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011228
THE GAZETTE OF PAKSITAN
ISLAMABAD, FRIDAY, DECEMBER 28, 2001
PART II
Statutory Notification (S.R.O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKSITAN
NOTIFICATION
Islamabad, the 28th December, 2001
S.R.O. 892 (I)/2001.—In exercise
of the power conferred by sub-section (5) of section 34 of the Securities and Exchange
Ordinance, 1969, the Securities and Exchange Commission of Pakistan (the Commission)
hereby makes the following regulations for the Lahore Stock Exchange (Guarantee) Limited
(the Exchange) namely:-
(i) The Managing Director shall be appointed, removed and terminated with the prior
approval of the Commission and for this purpose the term "removal and/or
termination" shall include "non-removal of his contract.".
(ii) The Board of Directors shall not delegate their authority relating to operational
matters to any director except the Managing Director.
(iii) The shall be seven outside directors to be appointed by the Commission in
consultation with the Exchange, from amongst non-member securities market experts,
lawyers, chartered accountants, investment bankers, etc. as per the consultative process
prescribed by the Commission.
Existing regulations of the Exchange which may be inconsistent with the regulation hereby
made, by amended or rescinded accordingly.
[No.2(50)SE/97.]
Sd/-
MUHAMMAD HAYAT JASRA
Executive Director (Law)
