Section 8: Qualifications of shareholders

8. Qualifications of shareholders.___(1) No person shall be qualified to be registered as a shareholder who by reason of anything contained in any law for the time being in force is not competent to enter into any contract. (2) A person who subsequent to his registration, is discovered to have been not qualified as aforesaid at the time of registration shall not be entitled to exercise any of the rights of a shareholder otherwise than for the purpose of the sale of his shares under the orders of a competent Court. (3) (a) A shareholder shall be entitled to be registered in any area defined in sub-section (5) in which he ordinarily resides or has his principal place of business. (b) A shareholder who neither resides nor has a place of business in the areas defined in sub-section (5) shall be registered in such branch register as the Central Board 1[may from time to time]. (c) No person shall be registered as a shareholder in more than one branch register. 2[* * * * * * *] 3[(5) The area served by the branch register maintained at Karachi shall consist of the 4[the Provinces of Sind and Baluchistan including the Provincially Administered Tribal Areas; 5[and] the area served by the branch register maintained at Lahore shall consist of the Provinces of the Punjab and North West Frontier including the Provincially Administered Tribal Areas, 5[and] the Islamabad Capital Territory and the 6[Federally] Administered Tribal Areas] 5[* * *].

Effective date: 1949-01-01

Related sections