(1) 1 [The State Government] shall, by notification, establish for the purpose of this Act, an authority to be called the Punjab Infrastructure Regulatory Authority.
(2) The Authority shall be a body Corporate known by the aforesaid name having perpetual succession and a common seal with power, subject to the provisions of this Act to acquire, hold and dispose of property, both movable and immovable and to contract and shall, by the said name, sue or be sued.
(3) The Head Office of the Authority shall be at Chandigarh or at such place, as the State Government may notify from time to time.
1Substituted for words “within a period of three months from the date of coming into force of this Act, the State Government” by Punjab Act No. 22 of 2003, Section 3 Private participation.
Establishment of the Authority.
5. 1[(1) The Authority, shall consist of a Chairperson and two other Members, duly appointed by the State Government by notification in the Official Gazette.]
(2) The Chairperson, shall either be a retired Chief Justice or a serving or retired Judge of the Supreme Court or a retired Chief Justice of a High Court or a serving or retired Judge of a High Court or a serving or retired officer of the rank and status of the Chief Secretary of the State of Punjab or Secretary to the Government of India.
(3)The members shall possess the qualifications specified in sub-section (5).
(4) The State Government may appoint one of the members, by notification 2[as] Vice-Chairperson of the Authority.
(5) The members appointed under sub-section (1), shall have the following qualifications and experience in the fields of Management of Infrastructure Sectors or Infrastructure Projects, Law, Finance, Economics or Commerce,-
(i) Qualifications and experience in the field of management of infrastructure sector or infrastructure project.-Relevant professional qualifications and a minimum experience of ten years of working after acquiring the said qualifications in a Government department or public sector organisation or in a private sector organisation, having annual turnover of one hundred crore rupees or more in any infrastructure sector in respect of conceptualising, appraisal, development, financing or implementation of infrastructure projects;
1Substituted by Punjab Act No. 22 of 2016, Section 3 2Substituted for words “to a” by Punjab Act No. 22 of 2003, Section 4 Composition of the Authority.
(ii) Qualifications and experience in the field of Law.-A serving or a retired District and Sessions Judge or a person qualified to be a District and Sessions Judge;
(iii) Qualifications and experience in the field of Finance, Economics or Commerce:- Qualification:
(a) Membership of the Institute of Chartered Accountants of India;
or
(b) Post Graduation in Economics, Commerce, Management or Engineering.
Experience:
(a) Ten years' experience of working after acquiring the said qualifications in a Government department or public sector organisation or in a private sector organisation having annual turnover of one hundred crore rupees or more; or
(b) Ten years teaching experience in a university or a college, recognised by the University Grants Commission or an institute recognised by the All India Council of Technical Education.
(6) Before appointing any person to the Authority as a Chairperson or Vice-Chairperson or member, as the case may be, the State Government shall satisfy itself that the person does not have any financial or other interest which may affect prejudicially his functioning as a Chairperson or Vice Chairperson or member of the Authority.