Section 18: Remuneration of modaraba company. The remuneration of a modaraba company in

18. Remuneration of modaraba company. The remuneration of a modaraba company in respect of a modaraba floated by it shall be a fixed percentage of the net annual profits of the modaraba and shall not exceed ten percent of such net annual profits computed in the manner to be prescribed. 1[18A. Power to issue directions.__(1) Notwithstanding anything contained in any other provision of this Ordinance, where the Registrar is satisfied that it is necessary and expedient so to do__ (a) in the public interest; or (b) to prevent the affairs of any Modaraba from being conducted in a manner detrimental to the interest of holders of Modaraba Certificates; or (c) to secure the proper management of any Modaraba generally, he may issue such directions to a Modaraba company or the Modaraba companies generally, as he may deem fit, and the Modaraba company and its management shall be bound to comply with such directions. 1Ins. by Act XI of 2012, s.2. (2) The Registrar may, on a representation made to him or on his own motion, modify or withdraw any direction issued under sub-section (1), and in so modifying or canceling any direction may impose such conditions as he thinks fit.]

Effective date: 1980-01-01

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