THE COMPANIES
(APPOINTMENT OF
TRUSTEES)
RULES, 1973
(Gazette of Pakistan, Extraordinary, Part II, 14th May,
1973)
Notification No. S.R.O. 643 (I)/73.-- In exercise of the
powers conferred by section 13 of the Companies (Appointment of Trustees) Act,
1972 (XV of 1972), the Federal Government is pleased to make the following
rules, namely—
These rules may be called the Companies (Appointment of
Trustees) Rules, 1973.
2. After the appointment of a trustee in respect of a
company under section 4 of the Companies (Appointment of Trustees) Act, 1972
(XV of 1972), the liabilities relating to the assets of that company vested in
the trustee shall be determined:
(a)
in the case of a joint stock company, by the Registrar
or the Assistant Registrar of Joint Stock
Companies, in whose jurisdiction the liabilities of the
company arose or are to be discharged;
(b) in the case
of an insurance company, by the Controller of Insurance; and
(c) in
the case of a banking company, by the State Bank of Pakistan.
3. In determining the liabilities of a company under rule 2,
the authority referred to therein shall take into account;
(a) rent
and tax for any premises;
(b) any
vehicle used for the purpose of the business of the company;
(c) any
liability in respect of which it is proved beyond reasonable doubt that it
relates to goods supplied or services rendered for the purpose of the business of
the company; and
(d) any
agreement or instrument calculated to enhance the liability of the company, if
it is proved beyond reasonable doubt that the liability was incurred for the
purpose of improving or promoting the business of the company or for increasing
the value of an asset pertaining to the business of the company.
CORPORATE LAW AUTHORITY RULES, 1984
Notification No.
S.R.O. 1098(1.)/84, dated 31st December, 1984.---In exercise of
the powers conferred by subsection (3) of section of the Companies Ordinance,
1984 (XLVII of 1984), the Federal Government is pleased to appoint the first
day of January, 1985, to be the date on which the provisions of the said
Ordinance other than those of section 41, section 88, section 203, section 226,
sections 295 to 437 and sections 443 to 449, shall come into force.
1.
Short title and commencement.---
(1) These rules may be called the Corporate Law Authority Rules, 1984.
(2) They shall come into force at once.
2. Definitions.--- (1) In
these rules, unless there is anything repugnant in the subject or context,-
(a)
"application" includes an application,
petition or appeal submitted to the Authority under the Ordinance or these
rules;
(b)
"Authority" means the Corporate Law Authority
constituted under section 11 of the Ordinance:
(c)
"Chairman" means the Chairman of the
Authority;
(d)
"Member" means a member of the Authority and
includes the Chairman;
(e)
"Ordinance" means the Companies Ordinance, 1984
(XLVII of 1984); and
(f)
"Section" means a section of ordinance.
"Member" means a member of the Authority and includes the Chairman;
(2) All other terms and expressions used but not defined in
these rules shall have the same meanings as in the Ordinance.
3.
Consideration of questions by
circulation.--- The Chairman
may, by general or special order. direct that any matter which is required to
be considered by the Authority in a meeting may be disposed of by circulation
instead of at a meeting of the Authority.
4.
Mode of submission of applications, etc.--- Unless otherwise prescribed, an
application made to the Authority shall be:
(i)
duly signed, dated and verified by an affidavit by the
person making it and, in the case of a company signed and verified by its chief
executive or director, secretary or liquidator;
(ii)
neatly and legibly written, typed or printed, shall
precisely set out the facts, grounds and claims or relief applied for in
serially numbered paragraphs and specify. the relevant provisions of law under
which action or relief is applied for:
(iii)
accompanied by documents referred to or relief upon
and, in the case of a petition for review of or an appeal against, any order of
decision, by a certified copy of such order or decision; (iv) accompanied by three
spare copies, duly signed. dated and verified and accompanied by the documents
as aforesaid: and
(v) accompanied by the original receipt for the fee for an
application as specified in the Sixth Schedule to the Ordinance;
5.
Manner of disposal of application, etc.--- On receipt of an application, the
Authority shall. unless it rejects or dismisses the same in time or returns it
for removal of any defect or shore-coining or otherwise disposes of the same,
institute such enquiries or proceedings in respect of any matter as may, in the
opinion of the Authority be necessary to obtain the information or evidence
respecting any matter concerning the application and may provide an opportunity
to the applicant or any other person interested in the matter of being heard
before arriving at a decision.
6.
Appearance by authorised representative.--- Any person who is entitled or required
to attend before the Authority. in connection with any proceeding under the
Ordinance, otherwise than when required to attend personally, may be
represented at such attendance by a duly authorised Advocate, a member of the
institute of Chartered Accountants of Pakistan or the Institute of Cost and
Management Accountants of Pakistan Practitioning in Pakistan or a director or
officer of the company or any other person authorised in writing in this behalf
by the person so entitled or required to attend.
7.
Authentication of orders and decisions of
the Authority.--- All order
and decisions of the Authority,, shall be authenticated by the signature of an
officer of the Authority, empowered in this behalf by the Authority.
8.
Seal of the .Authority.---There shall be an official seal of the
Authority which shall be affixed on such documents and in such manner as may be
specified by the Authority.
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