ISLAMABAD, Oct 4: President General Pervez Musharraf on Friday night promulgated an ordinance, the Agricultural Development Bank of Pakistan (Reorganisation Conversion) Ordinance 2002 with immediate effect.

Under the ordinance, the federal government shall in accordance with the provision of this ordinance and in consultation with shareholders of the ADBP, take steps for the conversion of ADBP into public limited company under the Companies Ordinance 1984 (XLVII of 1984).

The Ordinance provides for the transfer and investing of assets, contracts, liabilities, proceedings and undertaking. It also provides for the continuation of receiving deposits and other business.

The Ordinance provides for the continuation in service of the company. Under this provision the employees of ADBP that were in service of ADBP before the effective date shall stand transferred to and become the employees of the company as of the effective date on the same terms and conditions and shall be subject to the same rules and regulations as well applicable to them before the effective date.

Under the ordinance all agreements and contracts to which ADBP may have been party or beneficiary, subsisting immediately before the effective date, shall be deemed to have been made by the company.

The newly promulgated ordinance provides that no court, tribunal or any authority shall question anything done, order made, step or action taken or purported to be made, done or taken which is in good faith, done, made or taken under this ordinance. It further provides that no suit, prosecution or other legal proceedings or actions shall lie against the federal government, ADBP, the company or any other person for anything which is in good faith done is intended to be done under this ordinance or any rule or order made thereunder.

The ordinance also provides for making of rules for conveying out the purposes of this ordinance. The ordinance has also overriding effect as well as provision for removal of difficulty.