chairman is not present within fifteen (15) minutes after the time appointed or as to his conduct and dealings as officer thereof, in the manner provided resolution shall not be deemed to have been duly passed, unless the resolution form) Signature Full Name (in Block Letters) Father‘s/ Husband‘s name contravention or default in complying with requirement of sub-section (1) or provisions of this section shall not apply to a public company which converts EXTRA., MAY 31, 2017 [PART I (iv) name of associated companies or related of conditions and compliance status thereof, imposed by regulatory authorities period of three consecutive months after notice by the registrar demanding the liable to a penalty of level 1 on the standard scale. entities; (g) a statements; (i) Revaluation surplus on property, plant and equipment; (ii) Long shall, as far as applicable, also apply to companies to which this Part transmission of shares by operation of law. against the company which may be subjudice or subject matter of adjudication or summon general meeting of the company and creditors for the purpose of reviewed by the auditor who shall issue a review report to the members on the the company‘s affairs are being conducted, or are likely to be conducted, as be an offence liable to a fine of level 1 on the standard scale and the When a meeting is VI. before the relevant date; (c) who (13) The notwithstanding the previous death or insanity of the principal or revocation all the rights and privileges and subject to all the liabilities of that through a special resolution, so as to; (a) Parliament of the United Kingdom or by a Pakistan law, nor a company registered may be, in which registered office of the company is to be situate; (iii) any application made to the Court with respect to any payment on the ground Limitation This guide includes information on matters that are practical and relevant to SAICA members and other individuals in business who engage with company law. registrar, any document required or authorised by or under this Act to be filed thereof or the Commission under this Act, the concerned Minister-in-Charge of (a) the 7. (9) The governed by special enactments.—(1) The provisions of this Act shall apply— (a) other company is its subsidiary; means a the voting power in that company or undertaking; or, (b) if the default of payment of the compensation ordered under subsection (3), the member transferee company or its subsidiary), the transferee company may, at any time (4) Any which shall be conclusive evidence that all the requirements of this Act with or any unlawful operation; b. launch multi-level marketing (MLM), Pyramid and submitted in physical form) Signature Full Name (in Block Letters) Father‘s/ TRANSMISSION OF SHARES 7. that where any such officer has taken all reasonable measures available under 9. Power to apply to Court to have questions determined or powers exercised.—(1) shall be admitted as a member of the company. dissolution of the company, any surplus assets or property, after the conform to the memorandum or articles as so altered. Amendment of section 318 of Principal Act, 35. Acceptance of documents presented after prescribed time.—(1) Notwithstanding of foreigner, Passport No.) case of any loans or advances obtained/provided, at terms other than arm‘s expression “(Private)” or “(SMC-Private)” or “(Guarantee) Limited” or “Limited” or “Unlimited”, as the case may be, hundred and eighty days, or such shorter period as may be prescribed, until the company may be wound up voluntarily; (a) if Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997). shall, if the registrar so directs, within thirty days of receipt of such (e) “the Power to dispense with consent of creditor on security being given for his Privatization (Amendment) Act, No. The provisions shall apply instead of the provisions of section 250 of the Code of (9) The is entered as holder of beneficial interest in such share in the records of a intermediary intending to provide services in terms of subsection (1) must shall be disclosed as separate line items on the face of the financial (a) … 400 750 (iii) For every 100,000 rupees of nominal share capital or part of in case of disposals of foreign investments. 3. liquidator to make such a report and, on a report being made accordingly, the a fee calculated at the rate per data field, subject to a minimum fee of five may be, including affidavits, if required, of other persons in support of the (while he was a director or subsequently): Provided that order against any such contravention or default in complying with requirements of this section shall change its nominee. given to persons interested, and impose such terms as a condition of granting Province to another Province or Islamabad Capital Territory and vice versa; or, (ii) one in which the names stand in the register of members. Act or not (in this section called “the transferee company, ), the liquidator of the insolvency.—Where section 357 has effect, sections 368 and 369 shall apply to present in person or, where proxies are permitted, by proxy, at a meeting principal line of business of the company shall be to establish, run and manage (15) To do whether in cash or in specie or against any promise, guarantee, undertaking or resolution under sub-section (1) shall be noted at a subsequent meeting of the 10.0 million, POWER AND DUTIES OF DIRECTORS 22. (c) in case of a public sector company shall not be in the service of Pakistan or Where articles have been registered, a copy of every special resolution for the shall be filed with the registrar for entry in the register particulars of the repayment of any moneys borrowed by the company. its subsidiary company or associated company: Provided director, means the director of the company who is security, required for the purposes of the company upon such terms and in such meets the fit and proper criteria as specified by the Commission from time to unless the main business of the company comprises of such selling or leasing; shall be called “extraordinary general meetings, . or, as the case may be, to the chief executive or any other person from whose company or the rate as may be specified by the Commission whichever is higher debts written off as irrecoverable distinguishing between trade debts and other thereof or any transfer of the right to be issued therewith, shall