Section 11: Authorization. __The Registrar may, after obtaining from the Religious Board a certificate

11. Authorization. __The Registrar may, after obtaining from the Religious Board a certificate to the effect mentioned in section 10 and on being satisfied that it is in the public inter est so to do, grant a certificate in the prescribed form authorising the floatation of modaraba on such conditions as he may deem fit, including conditions as to the business to be undertaken , expenses relating to the management of the Modaraba Fund, preservation of assets and the matters relating to the mode of management and distribution of the profits; Provided that, before issuing the certificate of authorization the Registrar may require the modaraba company to make such modifications, additions or omi ssions in the prospectus as the Religious Board may have indicated or as he may deem fit.

Effective date: 1980-01-01

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