Section 41: Power to make rules

41. Power to make rules.__ (1) The Federal Government may, by notification in the official Gazette, make rules1 for carrying out the purposes of this Ordinance. (2) In particular and without prejudice to the generality of the foregoing power, such rules may include___ (i) the duties and functions of the Registrar; (ii) terms and conditions of a Tribunal; (iii) procedure relating to a Tribunal; (iv) composition, terms and conditions of the Religious Board; (v) procedure relating to the Religious Board; (vi) form, contents and other requirements of a prospectus; (vii) issue and allotment of Modaraba Certificates; (viii) maintenance of modaraba accounts and funds; (ix) form of balance sheet and profit and loss account; (x) audit and auditor’s certificate; (xi) annual and periodical accounts and reports; (xii) inspection of record and supply of copies of documents; (xiii) matters relating to winding up; (xiv) matters and procedure relating to enquiries; 1For such rules, see S.R.O. 83(I)/80, dated 26-1-81, Gaz., of P., 1981, Extra, Pt. II, pp. 171-217. (xv) charging and determination of fees payable under this Ordinance; and (xvi) such other matters as are to be or may be prescribed. 1[41A. Power to make regulations.__(1) The Commission may, by notification in official Gazette, make such regulations as are necessary to carry out the purposes of this Ordinance: Provided that the power to make regulations conferred by this section shall be subject to the condition of previous publication and before making any regulations the draft thereof shall be published in the manner considered most appropriate by the Commission for eliciting public opinion thereon within a period of not less than fourteen days from the date of publication. (2) Any regulation made under sub-section (1) may provide that a contravention thereof shall be punishable with a fine which may extend to one hundred thousand rupees and, where the contravention is a continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which such contravention continues. 41B. Power to issue directives, circulars, codes, guidelines, etc .__The Commission may issue such directive, circulars, codes, guidelines or notifications as are necessary to carry out the purposes of this ordinance and the rules and regulations made thereunder.]

Effective date: 1980-01-01

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