Corporate law in pakistan
Pakistan came into being, the Companies Act, 1913 was adopted.
In the year 1984, the President of Pakistan passed the Companies ordinance, 1984.
At then the Companies act 1913 was repealed.
Currently, companies ordinance, 1984 is the main law regarding companies and it regulates all matters relating to the companies.
514 sections and eight Schedules.
Later, time to time, different amendments have been made in it.
Growth of the Corporate Enterprises
Protection of Investors and Creditors
Promotion of investment and development of economy and matters arising out of above factors or connected therewith.
Main source of Company Law is the companies ordinance, 1984.
The Companies Rules, 1985. It provides guidance to follow the law.
Notifications and circulars, etc., issued by the Securities and Exchange Commissions of Pakistan (SECP) or the Federal Government.
The Case Laws of High Court and Supreme Court.
A company becomes an Artificial legal person and recognized by law as person.
It is not a natural person.
Does not have heart, mind, hands or feet but still recognized by law as a person that is why it is considered to be Artificial Legal Person.
Can purchase assets in its name,
Have liabilities in its name.
Sue or can be sued.
The company is said to be a separate and distinct entity.
But separate from whom?
It means that company is separate from its.
The liability Company and the liability of members are different.
If company is sued it does not mean member is sued.
Bank account of owner VS company
The members are the owners of the company.
But they don’t directly manage the company.
The members elect the directors who manage the company.
Directors acts independently from the members.
The members are not the agents & cannot bind the company in any contract.
Directors are the agents of the company and manage the company.
Directors are elected normally out of members but members other than directors are not part of management.
This ppt. includes brief about the Memorandum of Association (MOA) and Clauses of Regulatory Framework of Companies :-
1.Introduction, meaning and importance of MOA
2.Purpose of MOA and Contents
3 Clauses of MOA well defined and tuned
This ppt. includes brief about the Memorandum of Association (MOA) and Clauses of Regulatory Framework of Companies :-
1.Introduction, meaning and importance of MOA
2.Purpose of MOA and Contents
3 Clauses of MOA well defined and tuned
Introduction
Definition of company
Characteristics of company
Types of company
Formation of company
Memorandum of association
Article of association
Prospectus
Public deposits
Share & Share capital
Allotment of Shares
Members
Meetings
Winding up
Introduction
Definition of company
Characteristics of company
Types of company
Formation of company
Memorandum of association
Article of association
Prospectus
Public deposits
Share & Share capital
Allotment of Shares
Members
Meetings
Winding up
Introduction, Memorandum & Article of Association
1.1 Company : Definition, Theories of Corporate personality
1.2 Kinds of Companies : Private Companies – nature and advantages –
Government Companies- holding and subsidiary companies
1.3 Registration and Incorporation of company
1.4 Memorandum of Association, Various clauses, Alteration therein, Doctrine of
ultra virus, Consequences of ultra virus transaction
1.5 Articles of Association : binding force, alteration, its relation with
Memorandum, doctrine of constructive notice and indoor management
1.6 Meetings-Types of meetings-Time of meeting
Prospectus, Promoters, Shares, Share holder & Members, Share Capital etc.
2.1 Prospectus : contents, Shelf Prospectus, Misrepresentation in prospectus,
Remedies for misrepresentation and liabilities thereof, Red Herring Prospectus
2.2 Promoters, Shares : General Principles for allotment, statutory restrictions,
Share Certificates, Transfer of shares, dematerialized shares (DEMAT)
2.3 Shareholder and members of company : Distinction, Modes of becoming
members of company
2.4 Share Capital : Kinds, alteration and reduction of share capital, Buyback of
share
Directors, Dividends, Audit, Accounts, Oppression & Mismanagement etc.
3.1 Directors : Position, appointment, qualifications, vacation of office, removal,
resignation, powers and duties of directors, Managing Director
3.2 Dividends, Audits and accounts, Debentures, Fixed and floating charges, kinds
of debentures, protection of minority rights
3.3 Prevention of Oppression and Mismanagement
Directors, Dividends, Audit, Accounts, Oppression & Mismanagement etc.
3.1 Directors : Position, appointment, qualifications, vacation of office, removal,
resignation, powers and duties of directors, Managing Director
3.2 Dividends, Audits and accounts, Debentures, Fixed and floating charges, kinds
of debentures, protection of minority rights
3.3 Prevention of Oppression and Mismanagement
4.1 Reconstruction and Amalgamation of Company
4.2 Types of winding up under the Companies Act, 2013: Reasons, grounds, who
can apply? Procedure, powers of liquidator, powers of court
4.3 Corporate Social Responsibility
4.4 Corporate liability : Civil and Criminal
Overview To Database Security.
