Memorandum of Association
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Memorandum of Association
I.
The name of the Association is Islamabad Stock Exchange
(Guarantee) Limited (hereinafter referred to as the Exchange).
II. The registered office of the Exchange shall be
situated in the Capital Territory of Islamabad.
III. The objects for which the Exchange is established are
to undertake in or outside Pakistan any or all of the following:
1. To conduct, regulate and control the trade or business
of buying, selling and dealing in shares, scrips, participation
term certificates, modaraba certificates, pre-organization
certificates and securities, stocks, bonds, debentures, debenture
stocks, Government papers, loans and any other instruments and
securities of like nature including but not limited to Special
National Fund Bonds and document of a similar nature issued by the
Government of Pakistan or any institution or agency authorized by
it.
2. To maintain high standards of commercial honour and
integrity, to promote and inculcate honorable practices and just
and equitable principles of trade and business, to discourage and
to suppress malpractice, to settle and decide points of practice,
disputes, questions of usage, custom and courtesy in the conduct
of trade and business.
3. To establish and maintain or to arrange with or through
a bank, a Clearing House for the business of the Exchange and to
frame regulations under which such clearing house shall function.
4. To make and adopt regulations regarding the admission,
conduct, expulsion and suspension of members and the mode and
conditions in, and subject to, which the business of the Exchange
shall be conducted and from time to time, as may be necessary, to
alter, add to, repeal and substitute such regulations or any of
them and to make and implement any new, amended or additional
regulations as may be considered necessary or desirable for the
purposes aforesaid. Such regulations may include but not be
limited to;
(a) the maintenance and use, or prohibition of
the use, of the Exchange or Clearing House whether in the case of
the general body or particular class or classes of persons or, any
individual or firm or company using the same and the nature and
times of such user;
(b) determining the classes of contracts and
the obligations in respect of which differences may be paid and
payments and deliveries made through a Clearing House;
(c) determining the list of securities in which
transactions may take place on the Exchange for ready and cash, or
forward, delivery and carry forward or "Budla Contracts";
(d) fixing and declaring market rates and
settlement rates and dates;
(e) determining the opening and closing of the
Exchange or market;
(f) determining the forms of contracts to be
used;
(g) the making, performance and determination
of contracts;
(h) determining the consequences of death,
supervening incapacity, insolvency or breach of contract;
(i) the prevention of, and dealing with,
"corners" or "Bear raids" in any or every kind of share or
security so as to prevent, stop or mitigate speculation inimical
to the purposes of the Exchange;
(j) regulating the business between members
interse or between any of them on the one hand and their
constituents on the other hand or between any of the members on
the one hand and their sub-brokers on the other hand or between
sub-brokers on the one hand and their constituents on the other
hand;
(k) the fixing of brokerage and commission;
(l) the levying, compelling payment of and
recovering fines, fees, penalties and subscription in connection
with any of the objects of the Exchange;
(m) the arbitration and settlement of all
matters of disputes or difficulties whether between members and or
their constituents and or sub-brokers in connection with the
business of the Exchange;
(n) the provision for disciplinary action
including but not limited to warnings, fines, suspension and
expulsion from membership of the Exchange;
(o) the appointment, tenure and conduct of
committees;
(p) any purpose considered necessary or desirable in
the interests of the Exchange;
and from time to time, as may be
necessary, to alter, add to, repeal and substitute such
regulations or any of them and to make and implement any new,
amended or additional regulations as may be considered necessary
or desirable for the purposes aforesaid.
5. To apply for and obtain from the Federal Government a
Charter for the Exchange or to apply for and obtain from the
Federal Government recognition of the Exchange as a recognized
Stock Exchange and for such purpose to make and submit for the
regulation and control of the business of the Exchange and furnish
such information as the Federal Government may require.
6. To provide forms and contracts, compulsory or
permissive; and to regulate the making, carrying out and
enforcement of contracts.
7. To acquire, collect, preserve and disseminate
statistical or other information in connection with the business
of the Exchange.
8. To collect, collate and edit material for
dissemination, and to undertake the printing and publishing of
brochures, pamphlets, quotations, reports, journals, periodicals
or other works of publication in connection with, or for the
furtherance of the objects of the Exchange.
9. To purchase, take on lease or in exchange, hire or
otherwise acquire any immovable or movable property, including but
not limited to land, building and easements, and any rights and
privileges which the Exchange may think necessary or convenient
for its business.
10. To erect, construct, maintain and provide a suitable
building or buildings, hall or rooms for the conduct of the
business of the Exchange and to alter, add to, remove any such
building or buildings as may be considered necessary or desirable
for the use or convenience of the Exchange or its members, and to
regulate admission to and use thereof.
11. To insure, sell, improve, manage, develop, lease,
mortgage, dispose off or otherwise deal with all or any part of
the property of the Exchange.
12. To advance the money of the Exchange upon such
securities or without any security and at such terms as may from
time to time be determined, subject to law.
13. To invest the money of the Exchange in such manner as
may from time to time be determined.
14. To borrow or raise money on commercial terms in such
manner as the exchange shall deem fit and pay off any such
borrowing.
15. To receive money, without interest, by way of penalty,
fines, subscription, entrance or membership fees, rents, license
fees, listing fees, from members, companies or any other persons
for the objects of the Exchange, and to put the same to any use
deemed fit.
