Section 19: Cancellation of registration

19. Cancellation of registration.__ (1) Where the Registrar is of the opinion that a modaraba company has contravened or has failed to comply with any provision of this Ordinance or the rules or with any direction made or given thereunder, he may, if he considers necessary in the public interest so to do, by order in writing__ (a) cancel the registration of the modaraba company; and (b) remove the modaraba company from the management of the modaraba floated by it: Provided that no such order shall be made without giving the modaraba company an opportunity of being heard. (2) The modaraba company removed from the management of a modaraba under clause (b) of sub-section (1) shall not be entitled to or be paid any compensation or damages for loss or termination of office. (3) A modaraba company removed from the management of a modaraba under clause (b) of sub-section (1) shall not be entitled to float any modaraba. (4) A modaraba company aggrieved by an order of the Registrar under subsection (1) may prefer an appeal to the 1[Commission] within thirty days of the date of the order. 2[(5) An appeal preferred under sub-section (4) shall be disposed of by the 1[Commission] after giving the appellant an opportunity of being heard.].

Effective date: 1980-01-01

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