Section 2: Definitions

Plain-Language Summary

A general explanation to aid understanding. The official statutory text appears below.

This section defines the following terms used in The Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980: • Commission — the Commission as defined in the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997);] 1[(ab)] “modaraba” means a business in which a person participates with his money and another with his efforts or skill or both his efforts and skill and shall include Unit Trusts and Mutual Funds by whatever name called • Modaraba Certificate — a certificate of definite denomination issued to the subscriber of the modaraba acknowledging receipt of money subscribed by him • modaraba company — a company engaged in the business of floating and managing modaraba; 1Ins. and re-numbered by Act 4 of 1999, s.13 • Modaraba Fund — a fund raised through floatation of modaraba • prescribed — prescribed by rules • Registrar — the Registrar appointed under section 3 • rules — rules made under this Ordinance; and • Tribunal — a Tribunal constituted under section 24. (2) All terms and expressions used but not defined in Ordinance shall have the same mean ing as in Companies Act, 1913 (VII of 1913) This is the official statutory text, shown as written — it is not a paraphrase or a legal opinion. Consult a verified lawyer to see how it applies to your specific situation.

2. Definitions.__ (1) In this Ordinance, unless there is anything repugnant in the subject or context,__ 1[(a) “Commission” means the Commission as defined in the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997);] 1[(ab)] “modaraba” means a business in which a person participates with his money and another with his efforts or skill or both his efforts and skill and shall include Unit Trusts and Mutual Funds by whatever name called; (b) “Modaraba Certificate” means a certificate of definite denomination issued to the subscriber of the modaraba acknowledging receipt of money subscribed by him; (c) “modaraba company” means a company engaged in the business of floating and managing modaraba; 1Ins. and re-numbered by Act 4 of 1999, s.13. (d) “Modaraba Fund” means a fund raised through floatation of modaraba; (e) “prescribed” means prescribed by rules; (f) “Registrar” means the Registrar appointed under section 3; (g) “rules” means rules made under this Ordinance; and (h) “Tribunal” means a Tribunal constituted under section 24. (2) All terms and expressions used but not defined in Ordinance shall have the same mean ing as in Companies Act, 1913 (VII of 1913).

Effective date: 1980-01-01

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