RegAlert2018-06-11
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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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the June 7th, 2018 NOTIFICATION S.R.O. 733 (1)/2018. In exercise of the powers conferred by section 512 read with section 42 and section 43 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to notify the following Associations with Charitable and Not for Profit Objects Regulations, 2018, the same having been previously published vide notification S.R.O 450 (1)/2017 dated June 07, 2017, namely:-
CHAPTER I
PRELIMINARY
- Short title, commencement and application.- (1) These Regulations shall be called
the Associations with Charitable and Not for Profit Objects Regulations, 2018. (2) They shall come into force at once. (3) These regulations shall apply to companies licensed under section 42 of the company law and shall not apply to trade organizations licenced under the Trade Organizations Act, 2013 (II of 2013). - Definitions.-(1) In these regulations, unless there is anything repugnant in the
subject or context,-
(i) "Act" means the Companies Act, 2017 (XIX of 2017); (ii) "Annexure" means annexures appended to these regulations; (iii) "association" for the purpose of these regulations means a group of persons united for a common object desirous of obtaining license under section 42 of the Act; (iv) "authorized intermediary" shall have the same meaning as assigned to it under the Intermediaries (Registration) Regulations, 2017; (v) "authorized officer" for the purpose of these regulations shall include a chief executive officer, director, secretary and chief financial officer of the company authorized by the board of directors of the company to sign a document or proceeding requiring authentication by the company; (vi) "benefits" means all monetary and non-monetary favors of any kind received from the company directly or indirectly including but not limited to company maintained car, medical plan, house rent, loans and advances but does not include official travelling reimbursements, boarding and lodging expenses incurred on attending official meetings or expenses incurred in attending office as per entitlement; (vii) "close relative" means spouse(s), siblings and their children, lineal ascendants and descendants; (viii)"donation" means contribution whether in cash or in kind, in the form of
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Show all related documents (18)
- Supersedes
- Circular No. 12 dated 2011-08-19not in RegAlertCircular No. 13 dated 2016-04-05not in RegAlertCircular No. 16 dated 2016-04-11not in RegAlertCircular No. 2 dated 2012-01-16not in RegAlertCircular No. 2 dated 2015-01-01not in RegAlertCircular No. 28 dated 2015-08-10not in RegAlert
+10 more
Circular No. 29 dated 2008-12-24not in RegAlertCircular No. 34 dated 2016-11-07not in RegAlertCircular No. 4 dated 2009-02-27not in RegAlertCircular No. 4 dated 2015-01-30not in RegAlertCircular No. 45 dated 2015-12-16not in RegAlertCircular No. 5 dated 2015-01-30not in RegAlertCompanies (General Provisions and Forms) Rules, 1985not in RegAlertRegulation No. 285(1)/2017 dated 2017-04-18not in RegAlertRegulation No. 450 dated 2017-06-07not in RegAlertRegulation No. 527(1)/2016 dated 2016-06-07not in RegAlert - Issued under
- The Companies Act, 2017 (Act No. XIX of 2017)2017
- Refers to
- The Securities and Exchange Commission of Pakistan Act, 1997 (Act No. XLII of 1997)1997
Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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