kind of Companies

The shareholders, who are the owncis ol the i (imp.my, an- laif.e over the country. Being absentee owners, they cannot manage the .ill.mi-, ol tin ...,.,, therefore, elect Board of Directors in the annual general meeting and enim.i n. company to them. The ownership and management of the company are thus m i
7. STATUTORY REGULATIONS:
A company right from its inception, has to comply with a number ol ::i.u> also to submit returns and report during its lifetime to the Government.
8. COMMON SEAL:
Since the company is an artificial person created by law, it therefore i-anuoi mum itself. The common seal with the name of the company engraved on it is, then-Ion its signature.
9. RIGIDITY OF OBJECTS:
In a company form of organization, the objects and powers of the com memorandum of association of the company. A change in the object and powers ol made after complying with the relevant provisions of the Companies Ordinance.
KINDS OF COMPANIES
There are four kinds of companies registered under companies ordinance, \')K-\ (1) COMPANY LIMITED BY SHARES:
This is the principal form of company which is registered with the registrat ot i..imi under the Companies Ordinance. In a company limited by shares, the capital is di shares. A person who buys one or more than one shares becomes a member of the i • <> Public company.
(a) Private Limited Company:
According to the' Companies Ordinance 1984 it can be formed (a) at le.i its total membership cannot exceed 50. (b) The company by its articles a I transfer its shares, (c) It also prohibits any invitation to the public to invest tin debentures of the company.
(b) Public Limited Company:
It can be formed by at least seven members and there is no limit to the maximum mi limited company invites applications from investors through advertisement in the ii details of the objects, share capital, method of applying for the procedure to be adopted i« the shares etc.
prepare and file a number of documents with the regisd the receipted challans in respect of payment of duty on share capital fee.
den submitted must be accompanied with requisite filing fee I In will scrutinize theni If he is satisfied that the requirements of law I
the company on the Register of Companies and issue a imi of incorporation is a proof of the fact that all the complied with.