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Corporate Law Lecture no.1
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- 3. Corporation An artificial being createdby law(legal entity). A corporation is a legal entity that exists to conduct business. It’s a separate legal entity from the people who make it. A corporation can conduct business in its own name just like any person can.
- 4. Law The rulesdefining correct procedure or behavior. The law is the rules of conduct developed by the Government or society over a certain territory.
- 5. Corporate Law Corporatelaw (also known as business law or enterprise law or sometimes company law) is the body of law governing the rights relations and conduct of persons companies organizations and businesses . the term refers to the legal practice of law relating to corporation or to the theory of corporation. The law relating to the matters which derive directly from the life-cycle of a corporation.
- 6. Major Characteristics C.Law Legal Personality. Limited liability. Transferable shares. Delegated management. Investor ownership. Constitution of the company. Capacity and powers. Corporate crimes. Rules for the Debtors and Creditors.
- 7. Securities & Exchange Commissionof Pakistan.
- 8. Securities & Exchange Commissionof Pakistan. The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency in Pakistan whose objective is to develop a modern and efficient corporate sector and a capital market based on sound authority principles, in order to encourage investment and foster economic growth and prosperity in Pakistan. The Securities and Exchange Commission of Pakistan (SECP) is the Official Financial Regulatory Authority in Pakistan whose mission is to develop a modern-day and well-organized business sector and a business market based on comprehensive governing principles, in order to boost financing and promote economic growth and success in Pakistan.
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- 10. History of SECP TheSecurities and Exchange Commission of Pakistan was formed on 1st January 1999 by the government of Pakistan to monitor and regulate financial institutions of Pakistan. Before formation of SECP, it was monitored by Corporate Law Authority, which falls under Ministry of Finance Government of Pakistan. The idea of restructuring CLA was initiated in year 1997 by Asian Development Bank (ADB). Than the Parliament of Pakistan passed Securities and Exchange Commission act in December 1997 under which SECP became operational to regulate the capital market of Pakistan.
- 11. Divisions of SECP CompanyLaw Divisions. Securities Market Divisions. Specialized Companies Division. Insurance Division
- 12. Company Law Division The main function of Company Law Division is the regulation of corporate sector. Under the section42 company law division appoint the Administrator to manage the affairs of the company licensed. Powers included grant , renew or revoke license.
- 13. Securities Market Division Securities Market Division is responsible for the primary and secondary markets as well as market intermediaries through registration surveillance , investigation, enforcement and rule making with the objective of protecting the interest of investors. The SMD process and grant approval to prospectus for public offering both debt and equity securities.
- 14. Specialized Company LawDivision. (SCD). Supervision and Regulation of Non-Banking financial institutions and pension schemes. The SCD performs the functions of Licensing, Registration, Regulation and Inspection off- site surveillance and enforcement. SCD is also responsible for centralized functions.
- 15. Insurance Division. TheSECP regulating the insurance industry science 2001. SECP regulates and monitor the insurance industry in the country through vested in the insurance ordinance.