The First Schedule to the Companies Act, 2017 sets out six model documents — Tables A to F — referenced by Section 36, Section 37, Section 41, and Section 42. Table A is different in kind from the other five: under Section 36(2) and (5), a company limited by shares that either does not register its own articles, or registers articles that do not exclude or modify a given Table A regulation, is automatically governed by that regulation “as if it were contained in duly registered articles.” Table A is reproduced below in full for that reason — it is live, operative law for most companies limited by shares in Pakistan whether or not they know it.
Tables B to F, by contrast, are specimen documents. Section 41 requires the memorandum/articles of a guarantee or unlimited company to be “in accordance with the forms set out in Tables B, C, D and E… or as near thereto as circumstances admit” — so they are a required starting format, not verbatim binding text in the way Table A is. They are summarised below with their distinctive and mandatory clauses called out, rather than reproduced blank-form cell by blank-form cell (the source specimens use placeholder company names such as “ABC Textile Limited” and blank signature-block tables, which do not add legal content beyond what is described here). The copy below is transcribed from the Companies Act, 2017 (as consolidated), pages 308–341.
Table A — Regulations for Management of a Company Limited by Shares
(See Sections 2 and 36)
Part I — General
Preliminary
1. (1) In these regulations — (a) “section” means section of the Act; (b) “the Act” means the Companies Act, 2017; and (c) “the seal” means the common seal or official seal of the company, as the case may be.
(2) Unless the context otherwise requires, words or expressions contained in these regulations shall have the same meaning as in the Act; words importing the singular include the plural and vice versa, words importing the masculine gender include the feminine, and words importing persons include bodies corporate.
Business
2. The directors shall have regard to the restrictions on the commencement of business imposed by section 19 if, and so far as, those restrictions are binding upon the company.
Shares
3. In case of shares in physical form, every person whose name is entered as a member in the register of members shall, without payment, be entitled to receive — within thirty days after allotment, or within fifteen days of an application for registration of transfer — a certificate under the seal specifying the share(s) held and the amount paid up thereon. Where shares are in book-entry form, or on conversion of physical shares/other transferable securities into book-entry form, the company shall, within ten days of an application for registration of a transfer to a central depository, register that transfer in the depository’s name.
4. The company need not issue more than one certificate for a share (or shares) held jointly by several persons; delivery of a certificate to one joint holder is sufficient delivery to all.
5. A defaced, lost, or destroyed physical share certificate may be renewed on payment of a fee (if any) not exceeding one hundred rupees, and on such terms as to evidence, indemnity, and payment of the company’s investigation expenses as the directors think fit.
6. Except to the extent and manner allowed by section 86, no part of the company’s funds shall be employed in purchasing, or lending upon the security of, the company’s own shares.
Transfer and Transmission of Shares
7. An instrument of transfer of a physical share must be executed by both transferor and transferee; the transferor remains the holder until the transferee’s name is entered in the register of members.
8. Physical shares are transferred using the statutory transfer form (reproduced below) or any usual/common form the directors approve. The form must record: the transferor’s and transferee’s name, parentage, residence, CNIC/passport number, nationality, occupation, and address; the shares transferred by distinctive number; the consideration; two witnesses (each with signature, name, CNIC, and address); and — mandatory for a listed company, optional otherwise — the transferee’s bank account details for cash dividend payment (title, account number, bank, and branch), with an undertaking to notify the company and share registrar of any change.
9. (1) Subject to regulations 10 and 11, the directors may not refuse to transfer a share unless the transfer deed is defective or invalid. They may suspend registration of transfers during the ten days immediately preceding a general meeting, or before determining shareholder entitlements/rights, on seven days’ prior notice. For physical shares, the directors may decline to recognise an instrument of transfer unless (a) a fee not exceeding fifty rupees (as the directors determine) is paid, and (b) the duly stamped transfer instrument is accompanied by the relevant share certificate and any other evidence reasonably required to show the transferor’s right to transfer.
(2) If the directors refuse to register a transfer, they must, within fifteen days of the transfer deed being lodged, notify the transferee and transferor of the refusal and the defect or invalidity; the transferee may then re-lodge the deed once the defect is cured. Where the transferee is a central depository, this notice period is five days.
Transmission of Shares
10. On the death of a sole shareholder, only the executors, administrators, heirs, or nominees are recognised by the company as entitled to deal with the share. Where a share is held jointly, only the survivor(s), or the executors/administrators of the deceased survivor, are recognised.
11. A deceased member’s shares/securities are transferred, on application supported by a succession certificate or lawful award, to the successors in proportion to their interests, and their names entered in the register of members.
12. A member may, at any time after acquiring shares, deposit with the company a nomination conferring on a relative (spouse, father, mother, brother, sister, son, or daughter) the right to protect the legal heirs’ interest in the shares as a trustee and facilitate their transfer on the member’s death, subject to succession under Islamic law of inheritance (or the member’s own personal law, for non-Muslims).