16. To create, raise, collect, apply and appropriate funds
for the benefits and welfare of members and employees of the
Exchange and the surviving heirs of such members and employees in
case of death or incapacity of such members or employees and to do
all acts, deeds and things required, incidental to or necessary
for the purpose of giving effect to the objects of the said funds
and for the administration and management thereof.
17. To act in such statutory, supervisory, official or
public capacity in relation to securities, investments or
financial matters as may be considered necessary or desirable.
18. To subscribe to, become a member of and co-operate with
other stock exchanges or institutions, whether incorporated or
not, whose objects are altogether, or in part, similar to those of
this Exchange, and to procure from and communicate to any such
institution such information as may be likely to further the
objects of this Exchange or, as may be considered necessary or
desirable.
19. To promote, support or propose legislative or other
measures for any activities effecting the business of the Exchange
or any interest therein.
20. To enter into any arrangements with the Government or
Government agency which may seem conducive to the objects of the
Exchange or any of them, and to obtain from the Government or such
agency powers, rights, licenses, privileges or concessions which
the Exchange may think fit and desirable to obtain; and to carry
out, exercise and comply with any such arrangements, rights,
licenses, privileges and concessions.
21. To bring, defend or prosecute any suit, action,
proceeding, application or arbitration on behalf of the members of
the Exchange as may be considered proper or conductive to the
objects of the Exchange.
22. To sign, seal, execute and deliver all instruments,
deeds, documents and writings whatsoever usual, necessary or
expedient in relation to the Exchange or its interests whether as
principals or agents, trustees or beneficiaries, guarantors,
consentors or otherwise.
23. To take any action considered necessary to raise the
status, or to promote the efficiency of the Exchange.
24. To do all such other acts and things as may be
considered incidental or conducive to the above objects or any of
them.
IV.
The liability of the members is limited.
V.
Every member of the Exchange undertakes to contribute to the
assets of the Exchange in the event of its being wound up while he
is a member, or within one year afterwards, for payments of the
debts and liabilities of the Exchange contracted before he ceases
to be a member, and the costs, charges and expenses of winding up
and for the adjustment of the rights of the contributories among
themselves, such amount as may be required not exceeding Rs.1000/-
(Rupees one thousand only).
VI.
The income and property of the Exchange whensoever derived shall
be applied solely towards the promotion of the objects of the
Exchange as hereinabove provided and no portion thereof shall be
paid or transferred, directly or indirectly by way of dividend or
bonus or otherwise, howsoever, by way of profit to the persons who
at any time are or have been members of the Exchange or to any of
them or to any person claiming through any of them.
Provided that nothing herein contained shall prevent
the payment of any remuneration to the employees of the Exchange
or other persons in return for services actually rendered to the
Exchange or of the reimbursement of conveyance and traveling
expenses of the employees of the Exchange or, where specifically
authorized by the Board of Directors of the Exchange, of the
reimbursement of conveyance and traveling expenses of any Director
of the Exchange.
Provided further that nothing herein contained shall
prevent the Exchange from making payment of claims to any member
of the exchange out of the assets of a defaulting member.
We, the
several persons whose names, addresses and descriptions are
subscribed hereunder are desirous of being formed into a Company
in pursuance of this Memorandum of Association.
S.No. Name /
Address
Signatures
1. Amanullah Khan
S/o Ch. Mohammad Saddique Khan
38 Nisar Road, Westridge 2,
Rawalpindi - Pakistani
Business (Industry/Investment).
2. Tariq Iqbal Khan
S/o Iqbal Ahmed Khan
H.No. 70, St.8, G-10/3
Islamabad
Pakistani
Business (Professional Practice
and Investment).
3. Khalid Waheed
S/o Dr. Abdul Waheed
99-Faizabad, Murree Road,
Rawalpindi
Pakistani
Business (Mfg. Industry/Investment).
4. Firozuddin A. Cassim
S/o Akbar Ali Cassim
D-42, Block-9, KDA Scheme No.5
Kehkashan, Karachi
Pakistani
Business (Investment & Port Folio
Management, Member Stock Exchange)
5. A. Lateef Ibrahim Jamal
S/o Ibrahim Jamal
17/134 Faran CHS
Karachi
Pakistani
Business (Mfg. & Investment, Member
Stock Exchange).
6. Mian Habibullah
S/o Mian Mohammad Omar
67-Westridge 2,
Rawalpindi
Pakistani
Business (Textile Industry).
7. Mian Parvez Aslam
S/o Mian Muhammad Aslam
60-A/1, Satellite Town,
Rawalpindi
Pakistani
Business (Industry).
8. Mohammad Haji Yaqoob
S/o Haji Yaqoob
H.No.4, St. 71, F-8/3
Islamabad
Pakistani
Business (Hotelling Industry)
9. S. M. Hasan
S/o S. Riaz Hussain
30-A, Westridge 1,
Rawalpindi
Pakistani
Business (Carpet Trading).
10. Sh. Mohammad Shabbir
S/o Sh. Mohammad Siddiq
H. No. 10, St. 37, F-6/1,
Islamabad
Pakistani
Business (Industry).
_________________________________________________________________
Date 12th day of October, 1989.
Witness to the above signatures
MAZHARUL ISLAM LODHI
S/o. Shamshad Muhammad Lodhi
C/o. Tariq Ayub, Anwer & Co.
Chartered Accountants
2nd Floor, Attaullah Market,
Kashmir Road,
Rawalpindi
Pakistani
Chartered Accountants.
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