CORPORATE LAW

Week 1

Introduction to Law
By
Muhammad Naveed Chohan

COMSATS LACASTER Dual Degree Programme

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Outline
Introduction to Law
Law Making in Pakistan
Judicial System in Pakistan
Business Organisations in Pakistan
Regulation of Business Organisations in Pakistan

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Rectangle

Cube

Circle

Triangle

Arrow
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Introduction to Law
What is Law?
Law means rules, regulations and principles which regulate
the conduct of human behaviour

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Introduction to Law
What is Law?
Law is the command of the sovereign
(Austin)

Law is the experience, developed by reasons and reasons,

tested by experience
(Aristotle)

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Introduction to Law

LAW

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Introduction to Law
Kinds of Law:

Imperative Law
Physical or Scientific Law
Natural or Moral Law
Conventional Law
Customary Law
Common Law
Constitutional Law
Administrative Law
Civil Law
Criminal Law
Statutory Law
Procedural Law
International Law

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Introduction to Law
Kinds of Law:

Imperative Law:

Set of rules prescribed by the governing authority

Obliging people to a course of conduct
Have coercive power

Physical of Scientific Law:

General principles expressing the regularity harmony in universe

Law of gravitation, law governing planetary motion, law of chemical
combinations etc.

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Introduction to Law
Kinds of Law:

Natural or Moral Law:

Deals with the acts of mankind

God has installed in the minds and hearts of mankind
Natural law is also called divine law, the unwritten law and the law of
reasons

Conventional Law:

Rules and regulations of voluntary organizations

For example Law of Nations

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Introduction to Law
Kinds of Law:

Customary Law:

Comprises customs and usages observed in a particular community or

Society
Acquired the force of law

Common Law:

Judge made law

Reflects customs and traditions
Existing only in practice and not in writing

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Introduction to Law
Kinds of Law:

Constitutional Law:

Supreme law of a country

Define fundamental rights of the people, the form and style of
government
Set boundary of working for institutions like legislator, the executive,
the judiciary

Administrative Law:

Govern functioning of the administrative services

Elaborates the relationships with public

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Introduction to Law
Kinds of Law:

Civil Law:

Law of the land

Also known as law of lawyers, law of courts or Municipal law

Criminal Law:

Acts of commission and omission is known as crimes

Crime is also known public wrong or offence against whole public
State prosecute the offender
Punishment according to laid penalty

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Introduction to Law
Kinds of Law:

Statutory Law:

Laws made by federal legislature (e.g. Pakistan Penal Code 1860)

Laws made by provincial legislature (e.g. The Punjab Consumer
Protection Act 2005)

Procedural Law:

Pertains to the procedure whereby the civil and criminal courts are
administrated by courts (e.g. Criminal Procedure Code)

International Law:

Govern sovereign states in their relations

Source in international agreements

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Law Making in Pakistan

Ordinance

Act

President's Power under Article 89

Under Article 70 of
constitution
under Constitution
Origination of bill

Governors Power under Article 128

in National Assembly/Senate
under Constitution

Same Powers of Act

Life of 4 Months by president and 3 month

On approval is sent to other
by governor
house Senate/ National Assembly

Parliament can extend it up to

4 months and Provincial assembly 3 months

Parliament / Provincial assembly

Signature of President
can disapprove it/ approve it

President/Governor
can withdraw it
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October 16, 201
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Judicial System in Pakistan

Supreme Court of Pakistan
High Courts in 4 Provinces
+

High Court in Islamabad

Special Courts
(Banking Courts, Corporate and
Commercial Courts etc.)
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District &Session Courts

Civil Courts & Magistrate Courts
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Business Organisations in Pakistan

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Business Organisations in Pakistan

Kinds of Business Organizations in Pakistan:

Single Trader
\ Soleproprietor

Partnership

Corporations

By Special Public Acts

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Unincorporated
Associations

Trusts

Specialised
Types

By General Public Act

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Regulation of Business Organisations in Pakistan

Sole Proprietorships (No Specific Regulation)

Partnerships (Firm Registrar under Partnership Act 1932 )

Companies

Non-Financial Companies [Securities and Exchange

Commission of Pakistan (SECP) under SECP Act 1997]

Non-Banking Financial Companies [Securities and Exchange

Commission of Pakistan (SECP) under SECP Act 1997]

Banking Companies [State Bank of Pakistan (SBP) under

State Bank of Pakistan Act 1956]

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End of Week #1 Lecture Presentation

Thanks for Patience

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