(Section 8)
[See rule 3 (2) (d) ]

To

The Registrar
Modaraba Companies & Modarabas
Corporate Law Authority
Government of Pakistan
Islamabad.

Dear sir,

We.....................................................being a duly registered Modaraba Company, registered vide Registration No................................................ dated...................................hereby apply for the grant of permission to float a....................................................................................modaraba to be called....................................................................................................under section 8 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), and submit herewith:

(1) 5 duly certified copies of the Registration Certificate as a Modaraba Company, one copy thereof being certified by the Registrar.

(2) 5 copies of the prospectus duly signed by all directors.

(3) 5 copies each of the latest Audited Balance-Sheet and Profit and Loss Account of Modaraba Company and existing Modarabas.

(4) Necessary information required in the annexure to this form.

(5) A receipt for Rs..........................................deposited in.............................................................on .......................................................................on account of fee for authorisation to float Modaraba.

We confirm that there has been no change in our Memorandum and Articles of Association or status except to the extent indicated below (specify) since last submitted on ............................................................................................... together with Form I.

We undertake:

(i) to keep the information upto date,

(ii) to take all steps necessary for floatation and carrying out of the function of the modaraba,

We solemnly affirm and declare that the information contained in the prospectus and all other documents filed herewith is correct and that nothing has been concealed.

Yours faithfully,

ANNEX. TO FORM NO. 1
(See section 8)
[See rule 3 (2) (d)]

1. Name, address and Telephone No. of applicant company.

2. No. and date of registration as a Modaraba Company.

3. Name and type of Modaraba, indicating exact purpose or objective and duration.

4. Description of business operations to be undertaken, organisational set up, plans and prospects of the proposed modaraba with feasibility or viability reports, duly supported by evidence.

5. Detail showing how the business and operations shall be conducted spelling out how the operations will not be opposed to the tenets of Islam and mode of distribution of profit.

6. Amount of modaraba to be floated, division thereof and condition attached thereto if there be any.

7. Form of modaraba certificate in Form No. XII.

8. Amount to be subscribed by modaraba company in the proposed modaraba supported by evidence that the modaraba company has the ability to meet the commitment.

9. Amount to be set aside for the modaraba management indicating the manner in which it is to be kept.

10. Particulars of applications for floatation of modaraba submitted in the past, if any, with decision thereon alongwith particulars of existing modaraba under the management of the modaraba company or associated undertakings.

Verification and signatures
of all directors

FORM NO. II
[See rule 3 (2) (d)]
CERTIFICATE
(See section 18)

Issued under section 10 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980).

We, the undersigned members of the Religious Board constituted under the provision of section 9 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) hereby certify that the business proposed to be undertaken by the modaraba as per draft prospectus submitted to us is not opposed to the Injunctions of Islam.

Issued under our signatures and seal

this...............................................day of....................................198

Signed.

Chairman.
Member.
Member.

FORM No. III
(See section II)
[See rule 3 (2) (e)]

Certified that having considered the application for permission to float modaraba under section 8 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 by......................................................................and having received the requisite certificate from the Religious Board and being satisfied that it would be in the public interest so to do, I, in exercise of the powers conferred under section II of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, do hereby grant authorisation to ................................ to float the modaraba subject to conditions stated herein below or that may be prescribed or imposed from time to time.

Issued under my signatures and seal

this.........................................day of..........................................198.

Conditions

1. The modaraba shall be floated within twelve months from the date of this authorisation.

2. The modaraba shall not undertake any business other than those specified in the prospectus.

3. The modaraba company shall not disinvest or create encumbrance in favour of any person any part of the investment in the modaraba.

4. The modaraba certificates shah be listed for trading in Stock Exchange.

5. Other conditions.

FORM No. IV
[See rule 3 (2) (g)]

CERTIFICATE OF MINIMUM SUBSCRIPTION

Certified:-

(i) .......................................................................has issued a prospectus in terms of rule 20 (6) of the Modaraba Companies and Modaraba Rules, 1981.

(ii) the amount of modaraba offered for subscription is Rs ........................................

(ii) the amount of Rs.............................................. stated in the prospectus as the minimum amount which should be raised by the issue of modaraba certificates to commence business has been raised, the amount actually raised as per declaration filed under rule 3 (2) (a) being Rs....................................................

Issued under my signature and seal

this....................................day of..................................198

Registrar of Modaraba
Companies and Modarabas

FORM No. V
[See rule 3 (2) (g)]

Declaration before commencing business in case of a Modaraba issuing a prospectus.

