S.R.O. 776(I)/86, Islamabad, the 6th August, 1986

SROS: S.R.O. 776(I)/86, Islamabad, the 6th August, 1986 amendments in the Fourth Schedule and Fifth Schedule S.R.O. 776(I)/86, Islamabad, the 6th August, 1986:- In exercise of the powers conferred by section 505 of the Companies Ordinance, 1984(XLVII of 1984), read with the Finance Division Notification No. S. R. 0.535(I)/85, dated the 30th May, 1985, the Corporate Law Authority is pleased to make the following amendments in the Fourth Schedule and Fifth Schedule to the said Ordinance, namely:- In the Fourth Schedule,- (i) in Part I-GENERAL, in paragraph 1,- (a) for clause(iv) the following shall be substituted, namely:- (iv) executive means an employee, other than the chief executive and directors, whose basic salary exceeds one hundred thousand rupees In a financial year; ; (b) after clause(iv), amended as aforesaid the following new clause shall be inserted, (v) finance lease means a lease that transfers substantially all the risk and rewards incident to ownership of an asset. Title may or may not eventually be transferred; ; (c) clauses(v),(vi) and(vii) shall be renumbered as clauses(vi),(vii) and(viii) respectively and, after clause(viii) renumbered as aforesaid, the following new clause(ix) shall be inserted, namely: - (ix) operating lease. means a lease other than a financial lease; ; (d) clauses(viii) to(xiii) shall renumbered as clause(x) to(xv); and (e) in clause(xi), renumbered as aforesaid, in the proviso, the words before the commencement of this Ordinance shall be omitted; (2) in Part II-REQUIREMENTS AS TO BALANCE SHEET - (i) in paragraph 1, for the words participation term certificates the words redeemable capital shall be substituted ; (ii) in paragraph 2, after sub-paragraph(F), the following new sub-paragraph shall be added, namely :- (G) Fixed assets used by the company that are the subject of finance lease shall be separately identified by each major class of asset. ; (iii) in paragraph 3,- * ? ... (a) in sub-paragraph(A), in clause(v), for the words participation term certificates the words redeemable capital shall be substituted; and (b) in sub-paragraph(B), in clause(iv), for the words participation term certificates the words redeemable…