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CHAPTER II
INSURED PERSONS
3. Compulsory Insurance: All employees
in an industry or establishment shall be insured in the manner prescribed by or under this
Act.
4. Administration: (1) As soon as may be, after the commencement
of this Act, the Federal Government shall establish or nominate by notification an
Institution to be called the Employees' Old-Age Benefits Institution.
(2) The Institution shall be a body corporate having perpetual succession and a common
seal, with powers subject to the provisions of this Act, to acquire, hold and dispute of
property, both movable and immovable, and shall by the aforesaid name sue or be sued.
5. Nomination of a body corporate pending establishment of an
institution: (1) Notwithstanding anything contained in Section 4, the Federal
Government may, pending the establishment of an Institution, by notification in the
official Gazette, nominate a body corporate to exercise and perform all the powers and
functions of the Institution under this Act and appoint the head of such body corporate,
by whatever name called, to be the
(2) The nomination of a body corporate under sub-section (1) shall be subject to such
terms and conditions as the Federal Government may, from time to time, determine.
6. Management: (1) The general direction and superintendence of
the affairs of the Institutions shall vest in Board which may, with the assistance of the Chairman of the institution, exercise all powers and do all acts and
things which may be exercised or done by the institution.
(2) In discharging its functions, the institution shall be guided by such instructions on
questions of policy as may be given to it from time to time, by the Federal Government,
which shall be the sole judge as to whether any instructions are on a question of policy
or not.
7. Board of Trustees: (1) The Board of Trustees shall consist of
the following members to be appointed by the Federal Government, by notification,
namely:--
(a) the Secretary. or Additional Secretary in the Labour Division, who shall also be the President of the Board of Trustees;
(b) four persons to represent the Federal Government, one each from the Ministries of
Finance, Commerce, Industries and Labour;
(c) four persons to represent the Provincial Governments, one to be nominated by each of
the Provincial Governments;
(d) four persons to represent employers;
(e) four persons to represent insured persons; and
(f) two persons to represent the Institution.
(2) Members to be appointed under clauses (d) and (e) of sub- section (1) shall
respectively be chosen from a list of names submitted in the prescribed manner by the
organisations of employers and employees recognised by the Federal Government for that
purpose:
Provided that, pending the making of rules in this behalf, the first members to be so
appointed shall be chosen from such persons as the Federal Government may deem fit.
8. Powers and functions of the Board of Trustees: In addition to
the powers conferred on, and the functions entrusted to it by the other provisions of this
Act or by the rules, the board shall have powers-
(a) to approve the budget estimates, the audited accounts and the annual report of the
Institution for submission to the Federal Government in accordance with the provision of
this Act; and
(b) to call for any information or direct any research to be made for the furtherance of
the objects of the Act.
