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For business information, annual reports, laws, ordinances, regulations and articles. |
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CORPORATE LAW
AUTHORITY RULES, 1984
Notification No. S.R.O.
1098(1.)/84, dated 31st December, 1984.---In exercise of the powers
conferred by subsection (3) of section of the Companies Ordinance, 1984 (XLVII of 1984),
the Federal Government is pleased to appoint the first day of January, 1985, to be the
date on which the provisions of the said Ordinance other than those of section 41, section
88, section 203, section 226, sections 295 to 437 and sections 443 to 449, shall come into
force.
1. Short title and commencement.--- (1) These rules may be called the
Corporate Law Authority Rules, 1984.
(2) They shall come into force at once.
2. Definitions.--- (1) In these rules, unless there is anything repugnant in
the subject or context,-
(a) "application" includes an application, petition or appeal submitted to the
Authority under the Ordinance or these rules;
(b) "Authority" means the Corporate Law Authority constituted under section 11
of the Ordinance:
(c) "Chairman" means the Chairman of the Authority;
(d) "Member" means a member of the Authority and includes the Chairman;
(e) "Ordinance" means the Companies Ordinance, 1984 (XLVII of 1984); and
(f) "Section" means a section of ordinance. "Member" means a member of
the Authority and includes the Chairman;
(2) All other terms and expressions used but not defined in these rules shall have the
same meanings as in the Ordinance.
3. Consideration of questions by circulation.--- The Chairman may, by general
or special order. direct that any matter which is required to be considered by the
Authority in a meeting may be disposed of by circulation instead of at a meeting of the
Authority.
4. Mode of submission of applications, etc.--- Unless otherwise prescribed,
an application made to the Authority shall be:
(i) duly signed, dated and verified by an affidavit by the person making it and, in the
case of a company signed and verified by its chief executive or director, secretary or
liquidator;
(ii) neatly and legibly written, typed or printed, shall precisely set out the facts,
grounds and claims or relief applied for in serially numbered paragraphs and specify. the
relevant provisions of law under which action or relief is applied for:
(iii) accompanied by documents referred to or relief upon and, in the case of a petition
for review of or an appeal against, any order of decision, by a certified copy of such
order or decision;
(iv) accompanied by three spare copies, duly signed. dated and verified and accompanied by
the documents as aforesaid: and
(v) accompanied by the original receipt for the fee for an application as specified in the
Sixth Schedule to the Ordinance;
5. Manner of disposal of application, etc.--- On receipt of an application,
the Authority shall. unless it rejects or dismisses the same in time or returns it for
removal of any defect or shore-coining or otherwise disposes of the same, institute such
enquiries or proceedings in respect of any matter as may, in the opinion of the Authority
be necessary to obtain the information or evidence respecting any matter concerning the
application and may provide an opportunity to the applicant or any other person interested
in the matter of being heard before arriving at a decision.
6. Appearance by authorised representative.--- Any person who is entitled or
required to attend before the Authority. in connection with any proceeding under the
Ordinance, otherwise than when required to attend personally, may be represented at such
attendance by a duly authorised Advocate, a member of the institute of Chartered
Accountants of Pakistan or the Institute of Cost and Management Accountants of Pakistan
Practitioning in Pakistan or a director or officer of the company or any other person
authorised in writing in this behalf by the person so entitled or required to attend.
7. Authentication of orders and decisions of the Authority.--- All order and
decisions of the Authority,, shall be authenticated by the signature of an officer of the
Authority, empowered in this behalf by the Authority.
8. Seal of the .Authority.---There shall be an official seal of the
Authority which shall be affixed on such documents and in such manner as may be specified
by the Authority.
