Section 16: Restriction on commission, brokerage, discount, etc. on sale of shares

16. Restriction on commission, brokerage, discount, etc. on sale of shares. Notwithstanding anything to the contrary in sections 105 and 105A of the 1[Companies Ordinance, 1984 (XLVII of 1984)], no banking company shall pay out directly or indirectly by way of commission, brokerage, discount or remuneration in any form in respect of any shares issued by it, any amount exceeding in the aggregate two and one-half per cent of the paid-up value of the said shares.

Effective date: 1962-06-07

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