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 netloaserchipa.cf .
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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.
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. It has the right to acquire and dispose of the property, to enter into contract with third parties in its own name, and can sue and be sued in its own name. However, it is not a citizen as it cannot enjoy the rights under the Constitution of India or Citizenship Act.
It should be noted that though a company does not possess fundamental rights, yet it is person in the eyes of law. It can enter into contracts with its Directors, its members, and outsiders.
Justice Hidayatullah once remarked that if all the members are citizens of India, the company does not become a citizen of India. Separate Legal Entity : A company has a legal distinct entity and is independent of its members. The creditors of the company can recover their money only from the company and the property of the company.
They cannot sue individual members. Similarly, the company is not in any way liable for the individual debts of its members.
The property of the company is to be used for the benefit of the company and nor for 5 the personal benefit of the shareholders. On the same grounds, a member cannot claim any ownership rights in the assets of the company either individually or jointly during the existence of the company or in its winding up.
At the same time the members of the company can enter into contracts with the company in the same manner as any other individual can. Separate legal entity of the company is also recognized by the Income Tax Act.
Mode of forming a company 14 Memorandum of company limited by shares 15 Memorandum of company limited by guarantee 16 Memorandum of unlimited company 17 Printing, signature, etc. Restriction on alteration of memorandum 18 Alteration of memorandum 18 Powers of Commission when confirming alteration 19 Exercise of discretion by Commission 20 Procedure on confirmation of the alteration 20 Effect of failure to register within ninety days 20 Subscribe to view the full document.
Registration of articles 21 Registration of memorandum and articles, etc.
Effect of memorandum and articles 24 Effect of registration 24 Conclusiveness of certificate of incorporation 24 Effect of alteration in memorandum or articles 24 Copies of memorandum and articles to be given to members 25 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.
I agree that all my personal data shall be treated for Profiling Purposes as indicated in Paragraph E of Information Notice. Death of a partner Death of a share- may mean dissolution holder does not of partnership affect the existence of a company.
This proves that a company that a company and its shareholders are two separate entities. Prospectus or statement in lieu of prospectus to be filed by private company on ceasing to be private company 29 The price of the shares is determined by the directors. In a public company, the shares are freely transferable Sec.