S.R.O. 41(I)/87

SROS: S.R.O. 41(I)/87 COMPANIES(INVITATION AND ACCEPTANCE OF DEPOSITS) RULES, 1987 COMPANIES(INVITATION AND ACCEPTANCE OF DEPOSITS) RULES, 1987 S.R.O. 41(I)/87.-In exercise of the powers conferred by section 88, read with section 506, of the Companies Ordinance, 1984(XLVII of 1984), and the Finance Division Notification No. S. R.O. 698(I)| 86, dated the 2nd July, 1986, the Corporate Law Authority hereby makes the following rules, namely:- THE COMPANIES(INVITATION AND ACCEPTANCE OF DEPOSIT RULES, 1987 1. Short title and commencement.-(1) These rules may be called the Companies(Invitation and Acceptance of Deposits) Rules, 1987. (2) They shall come into force at once. (3) They shall apply to all companies, except the banking companies. 2. Definitions.-(1) In. these rules, unless there is anything repugnant in the subject or context,- (a) banking company means a banking company as defined in the Banking Tribunals Ordinance, 1984(LVIII of 1984); (b) deposit means any deposit of money with, and includes any amount borrowed by, a company, but shall not include a loan raised by issue of debentures or a loan obtained from a banking company or a financial institution; (c) depositor includes any person, other than a banking company or a financial institution, who has given a loan or provided finance other than- (i) finance by way of contribution towards share capital; or (ii) finance by way of redeemable capital, contribution to debentures issued by the company to a company, modaraba floated by a company authorised to float and manage a modaraba. (d) form means a form annexed to there rules; (e) free reserves includes any amount which, having been set aside out of revenue or other surpluses after adjustment of all intangible or fictitious, assets is free in that it is not retained., .to meet any diminution in value of assets, specific liability, contingency or commitment known to exist at the date of the balance sheet; (f) Ordinance means the Companies Ordinance, 1984(XLVII of 1984); (g) Schedule means a schedule to the Ordinance; and (h) section. means a section of the Ordinance. (2) All other terms and expressions used but not defined in these rules shall have the same…