What is Database Security
Why need of database security.
Concepts of Database Security.
Security Problems
Security Controls
In today’s world, we need everything secured whether it is your mobile phone , computer , vehicle or almost anything.
What is database security?
Database
It is a collection of information stored in a computer.
Security:
It is being free from danger.
Database Security:
It is the mechanisms that protect the database against intentional or accidental threats.
Database Security is defined as the process by which “Confidentiality,
Integrity and Availability” of the database can be protected
Why need of database security?If there is no security to database what happens???
Data will be easily corrupted
It is important to restrict access to the database from authorized users to protect sensitive data.
Concepts of Database SecurityThree are 3 main aspects
Secrecy or Confidentiality
Integrity
Availability
SECRECY /It is protecting the database from unauthorized users.
Ensures that users are allowed to do the things they are trying to do.
Encryption is a technique or a process by which the data is encoded in such a way that only that authorized users are able to read the data.
INTEGRITYProtecting the database from authorized users.
Ensures that what users are trying to do is correct.
For examples,
An employee should be able to modify his or her own information.
AVAILABILITYDatabase must have not unplanned downtime.
To ensure this ,following steps should be taken
Restrict the amount of the storage space given to each user in the database.
Limit the number of concurrent sessions made available to each
database user.
Back up the data at periodic intervals to ensure data recovery in case of application users.
Register
Serial Input Serial Output
Serial Input Parallel Output
Parallel Input Serial Output
Parallel Input Parallel Output
Flip-flop is a 1 bit memory cell which can be used for storing the digital data. To increase the storage capacity in terms of number of bits, we have to use a group of flip-flop. Such a group of flip-flop is known as a Register. The n-bit register will consist of n number of flip-flop and it is capable of storing an n-bit word.
The binary data in a register can be moved within the register from one flip-flop to another.
Three step writing process bovee by ahsin yousafAhsin Yousaf
,three step writing process bovee by ahsin yousaf ,planning in communication ,planning ,writing in communication ,writing persuasive ,completing ,completing in communicatio
Listening Process
BusiNESS COMMUNICATION
Barriers of listening
,listening process ,business communication ,improving listening skills ,types of listening ,active listening ,content listening ,critical listening ,emphatic listening ,process of listening
bal market place
Agenda 1. Looking at the Global Marketing Environment 2. Deciding Whether to Go Global:- 3. Deciding Which Markets to Enter 5. Deciding on the Global Marketing Organization 4. Deciding How to Enter the Market 4
5. Looking at the Global Marketing Environment • Before deciding whether to operate internationally, a company must understand the international marketing environment.
In the fields of physical security and information security, access control (AC) is the selective restriction of access to a place or other resource. The act of accessing may mean consuming, entering, or using. Permission to access a resource is called authorization. It is all about the physical security of the of the organization using the information technology and for the purpose of the restricting the access of unauthorized people and unauthorized employees. Saving your organization physically.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
6. INTRODUCTION:
o Pakistan came into being, the Companies Act,
1913 was adopted.
o In the year 1984, the President of Pakistan passed
the Companies ordinance, 1984.
o At then the Companies act 1913 was repealed.
o Currently, companies ordinance, 1984 is the
main law regarding companies and it regulates all
matters relating to the companies.
o 514 sections and eight Schedules.
o Later, time to time, different amendments have
been made in it.
6
7. Objective
Growth of the Corporate Enterprises
Protection of Investors and Creditors
Promotion of investment and development
of economy and matters arising out of
above factors or connected therewith.
7
8. Sources
Main source of Company Law is the companies
ordinance, 1984.
The Companies Rules, 1985. It provides
guidance to follow the law.
Notifications and circulars, etc., issued by the
Securities and Exchange Commissions of
Pakistan (SECP) or the Federal Government.
The Case Laws of High Court and Supreme
Court.
8
10. Artificial Legal Person
A company becomes an Artificial
legal person and recognized by law as
person.
It is not a natural person.
Does not have heart, mind, hands or
feet but still recognized by law as a
person that is why it is considered to
be Artificial Legal Person.
Can purchase assets in its name,
Have liabilities in its name.
Sue or can be sued.
10
11. Separate Entity
The company is said to be a separate
and distinct entity.
But separate from whom?
It means that company is separate
from its.
The liability Company and the
liability of members are different.
If company is sued it does not mean
member is sued.
Bank account of owner VS company
11
12. Ownership & Management is Separate
The members are the owners of the company.
But they don’t directly manage the company.
The members elect the directors who manage the
company.
Directors acts independently from the members.
The members are not the agents & cannot bind the
company in any contract.
Directors are the agents of the company and manage the
company.
