300 Pages Flashcards
(383 cards)
1
Q
What power does the court have under Sec. 326(1) regarding individuals suspected of having company property?
A
The court can summon any officer of the company or person known or suspected to have company property, books, or papers, or who is indebted to the company, or who can provide information about the company’s affairs.
2
Q
How can the court examine a person summoned under Sec. 326(1)?
A
The court can examine the person on oath, either orally or through written interrogatories, and can require them to sign their answers.
3
Q
What happens if a person summoned under Sec. 326 fails to appear?
A
If the person fails to appear after being paid or tendered expenses, the court can order their apprehension and bring them before the court for examination.
4
Q
What orders can the court make if a summoned person admits to being indebted to the company?
A
The court can order the person to pay the debt to the provisional manager or liquidator, with or without costs, as the court directs.
5
Q
How are orders under Sec. 326(5) and (6) enforced?
A
They are executed in the same manner as decrees for payment of money or delivery of property under the Code of Civil Procedure, 1908.
6
Q
When can the court order a public examination under Sec. 327(1)?
A
When the official liquidator reports suspected fraud or actionable irregularity in the company’s promotion, formation, or management.
7
Q
Who can participate in the public examination under Sec. 327?
A
The official liquidator, any creditor, or contributory can participate, and the court can question the person being examined.
8
Q
What rights does the person being examined have under Sec. 327(6)?
A
They can receive a copy of the liquidator’s report and employ legal assistance to explain or qualify their answers.
9
Q
What happens to the notes of the examination under Sec. 327(8)?
A
They are signed by the person examined, can be used as evidence, and are open to inspection by creditors or contributories.
10
Q
Can the examination be adjourned under Sec. 327(9)?
A
Yes, the court can adjourn the examination if it thinks fit.
11
Q
Under what circumstances can the court arrest a contributory under Sec. 328?
A
If there is probable cause to believe the contributory is about to abscond, quit Pakistan, or conceal property to evade payment or examination.
12
Q
What can the court do besides arresting the contributory under Sec. 328?
A
The court can seize the contributory’s books, papers, and movable property.
13
Q
What can the court order a contributory to do under Sec. 329(1)?
A
The court can order the contributory to pay any money due to the company, excluding money from calls.
14
Q
What set-off can the court allow under Sec. 329(2)?
A
For unlimited companies, the court can allow set-off for money due to the contributory from independent dealings, not from dividends or profits.
15
Q
When can the court make calls on contributories under Sec. 330(1)?
A
After making a winding up order, to satisfy the company’s debts, liabilities, and winding up costs.
16
Q
What can the court consider when making calls under Sec. 330(2)?
A
The probability that some contributories may fail to pay the call.
17
Q
Where can the court order payments to be made under Sec. 331(1)?
A
Into the account of the official liquidator in a scheduled bank.
18
Q
What must the payer do after depositing money under Sec. 331(2)?
A
Inform the official liquidator within three days.
19
Q
How are moneys and securities handled under Sec. 332?
A
They are subject to the orders of the court.
20
Q
What is the effect of a court order on a contributory under Sec. 333(1)?
A
It is conclusive evidence that the money is due, subject to appeal.
21
Q
What power does the court have regarding creditors under Sec. 334?
A
The court can set a time limit for creditors to prove their debts, excluding late proofs from distributions.
22
Q
What does the court do with the rights of contributories under Sec. 335?
A
The court adjusts their rights and distributes any surplus among them.
23
Q
How can the court handle costs if assets are insufficient under Sec. 336?
A
The court can order payment of costs from assets in a priority order it deems just.
24
Q
What are some powers of the official liquidator under Sec. 337(1)?
A
Carrying on business for beneficial winding up, executing documents, selling property, instituting or defending legal proceedings, and appointing professionals.
25
What control does the court have over the liquidator's powers under Sec. 337(2)?
The liquidator's exercise of powers is subject to the court's overall control, and creditors or contributories can apply to the court regarding the liquidator's actions.
26
What books must the liquidator keep under Sec. 338?
Registers for notices, minutes of meetings, and transactions related to winding up.
27
How often must the liquidator prepare accounts under Sec. 339(1)(b)?
Every 180 days from the winding up order.
28
What must the liquidator do with the accounts under Sec. 339(1)(c)?
Present them to the court and file a copy with the registrar within 30 days of the half-year end.
29
How does the liquidator regard directions from creditors or contributories under Sec. 340(1)?
The liquidator must have regard to resolutions from their general meetings in administering and distributing assets.
30
What can an aggrieved person do under Sec. 340(4)?
Apply to the court to confirm, reverse, or modify the liquidator's act or decision.
31
When must the liquidator distribute funds under Sec. 341?
Within 30 days of having sufficient funds, after providing for winding up expenses and preferential payments.
32
What happens to assets of a company licensed under section 42 after winding up?
