Essay

Companies Ordinance, 1984

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THE

COMPANIES ORDINANCE

(XLVII OF 1984)

An Ordinance to consolidate and amend the law relating to companies and

certain other associations

WHEREAS it is expedient to consolidate and amend the law relating to the

companies and certain other associations for the purpose of healthy growth of the

corporate enterprises, protection of investors and creditors, promotion of investment and

development of economy and matters arising out of or connected therewith;

And whereas the President is satisfied that circumstances exist which render it

necessary to take immediate action;

Now, therefore, in pursuance of the Proclamation of the fifth day of July, 1977,

and in exercise of all powers enabling him in that behalf, the President is pleased to make

and promulgate the following Ordinance: —

PART I – PRELIMINARY

1. Short title, extent and commencement.- (1) This Ordinance may be

called the Companies Ordinance, 1984.

(2) It extends to the whole of Pakistan.

(3) This section shall come into force at once and the remaining provisions

of this Ordinance shall come into force on such date as the Federal Government may, by

notification in the official Gazette, appoint, and different dates may be so appointed for

different provisions.

2. Definitions.- (1) In this Ordinance, unless there is anything repugnant

in the subject or context, —

(1) "articles" means the articles of association of a company as originally

framed or as altered in accordance with the provisions of any previous

Companies Act, or of this Ordinance, including, so far as they apply to

the company, the regulations contained in Table A in the First Schedule;

Companies Ordinance, 1984

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(2) "associated companies" and "associated undertakings" mean any two or

more companies or undertakings, or a company and an undertaking,

interconnected with each other in the following manner, namely: —

(i) if a person who is the owner or a partner or director of a

company or...