Regulatory Alerts2018-06-11
Added · Updated
Associations with Charitable and Not for Profit Objects Regulations, 2018
These regulations establish the licensing, operational, and compliance framework for companies incorporated under section 42 of the Companies Act, 2017 for charitable and not-for-profit objects. They mandate a three-year license term, require promoters to meet specific fit and proper criteria, and impose strict conditions on financial management, including prohibitions on distributing profits to members and restrictions on foreign donations. The rules also define permissible remuneration, enforce internal control systems, and outline procedures for license renewal, refusal, and revocation by the Securities and Exchange Commission of Pakistan.
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