13. The person nominated under regulation 12 is deemed a member until the shares are transferred to the legal heirs; if the deceased was a director of a non-listed company, the nominee also acts as director to protect the heirs’ interest.
14. A person deemed a member under regulations 11–13 by reason of death or insolvency of the holder is entitled to the same dividends and advantages, and may exercise the same meeting rights, as the registered holder would have had.
Alteration of Capital
15. The company may, by special resolution — (a) increase its authorised capital by any amount it thinks expedient; (b) consolidate and divide the whole or part of its share capital into larger-denomination shares; (c) sub-divide its shares into smaller-denomination shares than fixed by the memorandum; (d) cancel shares not taken (or agreed to be taken) as at the date of the resolution, and diminish its capital accordingly.
16. Subject to the Act, all new shares must first be offered, in proportion to existing holdings, to persons entitled at the date of offer, by a letter of offer specifying the number offered and a time limit after which the offer is deemed declined; the directors may then dispose of undeclined or unofferable shares as they think most beneficial to the company.
17. New shares are subject to the same provisions on transfer, transmission, and otherwise as shares in the original capital.
18. The company may, by special resolution — (a) consolidate and divide its share capital into larger-denomination shares; (b) sub-divide existing shares into smaller-denomination shares (subject to section 85); (c) cancel shares not taken (or agreed to be taken) at the date of the resolution.
19. The company may, by special resolution, reduce its share capital in any manner, subject to confirmation by the Court and any other legally required consent.
General Meetings
20. The statutory general meeting shall be held within the period required by section 131.
21. The annual general meeting shall be held, per section 132, within sixteen months of incorporation and thereafter at least once every year, within one hundred and twenty days of the close of the financial year.
22. All general meetings other than the statutory meeting or an annual general meeting (sections 131–132) are extraordinary general meetings.
23. The directors may call an extraordinary general meeting whenever they think fit, and must do so on requisition under section 133 (or, in default, the requisitionists may call it). If insufficient directors capable of acting remain in Pakistan to form a quorum, any director may call an extraordinary general meeting as nearly as possible in the manner directors would.
24. The company may provide a video-link facility for members attending a general meeting from another town, having regard to geographical dispersal. For a listed company, if members holding 10% of paid-up capital (or such other specified percentage) reside in another city and request it in writing at least seven days before the meeting, the company must provide that video-link facility.
Notice and Proceedings of General Meetings
25. At least twenty-one days’ notice (excluding the service day, including the meeting day), specifying place, day, hour, and — for special business — its general nature, must be given to everyone entitled to receive it; accidental omission or non-receipt by any one member does not invalidate the meeting.
26. All business at a general meeting is “special” except the ordinary business listed in section 134(2): considering the financial statements and board/auditors’ reports, declaring a dividend, electing/appointing directors, and appointing auditors and fixing their remuneration.
27. No business may be transacted without a quorum present when the meeting proceeds to business. Quorum: (a) for a public listed company, not less than ten members present in person or by video-link, representing not less than 25% of total voting power (personally or as proxies); (b) for any other company with share capital, two members present in person or by video-link, representing not less than 25% of total voting power.
28. If no quorum is present within half an hour of the appointed time, a meeting called on members’ requisition is dissolved; otherwise it stands adjourned to the same day, time, and place the following week — and if quorum is again not met within half an hour, the members present (not fewer than two) constitute a quorum.
29. The chairman of the board presides at every general meeting; if there is none, or he is absent more than fifteen minutes after the appointed time, or unwilling to act, the directors present may elect one of themselves, and failing that, the members present choose one of their own number.
30. The chairman may, with the meeting’s consent (and must, if so directed), adjourn from time to time; only unfinished business may be transacted at the adjourned meeting. An adjournment of fifteen days or more requires fresh notice as for an original meeting; otherwise no further notice is required.
31. (1) A resolution is normally decided on a show of hands unless a poll is demanded before or on declaration of the result; the chairman’s declaration of the result (with a minute-book entry) is conclusive, without proof of the actual vote numbers.
(2) The company shall transact any business notified by the Commission for postal ballot only through postal ballot.
32. A poll may be demanded only as provided in section 143.
33. A duly demanded poll is taken per sections 144–145, and its result is deemed the meeting’s resolution.
34. A poll on the election of chairman or on adjournment is taken at once.
35. On an equality of votes (show of hands or poll), the chairman has and may exercise a casting vote in addition to his own.
36. Other than the section 134(2) AGM business, members of a private company or public unlisted company (not more than fifty members) may pass an ordinary or special resolution by circulation, signed by all members entitled to notice; it is deemed passed on the date the last signatory signs.
Votes of Members
37. Subject to any class rights/restrictions, on a show of hands every member present in person has one vote — except for the election of directors, where section 159 governs. On a poll, voting rights follow section 134.
