Companies Ordinance, ii. Effect of failure to register within ninety days. ARTICLES OF ASSOCIATION. Registration of articles. Printing. PRELIMINARY. 1. This Act may be cited as the Companies Act. 2. In this Act, unless context otherwise requires. “accounts” includes a company's group accounts. The corporate sector in Pakistan was governed by the Companies Ordinance which was aracer.mobi .
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Schedule annexed to the Companies Ordinance (1 of ), or in that table as company of the other or others; (Added 6 of s. 2). (1) This Act may be cited as the Companies Act, Ordinance , the Nevis Limited Liability Company Ordinance or any other Ordinance of. Name: Companies Act, (Act No. National Assembly of Pakistan PDF PDF Repeals the Companies Ordinance, (XLVII of ), except Part VIIIA.
These organization require big investments and the risk involved is very high.
Limited resources and unlimited liability of partners are two important limitations of partnerships of partnerships in undertaking big business. Joint Stock Company form of business organization has become extremely popular as it provides a solution to 2 overcome the limitations of partnership business.
The Multinational companies like Coca-Cola and, General Motors have their investors and customers spread throughout the world. This definition does not reveal the distinctive characteristics of a company.
The common stock contributed is denoted in money and is the capital of the company. The persons who contribute it, or to whom it belongs, are members.
The proportion of capital to which each member is entitled is his share. From the above definitions, it can be concluded that a company is registered association which is an artificial legal person, having an independent legal, entity with a perpetual succession, a common seal for its signatures, a common capital comprised of transferable shares and carrying limited liability. Incorporated association. A company is created when it is registered under the Companies Act.
It comes into being from the date mentioned in the certificate of incorporation. It may be noted in this connection that Section 11 provides that an association of more than ten persons carrying on business in banking or an association or more than twenty persons carrying on any other type of business must be registered under the Companies Act and is deemed to be an illegal association, if it is not so registered.
For forming a public company at least seven persons and for a private company at least two persons are persons are required. These persons will subscribe their names to the Memorandum of association and also comply with other legal requirements of the Act in respect of registration to form and incorporate a company, with or without limited liability [Sec 12 1 ] 4 2.
Artificial legal person. A company is an artificial person. Negatively speaking, it is not a natural person. It exists in the eyes of the law and cannot act on its own.
It has to act through a board of directors elected by shareholders. But for many purposes, a company is a legal person like a natural person. On a poll, vote may be given through video link.
In case of a listed company approval of the Commission is also required. The above is not applicable to a company which in the ordinary course of its business provides loans or gives guarantees or securities.
The companies have been provided liberty that either the holding company may change its financial year according to subsidiary company and vice versa. The Fund shall be utilised for the promotion of investor education and awareness, educational activities including seminars, training, research and publications and investor education and awareness activities.
These powers have been widened and were previously available with the permission of Court. The said person who ceased to hold office more than five years before the notice shall however not be compelled to furnish information. The substantial shareholders or officers holding such interest are required to report to the company on a specified form within 30 days of holding of such interest. The company is currently required to submit required information on a specified form to the Registrar within 60 days from the date of promulgation of the Ordinance.
The above noted details are required to be submitted to Registrar along with the Annual Return. The Commission shall keep record of the information of the companies in a global register for Beneficial Ownership.
Such company shall primarily deal with the produce of its members.