Question # 5 (a)

Constitution of Corporate Law Authority:-

(1) The Federal Government shall, by notification in the official Gazette, constitute a
Corporate Law Authority.

(2) The Authority shall consist of such number of members, not being less than three, as
the Federal Government deems fit, to be appointed by that Government by notification in
the official Gazette.

(3) One of the members shall be appointed by the Federal Government to be the
Chairman of the Authority.

(4) No act or proceeding of the Authority shall be invalid by reason only of the existence
of a vacancy in, or defect in the constitution of, the Authority.

Powers and functions of the Authority:-

(1) The Authority shall exercise and perform such powers and functions as are conferred
on it by or under this Ordinance or any other law.

(2) Notwithstanding anything contained in any other law, and with our prejudice to the
generality of the foregoing provisions, the Federal Government may, by notification in
the official Gazette, direct that all or any of the powers and functions conferred on the
Federal Government or any officer of the Federal Government under any law shall,
subject to such limitations, restrictions or conditions, if any, as it may from time to time
impose, be exercised or performed by the Authority.

(3) The Authority may, by order in writing, direct that any power or function of the
Authority referred to in sub-section (1) shall, subject to such conditions and limitations, if
any, as may be specified in the order, be exercised or performed by the Chairman of the
Authority or by such other member or officer of the Authority as may be so specified.

(4) The Authority, and the member or officer referred in sub-section (3) may, for the
purposes of a proceeding or enquiry, require anyone--

(a) to produce before, and to allow to be examined and kept, an officer of the Authority
specified in this behalf, any books, accounts or other documents in the custody or under
the control of the person so required, being documents relating to any matter the
examination of which may be considered necessary by the Authority or such member or
officer; and

(b) to furnish to an officer of the Authority specified in this behalf such information and
documents in his possession relation to any matter as may be necessary for the purposes
of the proceeding or enquiry.
(5) The procedure of the Authority shall be such as may be prescribed.

(6) The Federal Government may appoint such officers as it thinks necessary to assist the
Authority in the performance of its duties and functions under this Ordinance and may
make regulations with respect to their duties.

(7) All officers and persons employed in the execution of this Ordinance shall observe
and follow the orders, instructions and directors of the Authority.

13. Reference by the Federal Government or Authority to the Court:-

(1) Without prejudice to the powers, jurisdiction and authority exercisable by the Federal
Government or the Authority under this Ordinance, the Federal Government or the
Authority, as the case may be, may make a reference to the Court on any question or
matter which the Government or the Authority considers to be of special significance
requiring orders, determination or action concerning the affairs of a company or any
action of any officer thereof.

Explanation.--In this sub-section "officer" includes an auditor, liquidator or agent of the

company.

(2) Where a reference is made to the Court under sub-section (1), the Court may make
such order as it may deem just and equitable under the circumstances.