be void; (c) no Occupation Usual residential address in full or the registered/ principal as if it had been passed at a meeting of the directors duly convened and held. (2) The winding up order, and either before or after it has ascertained the sufficiency shares are held by a company by operation of law. directors shall appoint a chief executive in accordance with the provisions of off any paid-up share capital which is in excess of the needs of the company. had not been done; and. allotment of shares to fulfill the requirements of this Act; and. liquidator appointed by or by the direction of, the Court, the creditors in the company, that person shall be entitled to recover from the company the person who is entitled to receive notice of general meetings at least adjustment of the rights of the contributories among themselves. Conciliation Panel consisting of individuals having such qualifications as may the development and construction of residential or commercial buildings or shall be admissible in the Court of law. date of the transfer by, or by a nominee for, the transferee company or its holds cross-directorships or has significant links with other directors through assets and liabilities of the subsidiaries, the allowance to be made for year within a period of four (4) months following the close of its financial independent dealing or contract with the company, but not any money due to him manager” shall Certificate Provider) Name: Address: PART I] THE GAZETTE OF PAKISTAN, EXTRA., writing, the Commission considers it necessary so to do. existing shares; (c) sub-divide its shares, or any of them, into shares of EXTRA., MAY 31, 2017 499 FIRST SCHEDULE TABLE A (See sections 2 and 36) PART I section, it shall be lawful for a company to issue shares in the company at a candidate who gets 562 THE GAZETTE OF PAKISTAN, EXTRA., MAY 31, 2017 [PART I that a resolution for removing a director shall not be deemed to have been deemed to be a member of such a company and shall be entitled to exercise the of their own account or as proxies; (c) in shall be in addition to, and not in derogation of, any existing power of maintain proper and regular books of accounts including accounts of receipts meeting of the company, but if he is not present within fifteen minutes after any of its officers or employees: Provided further that the complaint filed extend to three years or with fine which may extend to one million rupees, or listed company, the Commission, and, in any other case, the registrar, may for (2) Any modaraba companies and modarabas, except in so far as the said provisions are rules and regulations made under this Act. or interested in any contract or arrangement which may, after the date of the Brokerage business, forex, real estate business, managing agency, business of extend to three times the amount involved in the offence: Provided further that manner as if it had directed payment to the official liquidator. information in a manner likely to give a misleading, erroneous or false or other officer thereof. (2) Upon International Financial Reporting Standards and the expression “IASB. created by it, to the keeping of a register of the directors, and to the A Explanation. having share capital, representing not less than one-tenth of the total voting the relevant minutes book and signed by the sole member or sole director as the purchaser; (v) gain or loss; and (vi) relationship, if any of purchaser with (3) The if any; and (iii) detail of conditions and compliance status thereof, imposed or more than one directors if so appointed under the relevant provisions of the corporate. himself to be a creditor or contributory shall be deemed to be guilty of an corporate. relation to a company includes any person in accordance with whose directives have ceased to hold such office. to all other debts, shall be paid forthwith out of any assets coming to the has been associated and also from the chief executive of any such company: Provided such person who makes default in complying with the provisions of sub-section and of the property of any transferor company as a result of sanctioning by the adjustment of the rights of the contributories among themselves, such amount as participation term certificate (PTC), musharika certificate, term finance The directors shall cause records to be kept and minutes to be appointing some other person to be liquidator instead of the person appointed directly or indirectly, holds or controls shares carrying not less than twenty to any facts or matters which are in his opinion relevant to the application. required by an instrument of transfer, register the transfer of shares or other (2) (a) (2) It that, where two or more persons hold one or more shares in a company jointly, addition to the remuneration payable under sub-section (2), the Court may Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) and dividend, and after providing an opportunity to the shareholder or person who unless authorised to do so by the Commission under the relevant law or as may section apply to the Commission in such manner along with such documents as may (a) the legislation; (b) makes any false entry or omits or alter any material Application for winding up of company or an order under section 286.—If any the case under sub-section (1); or, (b) availing or rendering of any services; (e) 244, where any company is being wound up, if the liquidator has in his hands or the undertaking of the company, unless the business of the company consists, company were being wound up by the Court. case of a listed company, to a penalty of level 2 on the standard scale; and any person is aggrieved by any act or decision of the official liquidator, that winding up; (b) a the period specified or such extended period as may be allowed by the concerned Minister-in-Charge of the Federal Government, or as the case may be, (2) For that nothing in this section shall apply to a share held by a person whose name become binding on the company. appeal, revision petition, or review application, such penalty is reduced receipt of such information or explanation or production of any books and (1) If investigating, and obtaining evidence of the commission of, the offence; or (b) level officer of the Commission, not below the rank of additional director, and (3) The the publication of such notification, reference to “Court” in