Establishment of the Pakistan Telecommunication Employees Trust.-
- As soon as may be, after the commencement of this Act, the Federal Government shall, by notification in the official Gazette, establish a trust to be called the Pakistan Telecommunication Employees Trust.
- The Trust shall be a body corporate, having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire and hold property, both moveable and immovable, and shall sue and be sued by its name.
- The Trust shall be managed by a Board of Trustees consisting of six trustees, three to be appointed by the Federal Government and three by the Company, for a period of three years, unless earlier removed by the appointing authority.
- The trustees shall be eligible for re-appointment for a similar term or terms specified in sub-section(3).
- The trustees may appoint-
- Chairman of the Board of Trustees from amongst themselves;
- The Manager of the Trust;
- An Actuary:
Provided that the first Chairman of the Board of Trustees shall be selected from amongst the trustees appointed by the Federal Government and shall, unless removed on the charges of physical or mental infirmity or misconduct, including corruption and dishonesty, remain in the office of Chairman for the first twelve months of his tenure as a trustee.
- A Trustee may resign from his office by writing in his hand addressed to the Board of Trustees.
- In case of a vacancy being created due to the death, resignation or removal of a trustee, the appointing authority referred to in sub?section (3) may appoint another person in his place as trustee for the un-expired term.
- The Manager and Actuary of the Trust shall be entitled to such remuneration and perquisites as the Board of Trustees may determine.
- The Board of Trustees may, with the approval of the Federal Government and by notification in the official Gazette, make rules for the management and conduct of business of the Trust.
- Pension Fund.-
- The Federal Government shall, by notification in the official Gazette, order that from the effective date, all assets of the Pakistan Telecommunication Corporation Employees Pension Fund as created by a Trust Deed dated the 2nd April 1994, hereinafter referred to as the "Pension Fund", and such liabilities as are specified in the notification, shall vest in and shall become the assets and liabilities of the Trust:
Provided that five per cent of the accrued liability determined on the 30th June, 1995, specified in such notification shall be paid to the Federal Government in twelve monthly instalments in respect of telecommunication employees or Transferred Employees transferred to the Pakistan Telecommunication Authority, Frequency Allocation Board, National Telecommunication Corporation and Federal Government.
- The Company shall contribute to the Pension Fund the amount determined by the Actuary representing the unfunded proportion of the accrued pension liabilities which shall be assumed by the Company from the effective date specified in the order made under section 35.
- The Pension Fund shall consist of-
- amounts received from the Pakistan Telecommunication Corporation Employees Pension Fund referred to in sub-section(1);
- contribution to be paid by the Company under sub-section(2);
- annual contribution to be paid by the Company at the commencement of each financial year;
- investments and the profits, gains and other returns accrued on such investments; and
- donations and other contributions by individuals or any aid-giving agencies.
- Functions and powers of the Trust.-
- For carrying out the purposes of the Trust, the Board of Trustees shall-
- take over and assume the liability of the Pension Fund, including contributions of the Company to the Pension Fund;
- obtain payment from the Company of the amount determined by Actuary as representing the unfunded proportion of the accrued pension liabilities to be discharged by the Company;
- determine, at the commencement of each financial year, the amount to be contributed to the Pension Fund by the Company; and
- make provision for the payment of pension to telecommunication employees to the extent of their entitlement.
- In performance of its functions, the Board of Trustees shall-
- have the exclusive right to determine the amounts, if any, payable in respect of pension benefits to the telecommunication employees;
- administer and operate the Pension Fund;
- specify and certify the requirements to be fulfilled for payments of the pensions to be made from the Pension Fund;
- appoint, promote, remove and exercise discipline and control over its employees;
- enter into contracts;
- acquire, lease, encumber, dispose of, exchange, invest or otherwise deal with any moveable or immovable property or any interest therein; and
- exercise all such powers as may be necessary or incidental to the performance of any of its functions or the exercise of any of its powers.
- The Manager of the Board of Trustees shall be responsible for administrative control of the employees of the Trust and day to day working of the Trust as may be assigned to him by the Board of Trustees.
- Decision of the Trust, etc.-
- The decision of the Board of Trustees shall be taken by majority of the votes of the trustees present in a meeting to be called by the Chairman of the Trust.
Provided that such majority votes shall include at least one trustee appointed by the Federal Government and one trustee appointed by the Company.
- All meetings of the Board of Trustees shall be presided over by its Chairman or, in his absence, by another trustee selected by the trustees amongst themselves. The quorum of the meeting of the Board of Trustees shall be four trustees out of which two shall represent the Federal Government and the other two by the Company:
Provided that the Chairman of the Board of Trustees shall have no casting vote.
- No act of proceeding of the Trust shall be invalid by reason only of the existence of a vacancy in, or a defect in, the constitution of the Board of Trustees.
- The Board of Trustees shall, by resolution, determine the procedure for appointment, promotion and termination and other terms of employment of the employees of the Trust.
- Delegation of Powers.-The Board of Trustees may, by a resolution, delegate to any officer of the Trust any of its powers of functions under this Act, subject to such conditions as it may deem fit to impose.
- The Board of Trustees shall, in respect of each financial year, prepare its own budge specifying the estimated receipts and the sums which are likely to be required by the Trust for the payments t be made in the relevant financial year.
- Any surplus of receipts over the amount specified in the budget in a financial year shall be credited to the Pension Fund and any deficit from the estimated amount specified in the annual budget shall be made up from the Pension Fund.
- The accounts of the Trust shall be audited at the close of each financial year by independent auditors.
- The Trust shall produce such accounts, books and documents and furnish explanations and information as the auditors may require for the purpose of audit.
- Copies of the auditor's report on the accounts shall be furnished to the Federal Government, Company and the Trust.
- Omitted by Section 26 of Finance Act, 1999. (Act IV of 1999)
- Application of Trusts Act, 1882.-
- The provisions of Chapters III, IV, V, VI (other than section 60 thereof, insofar as it provides that a person domiciled abroad is not a proper person for the purposes of that section) and VII of the Trusts Act, 1882(II of 1882), to the extent not inconsistent with the provisions of this Act, shall apply to the Trust and the Board of Trustees to the same extent that they apply to a "trust" and "trustees" as defined in section 3 of the said Act.
- For the purposes of the Trust Act, 1882, the "author of the trust" shall be the Federal Government and Company, the "trustees" shall be the trustees appointed under section 45, "beneficiaries" shall be the telecommunication employees, the "trust property" or "trust money" shall be the Pension Fund, "beneficial interest" shall be the right of the telecommunication employees specified in the rules made under this Chapter and the "instrument of trust" shall be this Act and such rules.
- The accounts of the Trust shall be kept and maintained with the National Bank of Pakistan or such other bank as the Board of Trustees may determine.
- Winding-up of the Trust.-
- The Trust shall be wound up by the Federal Government on the recommendation of the Board of Trustees and the certification by the Actuary that no pension payment is required to be made from the Pension Fund.
- The balance of the Pension Fund shall, on the winding up of the Trust, be paid to the Federal Government and the Company pro-rata of the assets of the Pakistan Telecommunication Corporation employees Fund and contributions made from time to time by the Company.