company ordinance
Companies Ordinance, 1984
Provided that, before a licence is so revoked, the Commission shall give to the association notice in writing of its intention, and shall afford the association an opportunity of submitting a representation in opposition to the revocation.
COMPANIES LIMITED BY GUARANTEE
43.
Provision as to companies limited by guarantee.- (1) In the case of a company limited by guarantee and not having a share capital, every provision in the memorandum or articles or in any resolution of the company purporting to give any person a right to participate in the divisible profits of the company otherwise than as a member shall be void.
(2)
For the purpose of the provisions of this Ordinance relating to the memorandum of a company limited by guarantee and of sub-section (1) every provision in the memorandum or articles, or in any resolution, of a company limited by guarantee purporting to divide the undertaking of the company into shares or interests shall be treated as a provision for a share capital, notwithstanding that the nominal amount or number of the shares or interests is not specified thereby.
PROVISIONS RELATING TO CONVERSION OF PUBLIC COMPANY INTO
PRIVATE COMPANY AND VICE VERSA, AND OTHER MATTERS
44.
Conversion of public company into private company.- No public company shall, except with the prior approval of the Commission in writing, and subject to such conditions as may be imposed by the Commission in this behalf, convert itself into a private company.
45.
Prospectus or statement in lieu of prospectus to be filed by private company on ceasing to be private company.- (1) If a company, being a private company, alters its articles in such a manner that they no longer include the provisions which, under clause (28) of sub-section (1) of section 2, are required to be included in the articles of a company in order to constitute it a private company, the company— (a)
shall, as on the date of the alteration, cease to
Provided that, before a licence is so revoked, the Commission shall give to the association notice in writing of its intention, and shall afford the association an opportunity of submitting a representation in opposition to the revocation.
COMPANIES LIMITED BY GUARANTEE
43.
Provision as to companies limited by guarantee.- (1) In the case of a company limited by guarantee and not having a share capital, every provision in the memorandum or articles or in any resolution of the company purporting to give any person a right to participate in the divisible profits of the company otherwise than as a member shall be void.
(2)
For the purpose of the provisions of this Ordinance relating to the memorandum of a company limited by guarantee and of sub-section (1) every provision in the memorandum or articles, or in any resolution, of a company limited by guarantee purporting to divide the undertaking of the company into shares or interests shall be treated as a provision for a share capital, notwithstanding that the nominal amount or number of the shares or interests is not specified thereby.
PROVISIONS RELATING TO CONVERSION OF PUBLIC COMPANY INTO
PRIVATE COMPANY AND VICE VERSA, AND OTHER MATTERS
44.
Conversion of public company into private company.- No public company shall, except with the prior approval of the Commission in writing, and subject to such conditions as may be imposed by the Commission in this behalf, convert itself into a private company.
45.
Prospectus or statement in lieu of prospectus to be filed by private company on ceasing to be private company.- (1) If a company, being a private company, alters its articles in such a manner that they no longer include the provisions which, under clause (28) of sub-section (1) of section 2, are required to be included in the articles of a company in order to constitute it a private company, the company— (a)
shall, as on the date of the alteration, cease to