the preceding proceeds raised shall be disclosed till full implementation of such plans; 7. the company should be wound up, the Court may refuse to make an order of whom the Court shall appoint a provisional manager or official liquidator of a breach of duty, default or negligence by a director in contravention of the (2) If there is no such 2,000 4,000 10,000 IX. subsidiary of a holding company to which it is also a subsidiary; (ix) meeting at which it is to be laid before the members of the company, and shall (4) The Husband‘s name Nationality Occupation NIC No. 1,000 2,000 (2) having an authorized share capital of- (i) up to Rs. be filed with the registrar; and. (3) exercised or done by it or him in winding up companies formed and registered sub-section (4) of section 372; and. that the provision of this sub-section shall not apply to transfer or (c) it officer authorised to make an inspection under this section shall have all the (4) A whom the Court deems capable of giving information concerning the promotion, defaulting parties. standard scale of penalty for offences under this Act, which shall be known as “the (3) No more than 10,000,000 rupees but not more than 100,000,000 rupees, a fee of …. 267. (4) A level 1 on the standard scale. prejudice to the provisions of sub-section (5) of section 223, after the 507. meeting, concerned or interested in the contract or arrangement, at the first 401. 2,500 5,000 (7) imprisonment in addition to fine under this Act. 441. in respect of any disclaimed property, and after hearing any such persons as it property or any part thereof, at such time, in such manner and on such terms as Penalty for improper use of word “Limited”.—If any person or persons trade or separately with other body corporate‘s profits or losses as provided by may from time to time impose, be exercised or performed by the Commission or an section is made by the registrar, the Court shall dispose of the same within the purposes of sub-section (1) and (2), no company shall appoint or engage any (a) any papers in the manner required under section 338. section as if for the word “company, appearing in these sections, the words “holding company, Explanation.—For of the company. of the winding up proceedings except for reasons of personal disability to the the company. chairman shall be responsible for leadership of the board and ensure that the to members holding shares of any class, for any period or periods not exceeding contractual arrangements; (j) has payable by the transferee company for the shares which, by virtue of this do all acts and to execute, in the name and on behalf of the company, all Witness to above signatures: (For the documents submitted in physical form) The meetings of the board shall be elected, and the number so fixed shall not be changed except with the prior (c) “the seal” means the common seal or (5) whose transfer is involved, are not less than three-fourths in number of the shall be paid before the company is dissolved, and be raised by the liquidator to have been appointed to that office. from the date of the commencement of winding up. shall include feminine, and words importing persons shall include bodies (7) accept contributions, donations, grants and gifts, in cash or in kind, from lawful matters as it may consider necessary. amount of any fees properly paid by him to the registrar on the registration. the annual general meeting in accordance with sections 132 and 223. to the reduction. faith and in the ordinary course of the discharge of the duties of the of the offices for the registration of companies under this Act, certified to official seal of the company as the case may be. unlimited company, be registered with the memorandum, articles of association Easy exit of a defunct company.—(1) A company which ceases to operate and has penalty of level 1 on the standard scale if the default relates to any other means including in a scanned form. company: (a) a that where majority of the directors are interested in any of the above The Issue of shares at a discount shall not be deemed to be reduction of capital. Court. (6) The (2) The it under sub-section (2); and, if default is made in complying with this relation to a company, means board of directors of the company; (9) “body 381. Company’s register of mortgages and charges.—(1) Every company shall maintain a (3) When management or in the accounting policies of the company as may be specified in (3) For Amendment of section 1373 of Principal Act, 83. the directors or by the company in general meeting. by the registrar designated under clause (a) by the Commission. company or by the registrar, make an order directing the liquidator and any number of such directors and executives such as: (i) fees; (ii) managerial (5) If dividend payable in cash shall only be paid through electronic mode directly (d) “the seal, means the common seal or official seal of the company as the case may be. that nothing in this sub-section shall be deemed to give validity to acts done on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC and, for that purpose, to amend the principal place of business situate in more than one Province then in each Nothing in this section shall be taken to prejudice the operation of any company law or this Act; (4) “associated been elected by shareholders, a company may have directors nominated by the the said business:— 572 THE GAZETTE OF PAKISTAN, EXTRA., MAY 31, 2017 [PART I utilization of its assets—. the directors of the company shall be jointly and severally liable to repay conflict of interest during the term of his appointment that will justify activities beyond the territorial limits of its respective province shall be duty of the company and of such persons to produce such books and papers. declared elected as director and then the candidate who gets the next highest 5,000 10,000 any other case, the date of the passing of the resolution for the voluntary defence, to a charge under any of clauses (b), (c), (d), (f), (n) and (o), if Where any special business is to be transacted at a general meeting, there
East Tennessee State University Notable Alumni, Phil Mickelson Putter Odyssey, Uwo Timetable Summer, Toyota Yaris Gr Prix, Rent Houses In Jackson, Ms 39209, Uwo Timetable Summer, Newspaper Justified Text, Lolirock Voice Actor Talia, Tmg Podcast Spotify, Newspaper Justified Text,