Modaraba Companies Ordinance

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MODARABA COMPANIES AND MODARABAS
(FLOATATION AND CONTROL)
ORDINANCE, 1980

PART I
PRELIMINARY

1. Short title, extent and commencement.

2. Definitions.

3. Appointment of Registrar.

PART II
REGISTRATION OF MODARABA COMPANIES

4. No company to operate without registration

5. Eligibility for Registration.

6. Application for registration.

PART III
PROVISIONS APPLICABLE TO MODARABAS

7. Types of Modaraba.

8. Creation and maintenance of modaraba

9. Religious Board.

10. Business of Modaraba.

11. Authorization.

12. Modaraba to be a legal person.

13. Conditions applicable to modaraba.

14. Preparation and circulation of annual accounts, reports, etc.

15. Audit of accounts.

16. Prohibition of false statement, etc.

17. Conditions applicable to modaraba company

18. Remuneration of modaraba company.

19. Cancellation of registration.

20. Appointment of administrator.

21. Enquiries.

22. Circumstances in which modaraba may be wound up voluntarily.

23. Circumstance in which modaraba may be wound up by the Tribunal.

24. Constitution of Tribunal.

25. Powers of a Tribunal.

26. Procedure of the Tribunal.

27. Powers of Tribunal on hearing application for winding up of modaraba.

28. Judgement and decree.

29. Finality of orders.

30. Appeals.

31. Punishment.

32. Penalty.

33. Liability of director, manager or officer of a company.

34. Powers of the Registrar in relation to certain proceedings.

35. Application of fine.

36. Enforcement of provisions of the Ordinance, etc.

37. Exemption from tax.

38. Power of Federal Government to exempt, etc.

39. Delegation of powers.

40. Indemnity.

41. Power to make rules.

42. Act to override other laws.

43. Removal of difficulties.

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