The Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980

Current legal status not independently verified. Source: Pakistan Code (single official PDF, 2026-08-21). The text below is the official Pakistan Code text as retrieved; whether it is still in force, or has since been amended or repealed, has not been independently checked.

WHEREAS the President is satisfied that circumstances exist which render it necessary to take immediate action; NOW, THEREFORE, in pursuance of the proclamation of the fifth day of July, 1977, read with the Laws (Continuance in Force) Order, 1977 (C.M.L.A order No. 1 of 1977), and in exercise of all powers enabling him in that behalf, the President is pleased to make and promulgate the following Ordinance:__ PART I PRELIMINARY

• Section 1: Short title, extent and commencement
• Section 2: Definitions
• Section 3: Appointment of Registrar. The Federal Government may, by notification in the official
• Section 4: No company to operate without registration. No Modaraba company shall operate without
• Section 5: Eligibility for registration
• Section 6: Application for registration
• Section 7: Types of modaraba
• Section 8: Creation and maintenance of modaraba
• Section 9: Religious Board. The Federal Government shall, for the purposes of the Ordinance,
• Section 10: Business of modaraba. No modaraba shall be a business which is opposed to the
• Section 11: Authorization. __The Registrar may, after obtaining from the Religious Board a certificate
• Section 12: Modaraba to be a legal person. __ (1) A Modaraba shall sue and be sued in its own name
• Section 13: Conditions applicable to modaraba
• Section 14: Preparation and circulation of annual accounts, reports, etc
• Section 15: Audit of accounts
• Section 16: Prohibition of false statement, etc. No modaraba company, director, officer, employee or
• Section 17: Conditions applicable to modaraba company
• Section 18: Remuneration of modaraba company. The remuneration of a modaraba company in
• Section 19: Cancellation of registration
• Section 20: Appointment of administrator
• Section 21: Enquiries
• Section 22: Circumstances in which modaraba may be wound up voluntarily
• Section 23: Circumstances in which modaraba may be wound up by the Tribunal
• Section 24: Constitution of Tribunal
• Section 25: Powers of a Tribunal
• Section 26: Procedure of the Tribunal
• Section 27: Powers of Tribunal on hearing application for winding up of modaraba
• Section 28: Judgment and decree
• Section 29: Finality of orders. Subject to the provisions for appeal as provided in section 30, no Court
• Section 30: Appeals
• Section 31: Punishment
• Section 32: Penalty
• Section 33: Liability of director manager or officer of a company
• Section 34: Powers of the Registrar in relation to certain proceedings. In any proceedings under
• Section 35: Application of fine. The Tribunal imposing any fine under this Ordinance may direct that
• Section 36: Enforcement of provisions of the Ordinance, etc
• Section 37: Exemption from tax. The income of a modaraba shall be exempt from tax under the
• Section 38: Power of Federal Government to exempt, etc. The Federal Government may, by
• Section 39: Delegation of powers. The Registrar may, by notification in the official Gazette, delegate,
• Section 40: Indemnity. No suit, prosecution or other legal proceeding shall lie against the Federal
• Section 41: Power to make rules
• Section 42: Act to override other laws. The provisions of this Ordinance shall have effect
• Section 43: Removal of difficulties. If any difficulty arises in giving effect to any provision of this