maintained in such form and
manner as may be prescribed.
(2) The Corporation shall cause its books
and accounts to be balanced
and closed on the thirty-first day of March
each year.
23. (1) The accounts of the Corporation
shall be audited once in every financial
year, by auditors duly qualified to act as auditors
under subsection (1) of
section 226 of the Companies Act, 1956, who
shall be appointed by the
Corporation and shall receive such
remuneration from the Corporation as it may
fix.
(2) The auditor shall be supplied with a
copy of the annual balance sheet and
the profit and loss account of the
Corporation and it shall be their duty to
examine them together with the accounts and
vouchers relating thereto, and
they shall have a list delivered to them of
all books kept by the
Corporation and shall all reasonable time
have access to the books,
accounts and other documents of the
Corporation and may require from any
officer of the Corporation such information
as the auditors may think necessary
for the performance of their duties as
auditors.
(3) The auditors shall make a report to the
Corporation upon the
annual balance sheet and accounts examined
by them and in every such report
they shall state whether, in their opinion,
the balance-sheet is a full and fair
balance sheet containing all necessary
particulars and
properly drawn up so as to exhibit a true
and fair view of the state of affairs of
the Corporation.
(4) | The Corporation shall furnish to the
Government, within four months
from the date on which its accounts are
closed and balanced, a copy of its
balance-sheet and accounts together with a
copy of the auditor's report, and a
report on the working of the Corporation
during the relevant year.
(5) Without prejudice to anything contained
the preceding subsections,
the Government may, at any time, appoint
any other authority to examine
and report upon the accounts of the
Corporation and any expenditure incurred in
connection with such examination and report
shall be payable by the Corporation
to such authority.
(6) — Copies of the reports referred to in
sub-sections (4) and (5) shall be laid by
the Government, as soon as may bet before
the State Legislatures.
CHAPTER VII
MISCELLANEOUS
24. No provision of law other than this
Act, relating to the winding up
dissolution or liquidation of the companies
or corporations shall apply to the
Corporation.
25. A director who has any direct or
indirect pecuniary interest in any matter
coming up for consideration at a meeting of
the Board or a Committee thereof shall, as
soon as possible, after the relevant
circumstances have come to his knowledge, disclose
the nature of his interest at such meeting
and the disclosure shall be recorded in
the minutes of the Board or the Committee,
as the case may be, and the director shall
not take nay part in any deliberation or
decision of the Board or the Committee with
respect to that matter.
26. Save as otherwise expressly provided in
this Act, no civil court shall have
jurisdiction to entertain any suit or
proceeding in respect of any matter which the
Corporation or any officer or authority
appointed under this Act is empowered by
or under this Act to determine, and no
injunction shall be granted by any court or
other authority in respect or any action
taken or to be taken in pursuance of any power
conferred by or under this Act.
27. No suit or other legal proceedings
shall lie against the Corporation or any director or any officer or employee or any other
person authorized by the Board to discharge any functions under this Act for any loss
or damage caused or likely to be caused by anything which is in good faith
done or intended to be done in pursuance of this Act.
28. (1) Every director shall be indemnified
by the Corporation against all losses and expenses incurred by him in the
discharge of his duties except such as are caused by his own willful act or default.
(2) A director shall not be responsible for
any other director, or for any officer or other employee of the Corporation or for
any loss or expenses resulting to the corporation from the insufficiency
or deficiency of value of, or title to, any property or security acquired or taken
on behalf of the Corporation in good faith, or by the insolvency or wrongful act
or any debtor or any person under obligation to the Corporation, or
anything done in good faith, in the execution of the duties of his office or in
relation thereto.
29. All documents executed by or on behalf
of the Corporation in the course of discharge of its functions under this Act
shall be exempt from payment of stamp duty and registration fee;
Provided that exemption form payment of
stamp duty shall apply to those documents in relation to rates of stamp
duty whereof the State legislature is competent to legislate.
30.
The corporation shall carry out such
directions as may, from time to time, be issued to it by the Government for the
efficient administration of this Act.
31.
(1) The Corporation may, with the previous
approval of the Government, make regulations not inconsistent with this
Act and the rules framed there under to provide for all matters for which
provision is necessary or expedient for the purposes of giving effect to the
provisions of this Act.
(2) In particular and without prejudice to
the generality of the foregoing power such regulations may provide for-
(a) The duties which [the Chairman, the
Vice Chairman]'? and the Managing Director shall perform.
(b) The time and places of meetings of the
Board and the Committees appointed by it and the
procedure to be followed in relation to such meetings.
(c) | The conditions which may be imposed
and the procedure which may be followed in granting loans or
entering into other arrangement by the Corporation
(d) | The duties and * conduct of the
officers and other employees of the Corporation.
(e) The establishment and maintenance of
provident fund and other benefit funds for the officers and other
employees of the Corporation; and
(f) Generally, the efficient conduct of the
affairs of the Corporation.
(3) No regulations made under this Act
shall have effect until they are published in the Official Gazette.
12.
Substituted for “the Chairman” by the
Punjab Ex-Servicemen Corporation (amendment) Act, 2012 wef.
20" August 2010.
32.
(1) | The Government may, by notification,
make rules to carry out all or any of the purposes of this Act.
(2) In particular and without prejudice to
the generality of the foregoing power, such rules may provide for all or
any of the following matters, namely-
(a) The terms and conditions of
appointment, including salary and allowances, of [the Chairman, the Vice
Chairman] ?3 and the Managing Director;
(b) The terms and conditions of
appointment, including salary and allowances, of the directors referred to in
clause (e) of sub-section(1) of section 7:
(c) The circumstances under which [the
Chairman, the Vice Chairman}** or the Managing Director or a
director referred to in clause (e) of sub-section (I) of section 7 shall
be removable during the term of his office;
(d) | Other functions which the Corporation
may discharge in addition to those mentioned in sub-section 15;
(e) The form in which the certificate shall
be granted by the Managing Director and the procedure that shall be
observed for determining the amount;
(f) | The financing institutions for the
purposes of priority of charge under section 21;
(g) The form and manner in which accounts
shall be maintained and the balance sheet and profit and loss
account — shall be prepared and;
(h) Any other matter which is required to
be or may be prescribed.
(3) | Every rule made under this section
shall be laid as soon as may be after it is made before the House of State
Legislature while it is in session fora total period of ten days which may be comprised
in one session or in two or more successive sessions, and if before the
expiry of the session in which it is so laid or the successive sessions aforesaid, the House
agrees in making any modification in the rule or the House agrees that the rule should
not be made the rule shall thereafter have effect only in such modified form or be of
no effect, as the case may be ; so however, that any such modification or annulment
shall be without prejudice to the validity of anything previously done under that rule.
33. (1) The Punjab Ex-Servicemen
Corporation Ordinance, 1978 (Punjab Ordinance No.15 of 1978), is hereby
repealed.
13 & 14. ‘Substituted for “the
Chairman” by the Punjab Ex-Servicemen Corporation (amendment) Act, 2012
w.ef. 20" August 2010.
(2) Notwithstanding such repeal anything
done or anyaction taken under the Ordinance so repealed shall be deemed to
have been done or taken under the corresponding provisions of this Act.
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