They are transferred to another company licensed under section 42, preferably with similar objects, or sold with proceeds going to the Investor Education and Awareness Fund.
33
When can the court order dissolution under Sec. 342(1)?
When the company's affairs are fully wound up or if the liquidator cannot proceed for lack of funds or other reasons.
34
What must the liquidator do after the dissolution order under Sec. 342(2)?
Forward a copy of the order to the registrar within 15 days.
35
What does Sec. 343 preserve?
The power to institute proceedings against contributories or debtors for recovery of calls or other sums.
36
How are court orders under the Act enforced under Sec. 344?
In the same manner as decrees in a suit.
37
Where can winding up orders be enforced under Sec. 345?
Anywhere in Pakistan, as if made by the local court.
38
What is required to enforce an order in another court under Sec. 346?
A certified copy of the order must be produced to the enforcing court.
39
What are the two circumstances under which a company can be wound up voluntarily under Sec. 347?
(a) By special resolution or (b) upon expiry of the period or occurrence of an event specified in the articles.
40
When does voluntary winding up commence under Sec. 348?
At the time of passing the resolution for voluntary winding up.
41
What is the effect of voluntary winding up on the company's business under Sec. 349?
The company ceases to carry on business except as required for beneficial winding up.
42
How must the notice of voluntary winding up be given under Sec. 350(1)?
By advertisement in English and Urdu newspapers and sent to the registrar within 10 days.
43
What must directors declare in the declaration of solvency under Sec. 351(1)?
That the company has no debts or can pay all its debts within a specified period not exceeding one year.
44
When must the declaration of solvency be made under Sec. 351(2)(a)?
Within five weeks before the winding up resolution and delivered to the registrar before that date.
45
What distinguishes a members' voluntary winding up from a creditors' voluntary winding up under Sec. 352?
A members' voluntary winding up has a declaration of solvency, while a creditors' voluntary winding up does not.
46
Who appoints the liquidator in a members' voluntary winding up under Sec. 353(1)?
The company in general meeting.
47
What happens to the board's powers upon appointing a liquidator under Sec. 353(2)?
They cease, except for specific purposes like notifying the resolution.
48
How can a vacancy in the liquidator's office be filled under Sec. 354(1)?
By the company in general meeting, with the new liquidator's consent.
49
What must the liquidator do within 10 days of appointment under Sec. 355(1)?
File a notice of appointment with the registrar.
50
What can the liquidator accept as consideration for selling company property under Sec. 356(1)?
Shares, policies, or other interests in the transferee company.
51
What rights do dissenting members have under Sec. 356(3)?
They can require the liquidator to abstain from the arrangement or purchase their interest.
52
What must the liquidator do if the company is insolvent under Sec. 357(1)?
Summon a meeting of creditors and present a statement of assets and liabilities.
53
Who decides the liquidator in an insolvent voluntary winding up under Sec. 357(2)?
The creditors can choose to continue with the existing liquidator or appoint a different one.
54
When must the liquidator hold an annual general meeting under Sec. 358(1)(a)?
Within 60 days from the end of the first year after commencing winding up.
55
What must the liquidator prepare before the final meeting under Sec. 359(1)?
Final accounts and a report on the winding up.
56
How is dissolution effected under Sec. 359(6)?
90 days after the registrar registers the final report, unless deferred by the court.
57
What sections apply if the company is insolvent under Sec. 360?
Sections 368 and 369 apply as if it were a creditors' voluntary winding up.
58
Which sections apply to creditors' voluntary winding up under Sec. 361?
Sections 355 to 369.
59
When must the company summon a creditors' meeting under Sec. 362(1)(a)?
Not later than 14 days after the meeting where the winding up resolution is proposed.
60
What must directors provide at the creditors' meeting under Sec. 362(2)(a)?
A statement of the company's affairs, assets, liabilities, and creditors' details.
61
Who nominates the liquidator in a creditors' voluntary winding up under Sec. 363(1)?
Both creditors and the company can nominate, but the creditors' nominee prevails.
62
How is the liquidator's remuneration fixed in a creditors' voluntary winding up under Sec. 364(1)?
By the creditors in their meeting or by the court, based on specified limits and criteria.
63
When do the board's powers cease in a creditors' voluntary winding up under Sec. 365?
Upon the appointment of the liquidator, except for specific notification purposes.
64
What is the initial number of members for a company limited by guarantee under Table C, Article 2?
200, but directors can increase it as needed.
65
When must the annual general meeting be held under Table C, Article 4?
Within 16 months of incorporation and thereafter within 120 days of the financial year-end.
66
What constitutes a quorum for a general meeting under Table C, Article 8(2)?
Three members present in person or through video-link, representing at least 25% of total voting power.
67
How is voting decided at general meetings under Table C, Article 12?
