 |
|
For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
PART
III
CORPORATE LAW AUTHORITY
11. Constitution of
Corporate Law Authority.- (1) The Federal Government shall, by notification in the
official Gazette, constitute a Corporate Law Authority.
(2) The Authority shall consist of such number of members, not bring less than three, as
the Federal Government deems fit, to be appointed by that Government by notification in
the official Gazette.
(3) One of the member shall be appointed by the Federal Government to be the Chairman of
the Authority.
(4) No act or proceeding of the Authority shall be invalid by reason only of the existence
of a vacancy in, or defect in constitution of, the Authority.
12. Powers and functions of the Authority.- (1) The Authority
shall exercise and perform such powers and functions as are conferred on it by or under
this Ordinance or any other law.
(2) Notwithstanding anything contained in any other law, and without prejudice to the
generality of the foregoing provisions. the Federal Government may, by notification in the
official Gazette, direct that all or ally of the powers and functions conferred on the
Federal Government or any officer of the Federal Government under any law shall, subject
to such limitations, restrictions or conditions, if any, as it may from time to time
impose, be exercised or performed by the Authority.
(3) The Authority may, by order in writing, direct that any power or function of the
Authority referred to in subsection (I) or sub section (2) shall, subject to such
conditions and limitations, if any, as may be specified in the order, be exercised or
performed by the Chairman of the Authority or by such other member or officer of the
Authority as may be so specified.
(4) The Authority, and the member or officer referred in subsection (3) may, for the
purposes of a proceeding or enquiry, require anyone --
(a) to produce before, and to allow to be examined and kept by, an officer of the
Authority specified in this behalf, any books, accounts or other documents in the custody
or under the control of the person so required, being documents relating to any matter the
examination of which may be considered necessary by the Authority or such member or
officer; and
(b) to furnish to an officer of the Authority specified in this behalf such information
and documents in his possession relating to any matter as may be necessary for the
purposes of the proceeding or enquiry.
(5) The procedure of the Authority shall be such as may be prescribed.
(6) The Federal Government may appoint such officers as it thinks necessary to assist the
Authority in the performance of its duties and functions under this Ordinance and may make
regulations with respect to their duties.
(7) All officers and persons employed in the execution of this Ordinance shall observe and
follow the orders, instructions and directions of the Authority.
13. Reference by the Federal Government or Authority to the Court.-
(1) Without prejudice to the powers, jurisdiction and authority exercisable by the Federal
Government or the Authority under this Ordinance, the Federal Government or the Authority,
as the case may make a reference to the Court on any question or matter which the
Government or the Authority considers to be of special significance requiring orders,
determination or action concerning the affairs of a company or any action any officer
thereof.;
Explanation.-- In this subsection "officer" includes an auditor,
liquidator or agent of the company.
(2) Where a reference is made to the Court under subsection (1), the Court may make such
order as it may deem just and equitable under the circumstances.