The Modaraba Companies and Modaraba (Registration and Floatation) Ordinance, 1980.

[See section 13 (2)]

Filing fee Rs. 3

Name of Modaraba Company...................................................................................................
Name of Modaraba.....................................................................................................................
Declaration that the conditions of section 13 (2) of the Ordinance have been complied with. Presented for filing by ...............................................................................................................
I.....................................................................................s/o............................................................
of....................................................................................................................................................
(address)

being the Chief Executive of the................................................................................................

Modaraba Company do solemnly and sincerely declare:-

That the minimum amount stated in the prospectus to be amount which must be raised in order to provide for the business operation and expenses is Rs ............................................................

That modaraba certificates subject to the payment of the whole amount thereof in cash have been allotted to the amount of Rs........................... being not less than the minimum amount referred to above.

That the modaraba company has subscribed for modaraba certificates of the nominal value of and paid in cash Rs............................................and that the certificates of that value have been duly allotted.

I declare that the foregoing statements are true to the best of my knowledge and belief.

[Note:-This declaration should be accompanied by bank certificates of the amount deposited and kept under section 13 (2)].

Signature
(Chief Executive)

Dated.......................................198.

FORM No. Vl
[See rule 3 (5)]

ACKNOWLEDGMENT OF FILING

In the office of the Registrar of Modaraba Companies and Modaraba

In the matter of .................................................................................................................................
.............................................................................................................................................................

Certified that the undermentioned document(s) has/have this day been filed/registered/recorded, pursuant to the provisions of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.

Registrar of the Modaraba
Companies and Modarabas

or

other authorised officer.

Fee Rs.

FORM No. VII
[See rule 3 (8)]

REGISTER OF MODARABA COMPANIES

1. Name of modaraba company.
2. Company's certificate of incorporation No. date and place of issue.
3. Modaraba company registration No. and date.
4. Classification and business.
5. Whether private/public limited company by share.
6. Address of the registered office,
7. Share capital authorised, issued, subscribed and paid up with division thereof.

Particulars of modaraba
Name of modaraba
No. and date of authorisation

FORM NO. VIII
[See rule 3 (8)]

REGISTER OF MODARABA

1. Name of modaraba.
2. Type of modaraba.
3. No. and date of authorisation certificate.
4. Classification and business.
5. Name and address of modaraba company.
6. Amount of modaraba certificates and division thereof.
7. Date of issue of prospectus.
8. No and date of certificate of allotment of minimum subscription.

FORM No. IX
[See rule 4(1)]

APPLICATION FOR REGISTRATION OF MODARABA COMPANY

Dated........................................198

To

The Registrar of Modaraba Companies and Modarabas.
Corporate Law Authority,
Government of Pakistan,
Islamabad.

Dear Sir,

We hereby apply for registration under section 6 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 as a modaraba company. "

We are registered by the name of...................................................................................as a public/private Company under the Companies Act, 1913/a body corporate formed under............................................. and owned or controlled by the Government of..................................................................

A receipt of Rs................................................being the registration fee deposited in.......................................... on........................................................   is................................................................................enclosed.

Information and documents as required In the Annexure to this form duly verified and signed by all directors alongwith five spare copies of this application and an affidavit as to the correctness of the details by the Chief Executive and two directors are furnished herewith. We undertake to keep this information up to date by communicating changes/modifications therein within fourteen days of such changes/modifications.

We further undertake that no change in the Memorandum and Articles of Association nor any change in the majority share- holders and directors shall be made without prior written authorisation of the Registrar and that we shall comply with all requirements of law and conditions of registration.

We being authorised by the directors solemnly declare and affirm that to the best of our knowledge and belief the information contained in this application and the documents accompanying it are true and correct and that the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and rules framed thereunder In respect of all matters precedent to the registration of the said.................  as a modaraba company or incidental thereto have been duly complied with.

Yours faithfully,
...............................................................

Verification by
Oath Commissioner.

ANNEX TO FORM NO. IX
[SEE rule 4 (1)]

I. Particulars of the Modaraba Company
1. Name of the company/body corporate.
2. Public/Private/body corporate Indicating how formed.
3. Date and place of registration.
4. Address of registered office and other offices, Telephone Nos, Telegraphic addresses and Telex Number.
5. Authorised, Subscribed and Paid-up Capital.
6. Details of persons or group controlling the company including of those holding more than 10% shares with the number and value of shares held.
7. Names of any holding, subsidiary and associated undertakings.
8. Description and place of the business operations and undertaking (information about objects stated in the Memorandum and Articles of Association not required).