By show of hands, with the chairman's declaration as conclusive evidence.
68
Who are the first directors under Table C, Article 21?
The subscribers to the memorandum, holding office until the first AGM.
69
What is the liability of members in a company limited by guarantee with share capital under Table D, Clause 4?
Limited to the amount they undertake to contribute upon winding up.
70
What businesses are prohibited under Table D, Clause 3(iii)?
Banking, insurance, modaraba management, and other specified financial services.
71
What is the liability of members in an unlimited company under Table E, Clause 4?
Unlimited.
72
What undertaking is made regarding business activities under Table E, Clause 3(iv)?
The company will not engage in prohibited businesses like banking or multi-level marketing without proper licenses.
73
What power does the court have under Sec. 326(3)?
To require the production of books and papers, while preserving any lien claimed.
74
What happens if a person admits to having company property under Sec. 326(6)?
The court can order them to deliver the property to the liquidator.
75
Who can be publicly examined under Sec. 327(1)?
Any person involved in the promotion, formation, or management of the company if fraud is suspected.
76
What must the liquidator do during a public examination under Sec. 327(2)?
Take part in the examination and may employ legal assistance if authorized.
77
Can creditors participate in the public examination under Sec. 327(3)?
Yes, they can participate personally or through a representative.
78
What questions can the court ask during a public examination under Sec. 327(4)?
Any questions it thinks fit regarding the company's affairs.
79
Must the person being examined answer all questions under Sec. 327(5)?
Yes, they must answer all questions put by the court or allowed to be put.
80
What can the court do if the person applies to be exculpated under Sec. 327(7)?
The court can grant the application after hearing evidence and may award costs.
81
Who can inspect the notes of the examination under Sec. 327(8)?
Any creditor or contributory at reasonable times.
82
Can the examination be held before an officer of the court under Sec. 327(10)?
Yes, if the court directs, it can be held before an official referee, registrar, or deputy registrar.
83
What powers can be exercised by the officer conducting the examination under Sec. 327(11)?
Powers regarding the conduct of the examination, but not costs.
84
What can the court do if a contributory is suspected of absconding under Sec. 328?
Cause the contributory to be arrested and seize their property.
85
What money can the court order a contributory to pay under Sec. 329(1)?
Any money due to the company, excluding call money.
86
What allowance can the court make for limited companies under Sec. 329(2)(b)?
Allow set-off for directors with unlimited liability.
87
When can set-off be allowed in any company under Sec. 329(3)?
After all creditors are paid in full, against subsequent calls.
88
What calls can the court make under Sec. 330(1)?
Calls on contributories to satisfy debts, liabilities, and winding up costs.
89
What bank must the liquidator use under Sec. 331(1)?
A scheduled bank.
90
What is the consequence of a court order under Sec. 333(2)?
All matters stated in the order are taken as true in all proceedings.
91
What can the court exclude under Sec. 334?
Creditors who do not prove their debts within the fixed time from distributions.
92
What surplus does the court distribute under Sec. 335?
Any surplus among the contributories after adjusting their rights.
93
What costs can the court order under Sec. 336?
Payment of winding up costs from assets if insufficient.
94
What specific power does the liquidator have under Sec. 337(1)(b)?
To execute deeds, receipts, and documents in the company's name.
95
What must the liquidator do with claims under Sec. 337(1)(f)?
Invite and settle claims of creditors, employees, or other claimants.
96
What assistance can the liquidator obtain under Sec. 337(1)(h)?
Professional assistance or appoint an agent for tasks they cannot perform.
97
Who can apply to the court regarding the liquidator's powers under Sec. 337(2)?
Any creditor, contributory, or the registrar.
98
What additional duties can the court specify under Sec. 337(3)?
Any other duties as the court may direct.
99
What register must the liquidator maintain under Sec. 338(a)?
A register of notices issued to creditors and contributories.
100
What minutes must be kept under Sec. 338(b)?
Minutes of all proceedings and resolutions at meetings.
101
What transactions are recorded under Sec. 338(c)?
All transactions and negotiations related to winding up.
102
How must the liquidator maintain accounts under Sec. 339(1)(a)?
In a prescribed form and manner, including receipts and payments.
103
What review must the accounts undergo under Sec. 339(1)(b)?
A limited scope review by the company's auditor.
104
When must the liquidator file audited accounts under Sec. 339(1)(d)?
Within 60 days after the close of each year if winding up exceeds one year.
105
Who can inspect the accounts under Sec. 339(3)?
Any person, upon payment of the prescribed fee.
106
To whom must the liquidator send copies of accounts under Sec. 339(4)?
Every creditor and contributory.
107
What directions must the liquidator follow under Sec. 340(1)?
Directions from resolutions of creditors or contributories.
108
When must the liquidator summon meetings under Sec. 340(2)?
