CORPORATE LAW AUTHORITY

PART III - 1[CORPORATE LAW AUTHORITY]

11. 2Deleted.

12. Powers and functions of the Commission.- (1) The Commission shall

exercise and perform such powers and functions as are conferred on it by or under this

Ordinance or any other law.

(2) Notwithstanding anything contained in any other law, and without

prejudice to the generality of the foregoing provisions, the Federal Government may, by

notification in the official Gazette, direct that all or any of the powers and functions

conferred on the Federal Government or any of the officer of the Federal Government

under any law shall, subject to such limitations, restrictions or conditions, if any, as it may

from time to time impose, be exercised or performed by the Commission.

(3) to (7). 3Deleted.

13. Reference by the Federal Government or Commission to the

Court.- (1) Without prejudice to the powers, jurisdiction and authority exercisable by the

Federal Government or the Commission under this ordinance, the Federal Government or

the Commission, as the case may be, may make a reference to the Court, on any question

or matter which the Government or the Commission considers to be of special

significance requiring orders, determination or action concerning the affairs of a company

or any action of any officer thereof.

Explanation: In this sub-section "officer" includes an auditor, liquidator or agent

of the company.

(2) Where a reference is made to the Court under sub-section (1), the Court

may make such order as it may deem just and equitable under the circumstances.

1 Reference to 'Corporate Law Authority' deemed to mean and refer to the 'Securities and Exchange Commission

of Pakistan' in terms of provisions of section 43 (a) of SEC Act, 1997.

2 Deleted by Securities and Exchange of Pakistan Act, 1997.

3 Omitted through Securities and Exchange of Pakistan Act, 1997.

Companies Ordinance, 1984

14

PART IV - INCORPORATION OF COMPANIES AND MATTERS

INCIDENTAL THERETO

14. Obligation to register certain associations, partnerships etc., as

companies.- (1) No association partnership or company, consisting of more than twenty

persons shall be formed for the purpose of carrying on any business that has for its object

the acquisition of gain by the association, partnership or company, or by the individual

members thereof, unless it is registered as a company under this Ordinance.

(2) Every person who is a member of any association, partnership of

company carrying on business in contravention of the provisions of this section shall be

punishable with fine which may extend to five thousand rupees and also be personally

liable for all the liabilities incurred in such business.

(3) Nothing in this section shall apply to—

(a) any society, body or association, other than a partnership, formed or

incorporated under any other Pakistan law; or

(b) a joint family carrying on joint family business; or

(c) a partnership of two or more joint families where the total number of

members of such families, excluding the minor members, does not exceed

twenty; or

1[(d) a partnership formed to carry on practice as lawyers, accountants or any

other profession where practice as a limited liability company is not

permitted under the relevant laws or regulations for such practice.]