Directors are elected normally out of members but
members other than directors are not part of management.
12
13. Perpetual Succession
× A company has a permanent life until it is
wound up or seized by Registrar of Companies
due to any legal implication.
× The death, insanity, or insolvency of a partner
does not affect the life a company.
× In short it can be Said that company does not die
due to the death of a Member.
× If we compare company with partnership then
we can observe that partnership dies with the
death of partner but company does not.
13
14. Common Seal
Common Seal mean the Official Stamp of the Company.
Every registered company requires to have a common
seal, as per Companies Ordinance 1984. The Common
Seal is used to authenticate the important documents of
the company. The common seal is kept in safe custody. A
record is maintained regarding the documents upon which
the common seal the company is applied.
14
15. Limited Liability
Liability of its members limited or unlimited.
Mostly liability is limited.
Now within limited liability, it may be limited by
share or limited by guarantee.
If it is limited by shares it means liability of the
members of the company is limited upto the face
value of the shares held by each member and this is
the most popular type of company.
Whereas if the liability is limited by guarantee then
it means that liability of the members is upto the
amount that each member has promised / undertaken
to contribute in the assets of the company at the time
of winding to pay off the liabilities. 15
16. Tranferability of Shares
In the case of Public companies the shares can be easily
transferred from one person to another person.
There is no restriction on transfer of shares.
The shares of a Public listed company can be traded on
Stock Exchange as well.
No permission of the other members is required to
transfer the shares.
16
18. Statury Company
The companies which are formed under special statutes
are termed as statutory companies.
These are governed by the acts or ordinance through
which these are created.
Examples of such type of companies are the state bank of
pakistan, small business finance corporation, investment
corporation of pakistan etc.
(A) kinds of companies on the base of legal form:
19. Chartered Company
× Chartered companies are formed by means of a
special charter granted by the head of state, or
king or queen of the crown.
× Normally these enjoy certain exclusive rights
and privileges on other associations of persons.
× The east india company and the chartered bank
of england are examples of such type of
companies.
19
20. Government Company
A government company is a company of which more
than 50 percent of the paid up capital is held by the
government.
A company which is a subsidiary of a government
company automatically becomes a government
company.
20
21. Registered Company
Registered companies are those companies which are
registered in pakistan under the companies ordinance,
1984 or any previous companies act or ordinance.
These companies are further classified into the following
three broad classifications [15(2)]:
21
22. Registered Company--- conti…
× a) company limited by shares:
× It means a company whose memorandum of
association limits the liabilities of its members to the
amount unpaid, if any, on the shares held by them in
the capital of the company.
× b) Company limited by guarantee:
× It means a company whose memorandum of
association limits the liabilities of its members to the
amount as the members may respectively undertake
to contribute to the assets of the company in the event
of its winding up. This company may or may not have
a share capital.
22
23. Registered Company--- conti…
× c) Unlimited company:
× It is a company which is registered without limiting
the liability of its members to the extent of the value
of the shares held by them. Now a days such type of
companies are not found in pakistan.
23
24. Private Company
It is a company which by its Articles:
Restrict the rights to transfer its share , if any;
Limits the maximum number of its members to fifty; and
Prohibits any invitation to the public to subscribe for the
share or debentures of the company.
(B) TYPES OF COMPANIES ON THE BASIS OF ARTICLES OF ASSOCIATION
25. Public Company
It can be formed by at least seven members and there
is no limit to the maximum members.
The public limited company invites applications from
investors through advertisement in the newspapers,
giving full detail of the objects, share capital, method
of applying procedure to be adopted for the allotment
of the share etc.
25
26. Public Company – conti…
Public limited companies may further be classified in
to the following two categories;
i)Listed Companies
The companies whose securities are allowed to be
traded on a stock exchange are called listed company
ii)Un-Listed Companies
The companies whose securities are not allowed to be
traded on a stock exchange are called un-listed
companies.
26
28. Holding Company
It means a company or a body corporate which holds
(directly or indirectly) more than fifty percent (50%)
in the voting securities of a company , or has a power
to elect and appoint more than fifty percent (50%)of
the directors of such other company.
(C) TYPES OF COMPANIES ON THE BASIS OF COMPOSITION OF SHAREHOLDER:
29. Subsidiary Company
It means a company or a body corporate whose more than
fifty percent(50%) voting securities are held or controlled
(directly or indirectly) , by some other company or such
other company has a power to elect and appoint more
than fifty percent (50%)of the directors of such company.
NOTE: If the holding company is a subsidiary of another
company, every company which is subsidiary of such
holding company will automatically become the
subsidiary of that another company.
