By the said Ordinance, be such as are contained in these Articles. INTERPRETATION 2. The marginal notes hereto shall not affect the construction hereof, and in these presents, unless there be something in the subject or context inconsistent therewith: i) “The Ordinance” means the Companies Ordinance, 1984 or any statutory. Ordinance shall be in addition to, and not, save as hereinafter expressly provided, in derogation of, the Companies Ordinance, 1984 (XLVII of 1984), and any other law for the time being in force. 1 The territories of Pakistan have been defined in Article 1, clause (2) of the constitution of the Islamic.
The corporate sector in Pakistan was governed by the Companies Ordinance 1984 which was promulgated on 8 October 1984 andrepealed the Companies Act, 1913. It is now replaced by Companies Ordnance 2016..The Companies Ordinance 1984 is a broad piece of Pakistani legislation that, according to its own preamble, is 'An Ordinance to consolidate and amend the law relating to companies and certain other associations'. It encompasses all legal rules and regulations for businesses registered with Security and Exchange Commission of Pakistan (SECP) and is enforced by that agency.[1]
Introduction[edit]
A company is a corporation. In the eye of law, it is a person which is different from its members. As company is person in the eye of law, it can own property. It can have rights and it can also be subject to the liabilities. A company is not agent of its members. The company cannot sue the members in case of liabilities and members of the company cannot sue it to enforce rights.
Main Point of difference between Public and Private Company[edit]
- Relevant statute:
Companies Ordinance 1984 Pdf Download
- PRIVATE COMPANY -Private company has following restriction while these restrictions does not apply to other companies.(1) It cannot have members more than 50 excluding those are the employees of the company (2) It cannot invite the general public to subscribe the share of the company (3) It restricts freely transfer of share
- PUBLIC COMPANY - Companies Ordinance define the public company as a company that is not a private company. It means every company that is registered in Pakistan either it is a private company or a public company.
The Ordinance also provides legal protection and regulates the business community of Pakistan, with the SECP keeping a close check on financial and corporate entities to insure stakeholder’s interest.[2]
Companies Ordinance Pakistan
The previous Companies Act 1913 was in practice for the same purposes.
Companies Ordinance 1984 Pdf Free Download
Sources[edit]
- ^'Archived copy'(PDF). Archived from the original(PDF) on 6 March 2009. Retrieved 30 August 2009.CS1 maint: archived copy as title (link)
- ^http://www.secp.gov.pk/