Companies Act amended: licensing requirements for charitable associations revised

The Securities and Exchange Commission of Pakistan (SECP) Tuesday amended the Companies Act 2017 to revise the licensing requirements for associations having charitable and not-for-profit objectives. The SECP has issued SRO 732(I)/2018 to amend the First Schedule of the Companies Act, 2017 here on Tuesday.
Under the revised Schedule of the Companies Act 2017, the provisions pertaining to the memorandum and article of association of a company licensed under section 42 of the said Act have been amended. The company shall achieve the laid down objectives subject to the conditions specified in Associations with Charitable and Not for Profit Objects Regulations, 2018 and any additional condition mentioned in the license.
Following is the text of the notification issued here on Tuesday: SRO 732(I)/2018.- In exercise of the powers conferred by section 507 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to make the following alterations to the First Schedule to the said Act, namely: -
In the aforesaid Schedule, in Part II, in Table F,-
(a) in the heading, for the expression "2016", the expression "2017" shall be substituted;
(b) in the section, "Memorandum of Association",-
(i) Paragraph V shall be substituted with the expression "The company shall achieve the above said objects subject to the conditions specified in Associations with Charitable and Not for Profit Objects Regulations, 2018 and any additional condition mentioned in the license";
(ii) in Paragraph VIII, the expression "such amount as may be required but not exceeding Rs 100,000 (rupees one hundred thousand only)" at the end, shall be substituted with " an amount of rupees_________ but not less than one hundred thousand rupees or such other amount as may be notified by the Commission";
(iii) Paragraph IX shall be omitted;
(iv) in paragraph X, the expressions "Witness to above signatures: ( For the documents submitted electronically) (Digital Signature Certificate Provider) Name: Address:" appearing under the second table, shall be omitted;
(c) in the section, Article of Association,-
(A) in the subsection " Number of Directors", in paragraph 31, the expression " and not more than nine (9)" shall be omitted; and
(B) In subsection, Supplementary Provisions Relating to Tax, in clause 65, in paragraph (viii), the expression "Witness to above signatures: (For the documents submitted electronically) (Digital Signature Certificate Provider) Name: Address:" appearing under the second table, shall be omitted.