30. Associated Companies
A company whose 20% or more shares ( upto 50% )
are held by another company shall be conaidered an
associated company of that company.
31. (D) Association not for Profit
If the Securities and Exchange Commission of Pakistan is
satisfied with an association which has beeb formed or is
capable of being formed as a limited company that it
meets the conditions specified by Companies Ordinance
,1984, the Commission may great a license and direct that
the association be registered as a limited company
without the additions of word “Limited” , “(Private)
Limited “ or “(guarantee) Limited” , as the case may be ,
to its name and the association may be registered
accordingly.
A company may have liability of its members limited or unlimited. Mostly the liability of the members of a company is limited. Now within limited liability, it may be limited by share or limited by guarantee.
If it is limited by shares it means liability of the members of the company is limited upto the face value of the shares held by each member and this is the most popular type of company. Whereas if the liability is limited by guarantee then it means that liability of the members is upto the amount that each member has promised / undertaken to contribute in the assets of the company at the time of winding to pay off the liabilities.
Members of the company having limited liability of the members (either limited by shares or limited by Guarantee) do not have to pay any amount more than limits fixed in the MOA (Memorandum of Association).
A company may have liability of its members limited or unlimited. Mostly the liability of the members of a company is limited. Now within limited liability, it may be limited by share or limited by guarantee.
If it is limited by shares it means liability of the members of the company is limited upto the face value of the shares held by each member and this is the most popular type of company. Whereas if the liability is limited by guarantee then it means that liability of the members is upto the amount that each member has promised / undertaken to contribute in the assets of the company at the time of winding to pay off the liabilities.
Members of the company having limited liability of the members (either limited by shares or limited by Guarantee) do not have to pay any amount more than limits fixed in the MOA (Memorandum of Association).
A company may have liability of its members limited or unlimited. Mostly the liability of the members of a company is limited. Now within limited liability, it may be limited by share or limited by guarantee.
If it is limited by shares it means liability of the members of the company is limited upto the face value of the shares held by each member and this is the most popular type of company. Whereas if the liability is limited by guarantee then it means that liability of the members is upto the amount that each member has promised / undertaken to contribute in the assets of the company at the time of winding to pay off the liabilities.
Members of the company having limited liability of the members (either limited by shares or limited by Guarantee) do not have to pay any amount more than limits fixed in the MOA (Memorandum of Association).
A company may have liability of its members limited or unlimited. Mostly the liability of the members of a company is limited. Now within limited liability, it may be limited by share or limited by guarantee.
If it is limited by shares it means liability of the members of the company is limited upto the face value of the shares held by each member and this is the most popular type of company. Whereas if the liability is limited by guarantee then it means that liability of the members is upto the amount that each member has promised / undertaken to contribute in the assets of the company at the time of winding to pay off the liabilities.
Members of the company having limited liability of the members (either limited by shares or limited by Guarantee) do not have to pay any amount more than limits fixed in the MOA (Memorandum of Association).
A company may have liability of its members limited or unlimited. Mostly the liability of the members of a company is limited. Now within limited liability, it may be limited by share or limited by guarantee.
If it is limited by shares it means liability of the members of the company is limited upto the face value of the shares held by each member and this is the most popular type of company. Whereas if the liability is limited by guarantee then it means that liability of the members is upto the amount that each member has promised / undertaken to contribute in the assets of the company at the time of winding to pay off the liabilities.
Members of the company having limited liability of the members (either limited by shares or limited by Guarantee) do not have to pay any amount more than limits fixed in the MOA (Memorandum of Association).
A company may have liability of its members limited or unlimited. Mostly the liability of the members of a company is limited. Now within limited liability, it may be limited by share or limited by guarantee.
If it is limited by shares it means liability of the members of the company is limited upto the face value of the shares held by each member and this is the most popular type of company. Whereas if the liability is limited by guarantee then it means that liability of the members is upto the amount that each member has promised / undertaken to contribute in the assets of the company at the time of winding to pay off the liabilities.
Members of the company having limited liability of the members (either limited by shares or limited by Guarantee) do not have to pay any amount more than limits fixed in the MOA (Memorandum of Association).
A company may have liability of its members limited or unlimited. Mostly the liability of the members of a company is limited. Now within limited liability, it may be limited by share or limited by guarantee.
If it is limited by shares it means liability of the members of the company is limited upto the face value of the shares held by each member and this is the most popular type of company. Whereas if the liability is limited by guarantee then it means that liability of the members is upto the amount that each member has promised / undertaken to contribute in the assets of the company at the time of winding to pay off the liabilities.
Members of the company having limited liability of the members (either limited by shares or limited by Guarantee) do not have to pay any amount more than limits fixed in the MOA (Memorandum of Association).