II. Particulars of Directors and Officers
1. Full names, any former names, Father's/Husband's name, nationality, full residential and business addresses and details of other director- ships and occupations of all directors and officers including Chief Executive and Chairman of the Board indicating their respective designation and names of firms in which any one is a partner.

2. Names of companies, firms or organisations of which the aforesaid directors and officers have been directors, managers, officers employees or partners in the past,

3. Financial standing professional qualifications and experience of persons mentioned in (1) above, supported by documentary evidence.

4. Whether any aforesaid person has ever been convicted of fraud or breach of trust or of an offence involving moral turpitude or removed from service, if so full particulars thereof.

5. Whether any person referred to in (1) above or any company or firm in which he has been associated in the past has been adjudicated an insolvent or has suspended payment or defaulted in making payments or has compounded with his or their creditor or gone into liquidation. If so, full particulars thereof.

6. Share-holding or other investment of each of the person referred to in (1) above in the company.

[Note. There should be furnished a separate declaration in respect of each person as referred to above.]

Verified that the information given above and in the accompanying documents are true and correct to the best of our knowledge and belief and that nothing has been concealed.

Date........................................198

All Directors.

Following certified documents should be appended:-

1. Memorandum and Articles of Association or other documents under which formed, one copy of which should be certified by the Registrar of Joint Stock Companies.

2. Certificate of Incorporation one copy of which should be certified by the Registrar of Joint Stock Companies.

3. Last three years audited Balance-Sheet and Profit and Loss Account together with related documents, certified by the company's auditors

FORM No. X
[See rule 4 (4)]

Serial Number .........................

OFFICE OF THE.......................;

REGISTRATION CERTIFICATE
(See sections 4 and 6)

Certified that having considered the application for registration under section 6 of the Ordinance made by.............................................................. and being satisfied that the said..............................................................is eligible for registration and further being satisfied that it would be in the public interest so to do. I in exercise of the powers, conferred under section 6 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 do hereby grant registration to....................................................subject to the fulfillment of the conditions stated herein below or that may be prescribed or imposed hereafter from time to time.

Issued under my signatures and seal.

this......................................day of......................................19

Conditions

(i) The company shall make such investments as .may be required in terms of the prospectus for floatation of a modaraba.

(ii) Subscription in compliance to section 17(3) of the Ordinance will be in the nature of permanent investment of the modaraba company in the modaraba free from encumbrances for all time which will not be disinvested during the life of the modaraba.

(iii) The Company shall undertake such business as is approved by the Registrar in terms of the prospectus.

(iv) The promoters, sponsors or persons holding controlling interest shall not transfer any shares held by them without the prior permission in writing of the Registrar.

(v) Other conditions.

FORM No. Xl
[See rule 9 (3)]

AUDITORS REPORT TO THE CERTIFICATE-HOLDER

We have audited the annexed Balance Sheet as at...........................................198 and the related; Profit and Loss Account and' Statement of Changes in Financial Position/Statement of Sources and Application of Funds together with the Notes to the Accounts for the year ended .....................................of.........................................Modaraba which are modaraba company's (names of the have modaraba company to be indicated) representation and we state that we have obtained all the information and explanation which we required and, after due verification, we report that:

(a) In our opinion proper books of account have been kept by the modaraba company in respect of........................................................................... Modaraba as required by the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, and Modaraba Companies and Modaraba Rules, 1981; and

(b) In our opinion, the Balance Sheet and the Profit and Loss Account have been drawn up in conformity with the Modaraba Companies and Modaraba (Floatation and Control) Ordinance. 1980, and Modaraba Companies and Modaraba Rules, 1981 ;and

(c) In our opinion and to the best of our information and according to the explanations given to us;

(i) the Balance Sheet and the related Profit and Loss Account and Statement of Changes in Financial Position/Statement of Sources and Application of funds, which are in agreement with the books of account, exhibit respectively a true and fair view of the state of the Modaraba's affairs as at................................................................198.................and the "Profit/Loss and the changes in the Financial Position/ Sources and Application of Funds for the year ended on that date;

(ii) Zakat deductable at source under the Zakat and Ushr Ordinance, 1980, has been deducted by the Modaraba and deposited in the Central Zakat Fund established under section 7 of that Ordinance; and

(iii) the business conducted, investments made and expenditure incurred by the Modaraba are in accordance with the objects, terms and conditions of the Modaraba.

Place...................................................................19...................

Chartered Accountants