When directed by resolution or requested by one-tenth in value of creditors or contributories.
109
What discretion does the liquidator have under Sec. 340(3)?
Discretion in administering assets and distributing them, subject to the Act.
110
What can the court do if someone is aggrieved by the liquidator's act under Sec. 340(4)?
Confirm, reverse, or modify the act or decision.
111
What must the liquidator do with funds under Sec. 341?
Distribute them within 30 days of sufficiency, after expenses and preferential payments.
112
What happens to assets of a section 42 company under Sec. 341?
Transferred to another section 42 company or sold for the Investor Education Fund.
113
When can the court dissolve the company under Sec. 342(1)?
When affairs are fully wound up or if winding up cannot proceed.
114
What must the registrar do upon receiving the dissolution order under Sec. 342(2)?
Make a minute in the books and publish a notice in the official Gazette.
115
What penalty applies if the liquidator fails to comply with Sec. 342?
A daily penalty of level 1 on the standard scale.
116
What does Sec. 343 allow in addition to court powers?
Proceedings against contributories or debtors for recovery of calls or sums.
117
How are orders enforced under Sec. 344?
Like decrees in a suit.
118
Where can orders be enforced under Sec. 345?
Anywhere in Pakistan.
119
What is needed to enforce an order in another court under Sec. 346?
A certified copy of the order.
120
What resolution triggers voluntary winding up under Sec. 347(a)?
A special resolution.
121
What event can trigger voluntary winding up under Sec. 347(b)?
Expiry of the period or occurrence of an event specified in the articles.
122
When does voluntary winding up start under Sec. 348?
At the time of passing the resolution.
123
What business can the company continue under Sec. 349?
Only business required for beneficial winding up.
124
How must notice be given under Sec. 350(1)?
By advertisement in English and Urdu newspapers and to the registrar within 10 days.
125
What declaration must directors make under Sec. 351(1)?
That the company can pay its debts within a specified period.
126
What must accompany the declaration under Sec. 351(2)(c)?
A copy of the auditor's report on the financial statements.
127
What presumption arises if debts are not paid under Sec. 351(3)?
That directors had no reasonable grounds for their opinion.
128
What penalty applies to directors under Sec. 351(4)?
Penalty of level 3 on the standard scale.
129
What is a members' voluntary winding up under Sec. 352?
Winding up with a declaration of solvency.
130
Who appoints the liquidator in a members' voluntary winding up under Sec. 353(1)?
The company in general meeting.
131
What ceases upon appointing the liquidator under Sec. 353(2)?
The powers of the board, except for specific purposes.
132
How is the liquidator's remuneration determined under Sec. 353(3)?
By the company in general meeting, based on specified criteria.
133
What can the company authorize under Sec. 353(4)?
A monthly allowance for winding up expenses.
134
Can the liquidator's remuneration be enhanced under Sec. 353(5)?
No, but it can be reduced by the court.
135
What happens if the liquidator resigns under Sec. 353(6)?
They are not entitled to remuneration and must refund any received.
136
When can the liquidator resign under Sec. 353(7)?
Only for personal disability satisfactory to the members.
137
What penalty applies if the liquidator fails to file notice under Sec. 355(2)?
A daily penalty of level 1 on the standard scale.
138
What can the liquidator receive for selling property under Sec. 356(1)?
Shares, policies, or other interests in the transferee company.
139
What can dissenting members require under Sec. 356(3)?
The liquidator to abstain or purchase their interest.
140
How is the purchase price determined under Sec. 356(4)?
By agreement or arbitration.
141
What must the liquidator do if the company is insolvent under Sec. 357(1)?
Summon a creditors' meeting and present a statement of affairs.
142
Who can appoint a different liquidator under Sec. 357(2)?
The creditors in their meeting.
143
What can a director or member do under Sec. 357(3)?
Apply to the court for an order regarding the liquidator's appointment.
144
What must be filed after the creditors' meeting under Sec. 357(4)?
A return of the meeting with notice, statement, and minutes.
145
What must the liquidator do annually under Sec. 358(1)?
Hold an AGM and present audited accounts.
146
What must be filed after the AGM under Sec. 358(2)?
A return with notice, accounts, reports, and minutes.
147
What must the liquidator prepare for the final meeting under Sec. 359(1)?
Final accounts and a winding up report.
148
How must notice be given for the final meeting under Sec. 359(3)?
Published 21 days before the meeting.
149
What happens if there is no quorum at the final meeting under Sec. 359(5)?
The liquidator makes a return that the meeting was summoned but no quorum was present.
150
When is the company deemed dissolved under Sec. 359(6)?
90 days after the registrar registers the final report.
151
What can the court do under Sec. 359(6)?
Defer the dissolution date.
152
What penalty applies if the liquidator fails to comply with Sec. 359(8)?
Penalty of level 1 on the standard scale.
