SCHEDULE: SCHEDULE

SCHEDULE (See section 34) AMENDMENT OF ORDINANCE XLVII OF 1984 As from the commencement of this Act, the following amendments shall be made in the Companies Ordinance, 1984, (XLVII of 1984). namely :— (a) in section 2, in sub­section (1),— i. in clause (2), in sub­clause (iii), in the second proviso, in item (ii), after the words “Provincial Government”, occurring at the end, the words and comma “or shares registered in the name of a central depository, where such shares are beneficially owned by the central depository” shall be inserted; and ii. after clause (5), the following new clause shall be inserted, namely :— (5A) central depository” means a central depository as defined in clause (cc) of section 2 of the Securities and Exchange Ordinance, 1969, (XVII of 1969). and registered with the Authority under section 32A of that” Ordinance;”; (b) in section 3, in sub­section (1), in clause (b), for the full stop at the end a colon shall be substituted and thereafter the following proviso shall be added, namely :— “Provided that, where a central depository holds more than fifty per cent of the voting securities of a company, such company shall not be deemed to be a subsidiary of the central depository save where such voting securities are held beneficially by the central depository in its own behalf”; (c) in section 74, in sub­section (1), for the full stop at the end, a colon shall be substituted and thereafter the following proviso shall be added, namely :— “Provided that, the company shall ; within five days after an application is made for the registration of the transfer of any; shares debentures or debenture stock to a central depository, register such transfer in the name of the central depository,”; (d) in section 77, in th first proviso, after the words “thirty days”, the words and comma or, where the transferee is a central depository, within five days” shall be inserted ; and (e) in section 209, in sub­section (5),— i. in clause (b), in the proviso, the word 'or' occurring at die end, shall be omitted; and ii. in clause (c), for the full stop, at the end, the semicolon and word or shall be substituted and thereafter the following new clause shall be added, namely:— (d) “from depositing with, or transferring to, or holding, or registering in the name of a central depository any shares or securities.”.

Effective date: 1997-01-01

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