 |
|
For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
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.