153
What sections apply in case of insolvency under Sec. 360?
Sections 368 and 369 for creditors' voluntary winding up.
154
What must the company do under Sec. 362(1)(a)?
Summon a creditors' meeting within 14 days of the winding up resolution meeting.
155
What must directors provide under Sec. 362(2)(a)?
A statement of affairs and list of creditors.
156
Who presides at the creditors' meeting under Sec. 362(3)?
A director appointed by the board.
157
What penalty applies for non-compliance with Sec. 362(4)?
Penalty of level 1 on the standard scale.
158
Who can nominate the liquidator under Sec. 363(1)?
Both creditors and the company.
159
What happens if different persons are nominated under Sec. 363(2)?
The creditors' nominee becomes the liquidator.
160
What can a director or creditor do under Sec. 363(2)?
Apply to the court for an order regarding the liquidator.
161
Who becomes liquidator if creditors do not nominate under Sec. 363(3)?
The company's nominee.
162
Who becomes liquidator if the company does not nominate under Sec. 363(4)?
The creditors' nominee.
163
When can the liquidator be removed under Sec. 363(5)?
By the court for reasons recorded.
164
What must be given to the registrar under Sec. 363(6)?
Notice of appointment and resolution within 10 days.
165
How is remuneration fixed under Sec. 364(1)?
By creditors or the court, based on specified limits.
166
What additional payment can be authorized under Sec. 364(2)?
A monthly allowance for winding up expenses.
167
Can remuneration be enhanced under Sec. 364(3)?
No, but it can be reduced by the court.
168
What happens if the liquidator resigns under Sec. 364(4)?
They are not entitled to remuneration and must refund any received.
169
What is the proposed number of members under Table C, Article 2?
200, increasable by directors.
170
When must the AGM be held under Table C, Article 4?
Within 16 months of incorporation and then within 120 days of FY end.
171
What is special business under Table C, Article 7?
All business except that in Sec. 134(2).
172
What is the quorum under Table C, Article 8(2)?
Three members with 25% voting power.
173
What happens if no quorum under Table C, Article 9(1)?
The meeting is dissolved if requisitioned, otherwise adjourned.
174
Who presides at meetings under Table C, Article 10(1)?
The chairman of the board.
175
What can the chairman do under Table C, Article 11(1)?
Adjourn the meeting with consent.
176
How are resolutions decided under Table C, Article 12?
By show of hands.
177
What voting power does the chairman have under Table C, Article 13?
A second or casting vote in case of equality.
178
How many votes does each member have under Table C, Article 14?
One vote.
179
Who can vote for a member of unsound mind under Table C, Article 15?
Their committee or legal guardian.
180
What condition applies to voting under Table C, Article 16?
All moneys due to the company must be paid.
181
How can votes be given under Table C, Article 17(1)?
Personally, through video-link, by proxy, or postal ballot.
182
What businesses require postal ballot under Table C, Article 17(2)?
As notified by the Commission.
183
When can objections to votes be raised under Table C, Article 18(1)?
Only at the meeting where the vote is given.
184
What happens to a proxy vote if the principal dies under Table C, Article 19?
It remains valid if no written notice is received before the meeting.
185
When must a proxy be deposited under Table C, Article 20?
At least 48 hours before the meeting.
186
Who are the first directors under Table C, Article 21?
The subscribers to the memorandum.
187
How are directors elected under Table C, Article 22(i)?
By members in general meeting using cumulative voting.
188
What happens if candidates equal the number of directors under Table C, Article 22(ii)?
All candidates are deemed elected.
189
Who manages the company under Table C, Article 23?
The directors.
190
How do directors decide questions under Table C, Article 24(1)?
By majority vote.
191
What can continuing directors do under Table C, Article 25?
Act to increase directors or summon a meeting.
192
Who can be chairman under Table C, Article 26(1)?
Elected by directors for a determined period.
193
What is the quorum for directors' meetings under Table C, Article 28?
One-third of directors or two, whichever is higher.
194
What is a valid resolution under Table C, Article 29?
A written resolution signed by all entitled directors.
195
What records must be kept under Table C, Article 30?
Minutes of meetings and orders made.
196
Who appoints the chief executive under Table C, Article 31?
The directors.
197
How is the seal used under Table C, Article 32?
With authority of directors, witnessed by two directors and the secretary.
198
What is the name of the company under Table D?
The ABC Hospital (Guarantee) Limited.
199
Where is the registered office under Table D?
In the Province of Baluchistan.
200
What is the principal business under Table D?
To establish, run, and manage hospitals.
201
What is prohibited under Table D, Clause 3(iii)?
Engaging in banking, insurance, and other specified businesses.
202
What is the liability under Table D, Clause 4?
Limited.
203
What contribution do members undertake under Table D, Clause 5?
