Modaraba Companies and Modaraba Rules, 1981

PART IIStatutory Notification (S.R.O)GOVERNMENT OF PAKISTANMINISTRY OF FINANCENOTIFICATIONIslamabad, the 26th January, 1981S.R.O. 83/(I)/81. In exercise of the powers conferred by section 41 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), the Federal Government is pleased to make the following rules, namely:-THE MODARABA COMPANIES AND MODARABA RULES, 19811. Short title and commencement. - (1) These rules may be called the Modaraba Companies and Modaraba Rules, 1981.(2) They shall come into force at once.2. Definition.- (1) In these rules, unless there is anything repugnant in the subject or context,(a) "Advocate" means a person entered in any role under the provisions of the Legal Practitioners and Bar Councils Act, 1973 (XXV of 1973);(b) "Certificate holders" means holders of Modaraba Certificates;(c) "Chairman" means the Chairman of the Religious Board;(d) "Form" means a form set out in the First Schedule;(e) "Member" means a member of the Religious Board and includes the Chairman;(f) "Ordinance" means the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980);(g) "Religious Board" means the Board constituted under section 9;(h) "Section" means a section of the Ordinance;(i) All other terms and expressions used but not defined in these rules shall have the same meanings as are assigned to them in the Ordinance.3. Registrar. - (1) The headquarters of the Registrar shall be at Islamabad.(2) Without prejudice to the powers, duties and functions conferred or imposed on him by the Ordinance, the following shall be the duties and functions of the Registrar, namely: -(a) to receive applications for registration as modaraba companies;(b) issue to a modaraba company a Certificate of Registration which indicates the serial number of registration, year of registration and office of issue and has the official seal of the Registrar affixed thereto;(c) to provide secretarial services to the Religious Board;(d) to refer the applications for floatation of modaraba which shall be in Form-I, to the Religious Board and obtain their certificate in writing in Form II that the modaraba is not a…