Section 14: Preparation and circulation of annual accounts, reports, etc

14. Preparation and circulation of annual accounts, reports, etc.__ (1) The modaraba company shall, within six months from the close of the accounting year of the modaraba, prepare and circulate to the holders of Modaraba Certificates:_ (i) annual balance sheet and profit and loss account in such form and manner as may be prescribed; (ii) a report of the auditor on the balance sheet and profit and loss account; (iii) a report by the modaraba company on the state of affairs, activities and business prospectus of the modaraba and the amount of profits to be distributed to the certificate holders. (2) In addition to the documents referred in sub-section (1), the modaraba company shall furnish to the Registrar and to the holders of Modaraba Certificates such reports, accounts and information as may be prescribed or as the Registrar may, at any time by an order in writing, require. (3) The modaraba company shall submit five copies of the accounts, statements and reports referred to in sub-sections (1) and (2) to the Registrar simultaneously with the circulation of these documents to the holders of Modaraba Certificates.

Effective date: 1980-01-01

Related sections