THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

9th  March, 2005

NOTIFICATION

S.R.O. 223 (I)/2005.- In exercise of the powers conferred by section 506 of the Companies Ordinance, 1984 (XLVII of 1984), read with clause (b) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan with the approval of the Federal Government is pleased to direct that the following further amendment shall be made in the Companies (General Provisions and Forms) Rules, 1985, namely:

In the aforesaid Rules, for rule 14B the following shall be substituted, namely:

“14B. Qualifications of company secretary.- (1). The directors of a public listed company shall take reasonable steps to ensure that the company secretary is a person who appears to them to have the requisite knowledge and experience to discharge his functions as company secretary, and who is,

(a)a member of, –

(i)        a recognized body of professional accountants; or

(ii)       a recognized body of corporate or chartered secretaries; or

(b) a person holding a master degree in business administration or commerce or being a law graduate from a university recognized by the Higher Education Commission and having at least two years relevant experience:

Provided that a person already engaged by a public listed company as company secretary before the 26th October, 2002, may continue in that capacity if he has an experience of not less than five years in that position.

(2) The company secretary of a single member company shall be a person holding a bachelor degree from a university recognized by the Higher Education Commission.”

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