To contribute to assets upon winding up, up to a specified amount.
204
What is the authorized capital under Table D?
Rs. 1,000,000 divided into 100,000 shares of Rs. 10 each.
205
Who can form a single member company under Table D?
A single person subscribing to the memorandum.
206
What is the name of the company under Table E?
Khyber Fruit Products Company Unlimited.
207
Where is the registered office under Table E?
In the Province of Sindh.
208
What is the principal business under Table E?
Preservation, canning, and marketing of fruit products.
209
What is prohibited under Table E, Clause 3(iii)?
Engaging in banking, insurance, and other specified businesses.
210
What is the liability under Table E, Clause 4?
Unlimited.
211
What is the authorized capital under Table E?
Rs. 1,000,000 divided into 100,000 shares of Rs. 10 each.
212
What undertaking is made under Table E, Clause 3(iv)?
Not to engage in prohibited businesses without proper licenses.
213
What does 'section' mean under Table C, Article 1?
A section of the Companies Act, 2017.
214
What is 'the seal' under Table C, Article 1?
The common seal or official seal of the company.
215
How many members can a single member company have under Table C?
One.
216
What must be done if the quorum is not present under Table C, Article 9(2)?
Adjourn to the same day next week or as determined.
217
Who chooses the chairman if none is present under Table C, Article 10(3)?
The members present.
218
What notice is required for an adjourned meeting under Table C, Article 11(3)?
Notice if adjourned for 30 days or more.
219
How is a proxy appointed under Table C, Article 20?
In writing, deposited 48 hours before the meeting.
220
What is the effect of a resolution under Table C, Article 29?
As valid as if passed at a duly convened meeting.
221
Who provides for the seal's custody under Table C, Article 32?
The directors.
222
What must subscribers agree to under Table D?
To take a certain number of shares.
223
What is the penalty for not giving notice under Sec. 350(2)?
A daily penalty of level 1 on the standard scale.
224
What must the declaration contain under Sec. 351(2)(b)?
A statement that the company is not being wound up to defraud anyone.
225
What happens if the liquidator fails to file under Sec. 355(2)?
Liable to a daily penalty of level 1 on the standard scale.
226
What can the court do under Sec. 357(3)?
Appoint a different liquidator upon application.
227
What must be filed after the creditors' meeting under Sec. 357(4)?
A return with notice, statement, and minutes.
228
What accounts must be presented under Sec. 358(1)(b)?
Audited accounts of receipts, payments, and dealings.
229
What must be sent before the final meeting under Sec. 359(2)?
Copies of the report, accounts, and auditor's report.
230
What happens if the registrar finds irregularities under Sec. 359(6)?
They can take action under the Act.
231
Who can apply for deferment under Sec. 359(6)?
The liquidator or any interested person.
232
What must be delivered under Sec. 359(7)?
A certified copy of the deferment order to the registrar.
233
What sections apply to creditors' voluntary winding up under Sec. 361?
Sections 355 to 369.
234
What must be advertised under Sec. 362(1)(c)?
Notice of the creditors' meeting.
235
Who must attend the creditors' meeting under Sec. 362(3)?
The appointed director.
236
What details must the statement include under Sec. 362(2)(a)?
Assets, liabilities, creditors, and securities.
237
What happens if different nominees under Sec. 363(2)?
The creditors' nominee becomes liquidator.
238
What can the court do under Sec. 363(2)?
Appoint a different or joint liquidator.
239
When can the liquidator resign under Sec. 363(5)?
Only for personal disability satisfactory to the court.
240
What must be given under Sec. 363(6)?
Notice of appointment and resolution to the registrar.
241
How is remuneration fixed under Sec. 364(1)?
By creditors or the court.
242
What allowance can be authorized under Sec. 364(2)?
A monthly allowance for expenses.
243
Can the liquidator's remuneration be enhanced under Sec. 364(3)?
No, but it can be reduced.
244
What happens if the liquidator ceases office under Sec. 364(4)?
They are not entitled to remuneration and must refund any received.
245
When do the board's powers cease under Sec. 365?
Upon appointing the liquidator.
246
What is the quorum under Table C, Article 8(2)?
Three members with 25% voting power.
247
What happens if no chairman is present under Table C, Article 10(2)?
Directors choose one of their number.
248
What is the effect of equality of votes under Table C, Article 13?
The chairman has a casting vote.
249
Who can vote by proxy under Table C, Article 15?
A member of unsound mind through their guardian.
250
What condition applies to voting under Table C, Article 16?
All dues to the company must be paid.
251
How can votes be cast under Table C, Article 17(1)?
Personally, through video-link, by proxy, or postal ballot.
252
When must objections be raised under Table C, Article 18(1)?
At the meeting where the vote is given.
253
What is the validity of a proxy vote under Table C, Article 19?
Valid even if the principal dies, if no notice is received.
254
How long before the meeting must a proxy be deposited under Table C, Article 20?
At least 48 hours.
255
Who are the first directors under Table C, Article 21?
The subscribers to the memorandum.
256
How are directors elected under Table C, Article 22(i)?
By cumulative voting in general meeting.
257
What happens if candidates equal directors under Table C, Article 22(ii)?
All are deemed elected.
258
Who manages the company under Table C, Article 23?
The directors.
259
How do directors decide matters under Table C, Article 24(1)?
By majority vote.
260
What can continuing directors do under Table C, Article 25?
Act to fill vacancies or summon a meeting.
261
Who can be chairman under Table C, Article 26(1)?
Elected by directors.
262
What is the quorum for directors under Table C, Article 28?
One-third or two directors, whichever is higher.
263
What is a valid resolution under Table C, Article 29?
A written resolution signed by all entitled directors.
264
What records must be kept under Table C, Article 30?
Minutes of meetings and orders.
265
Who appoints the chief executive under Table C, Article 31?
The directors.
266
How is the seal affixed under Table C, Article 32?
With authority of directors, witnessed by two directors and the secretary.
267
What is the name under Table D?
The ABC Hospital (Guarantee) Limited.
268
Where is the office under Table D?
In Baluchistan.
269
What is the business under Table D?
Establishing, running, and managing hospitals.
270
What is prohibited under Table D, Clause 3(iii)?
Banking, insurance, etc.
271
What is the liability under Table D, Clause 4?
Limited.
272
What do members undertake under Table D, Clause 5?
To contribute upon winding up.
273
What is the capital under Table D?
Rs. 1,000,000 in 100,000 shares.
274
Who can form a single member company under Table D?
One person.
275
What is the name under Table E?
Khyber Fruit Products Company Unlimited.
276
Where is the office under Table E?
In Sindh.
277
What is the business under Table E?
Fruit preservation, canning, and marketing.
278
What is prohibited under Table E, Clause 3(iii)?
Banking, insurance, etc.
279
What is the liability under Table E, Clause 4?
Unlimited.
280
What is the capital under Table E?
Rs. 1,000,000 in 100,000 shares.
281
What undertaking is made under Table E, Clause 3(iv)?
Not to engage in prohibited businesses without licenses.
282
What does 'section' mean under Table C, Article 1?
A section of the Act.
283
What is 'the seal' under Table C, Article 1?
The company's common or official seal.
284
How many members for a single member company under Table C?
One.
285
What if no quorum under Table C, Article 9(1)?
Dissolve if requisitioned, else adjourn.
286
Who chooses chairman if none present under Table C, Article 10(3)?
Members present.
287
What notice for adjourned meeting under Table C, Article 11(3)?
If adjourned for 30 days or more.
288
How is proxy appointed under Table C, Article 20?
In writing, 48 hours before the meeting.
289
What is a valid resolution under Table C, Article 29?
Signed by all entitled directors.
290
Who provides seal custody under Table C, Article 32?
Directors.
291
What must subscribers do under Table D?
Agree to take shares.
292
What penalty for not giving notice under Sec. 350(2)?
Daily penalty level 1.
293
What must declaration contain under Sec. 351(2)(b)?
Statement against fraud.
294
What if liquidator fails to file under Sec. 355(2)?
Daily penalty level 1.
295
What can court do under Sec. 357(3)?
Appoint different liquidator.
296
What to file after creditors' meeting under Sec. 357(4)?
Return with documents.
297
What accounts under Sec. 358(1)(b)?
Audited receipts and payments.
298
What to send before final meeting under Sec. 359(2)?
Report and accounts.
299
What if registrar finds irregularities under Sec. 359(6)?
Take action.
300
Who can apply for deferment under Sec. 359(6)?
Liquidator or interested person.
301
What to deliver under Sec. 359(7)?
Certified deferment order.
302
What sections for creditors' winding up under Sec. 361?
355 to 369.
303
What to advertise under Sec. 362(1)(c)?
Creditors' meeting notice.
304
Who attends creditors' meeting under Sec. 362(3)?
Appointed director.
305
What details in statement under Sec. 362(2)(a)?
Affairs and creditors.
306
What if different nominees under Sec. 363(2)?
Creditors' nominee prevails.
307
What can court do under Sec. 363(2)?
Appoint different liquidator.
308
When can liquidator resign under Sec. 363(5)?
For personal disability.
309
What to give registrar under Sec. 363(6)?
Appointment notice.
310
How is remuneration fixed under Sec. 364(1)?
By creditors or court.
311
What allowance under Sec. 364(2)?
Monthly for expenses.
312
Can remuneration be enhanced under Sec. 364(3)?
No, but it can be reduced.
313
What happens if liquidator ceases office under Sec. 364(4)?
No remuneration, refund.
314
When do board powers cease under Sec. 365?
On liquidator appointment.
315
What quorum under Table C, Article 8(2)?
Three members, 25% voting.
316
If no chairman under Table C, Article 10(2)?
Directors choose.
317
Equality of votes under Table C, Article 13?
Chairman casts vote.
318
Who votes for unsound mind under Table C, Article 15?
Guardian.
319
Voting condition under Table C, Article 16?
Dues paid.
320
How can votes be cast under Table C, Article 17(1)?
Personally, video, proxy, postal.
321
When must objections be raised under Table C, Article 18(1)?
At meeting.
322
What is validity of a proxy vote under Table C, Article 19?
Valid if no notice.
323
How long before meeting must proxy be deposited under Table C, Article 20?
48 hours.
324
Who are first directors under Table C, Article 21?
Subscribers.
325
How are directors elected under Table C, Article 22(i)?
Cumulative voting.
326
What happens if candidates equal directors under Table C, Article 22(ii)?
Deemed elected.
327
Who manages under Table C, Article 23?
Directors.
328
How do directors decide under Table C, Article 24(1)?
Majority vote.
329
What can continuing directors do under Table C, Article 25?
Fill vacancies, summon meeting.
330
Who can be chairman under Table C, Article 26(1)?
Elected by directors.
331
What is quorum for directors under Table C, Article 28?
One-third or two.
332
What is valid resolution under Table C, Article 29?
Signed by all.
333
What records must be kept under Table C, Article 30?
Minutes, orders.
334
Who appoints chief executive under Table C, Article 31?
Directors.
335
How is seal affixed under Table C, Article 32?
With authority, witnessed.
336
What is name under Table D?
ABC Hospital (Guarantee) Limited.
337
Where is office under Table D?
Baluchistan.
338
What is business under Table D?
Hospitals.
339
What is prohibited under Table D, Clause 3(iii)?
Banking, insurance.
340
What is liability under Table D, Clause 4?
Limited.
341
What do members undertake under Table D, Clause 5?
Contribute upon winding up.
342
What is capital under Table D?
Rs. 1,000,000.
343
Who can form single member company under Table D?
One person.
344
What is name under Table E?
Khyber Fruit Products Company Unlimited.
345
Where is office under Table E?
Sindh.
346
What is business under Table E?
Fruit products.
347
What is prohibited under Table E, Clause 3(iii)?
Banking, insurance.
348
What is liability under Table E, Clause 4?
Unlimited.
349
What is capital under Table E?
Rs. 1,000,000.
350
What undertaking under Table E, Clause 3(iv)?
No prohibited business.
351
What does 'section' mean under Table C, Article 1?
Section of the Act.
352
What is 'the seal' under Table C, Article 1?
Company seal.
353
How many members in single member company under Table C?
One.
354
What if no quorum under Table C, Article 9(1)?
Dissolve or adjourn.
355
Who chooses chairman under Table C, Article 10(3)?
Members.
356
What notice for adjournment under Table C, Article 11(3)?
If 30+ days.
357
How is proxy appointed under Table C, Article 20?
Written, 48 hours.
358
What effect of resolution under Table C, Article 29?
Valid as convened.
359
Who provides seal custody under Table C, Article 32?
Directors.
360
What must subscribers agree under Table D?
Take shares.
361
What penalty under Sec. 350(2)?
Daily level 1.
362
What declaration under Sec. 351(2)(b)?
No fraud.
363
What if liquidator fails under Sec. 355(2)?
Daily level 1.
364
What court can do under Sec. 357(3)?
Appoint liquidator.
365
What filed after meeting under Sec. 357(4)?
Return with docs.
366
What accounts under Sec. 358(1)(b)?
Audited.
367
What sent before final under Sec. 359(2)?
Report, accounts.
368
What if registrar finds under Sec. 359(6)?
Take action.
369
Who applies deferment under Sec. 359(6)?
Liquidator or person.
370
What delivered under Sec. 359(7)?
Certified order.
371
What sections under Sec. 361?
355-369.
372
What advertised under Sec. 362(1)(c)?
Meeting notice.
373
Who attends under Sec. 362(3)?
Director.
374
What details under Sec. 362(2)(a)?
Affairs, creditors.
375
What if nominees differ under Sec. 363(2)?
Creditors' prevails.
376
What court does under Sec. 363(2)?
Appoint different.
377
When liquidator resigns under Sec. 363(5)?
For disability.
378
What given registrar under Sec. 363(6)?
Appointment notice.
379
How remuneration fixed under Sec. 364(1)?
Creditors or court.
380
What allowance under Sec. 364(2)?
Monthly.
381
Can remuneration enhance under Sec. 364(3)?
No.
382
What if liquidator ceases under Sec. 364(4)?
No remuneration.
383
When board powers cease under Sec. 365?
On appointment.