38. Among joint holders, the senior holder’s vote (in person, by proxy, or by video-link) is accepted to the exclusion of the others’; seniority follows the order of names in the register of members.
39. A member of unsound mind (or under a lunacy order) may vote — on a show of hands, poll, or video-link — through their committee or legal guardian, who may vote by proxy on a poll.
40. On a poll, votes may be given personally, by video-link, by proxy, or by postal ballot — provided no body corporate may vote by proxy while a section 138 board resolution to that effect is in force.
41. (1) The proxy instrument must be in writing, signed by the appointer or a duly authorised attorney.
(2) The proxy instrument (and any power of attorney it relies on, or a notarised copy) must be deposited at the registered office at least forty-eight hours before the meeting; otherwise it is not treated as valid.
42. A model instrument of proxy is set out, appointing a named proxy to attend and vote at a specified statutory/annual/extraordinary general meeting (and any adjournment).
43. A vote given under a proxy instrument remains valid despite the principal’s prior death, insanity, or the proxy’s revocation, unless the company received written notice of that death, insanity, revocation, or share transfer before the meeting began.
Directors
44. The subscribers to the memorandum are the first directors (subject to the minimum in section 154) and hold office until directors are elected at the first annual general meeting.
45. Directors’ remuneration is determined from time to time by the company in general meeting, subject to the Act.
46. Save as provided in section 153, no person may be appointed director unless a member of the company.
Powers and Duties of Directors
47. The directors manage the company’s business, may pay promotion/registration expenses, and exercise all powers not required by the Act or these regulations to be exercised by the company in general meeting — subject to the Act and to any regulation the company makes in general meeting (which cannot invalidate a prior, otherwise-valid act of the directors).
48. The directors shall appoint a chief executive under sections 186–187.
49. Moneys borrowed or raised by the directors (other than by issuing share capital) may not, without the company’s sanction in general meeting, exceed the company’s issued share capital.
50. The directors must duly comply with the Act, particularly on registering mortgage/charge/pledge particulars, keeping a register of directors, filing the annual list of members and particulars with the registrar, notifying capital consolidation/increase/sub-division, and filing special resolutions and the register of directors (and its changes).
Minute Books
51. The directors shall keep records/minutes of (a) all general-meeting and board/committee resolutions and proceedings, with every member/director present signing a dedicated book; (b) the names of persons present at each meeting; and (c) all board/committee orders — with video-link proceedings recorded per Commission regulations as part of the minute books.
The Seal
52. The directors provide for the seal’s safe custody; it may be affixed only under board (or authorised committee) resolution, in the presence of at least two directors and the secretary (or another person the directors appoint), who then sign the instrument.
Disqualification of Directors
53. No person suffering a section 153 disability/disqualification (or otherwise disqualified/debarred under the Act) may become or remain a director, ceasing office from the date of disqualification — save that a director does not vacate office merely for being a member of a company that has contracted with, or worked for, the company of which he is director, though he may not vote (and if he does, his vote does not count) on that contract or work.
Proceedings of Directors
54. Directors may meet, adjourn, and regulate their own meetings; any director (or the secretary, on a director’s requisition) may summon a meeting at any time. Notice by email to a director, in or outside Pakistan, is valid.
55. Directors may elect a chairman and fix his term; if none is elected, or the chairman is absent more than ten minutes after the appointed time or unwilling to act, the directors present choose one of themselves.
56. Quorum: at least one-third of the total directors, or two directors, whichever is higher, present in person or by video-link.
57. Save as the Act otherwise provides, board questions are decided by a majority of directors present (in person or by video-link), each with one vote; on a tie, the chairman has a casting vote in addition to his own.
58. Directors may delegate powers not required to be exercised at a board meeting to committees of one or more of their body, subject to any restrictions the directors impose.
59. (1) A committee may elect its own chairman (with the same fallback rule as regulation 55).
(2) A committee meets and adjourns as it thinks proper; questions are decided by majority, with the chairman having a casting vote on a tie.
60. Acts of a board/committee meeting, or of a person acting as director, remain valid even if a defect in that person’s appointment, or a disqualification, is later discovered — as if duly appointed and qualified throughout.
61. Draft board-meeting minutes must be furnished to every director within seven working days of the meeting.
62. A written resolution signed by all directors entitled to notice of a board meeting is as valid as one passed at a duly convened meeting.
Filling of Vacancies
63. At the first annual general meeting, all directors retire and are replaced by election under section 159, for a three-year term.
64. A retiring director is eligible for re-election.
65. The directors must comply with sections 154–159 and 161, 162, and 167 on director elections and related matters.
66. A casual board vacancy may be filled by the directors; the person appointed is subject to retirement at the same time as the director in whose place they were chosen would have been.
67. The company may remove a director, but only as the Act provides.
Dividends and Reserve
68. The company in general meeting may declare dividends, but not exceeding the amount the directors recommend.
69. The directors may from time to time pay such interim dividends as they consider justified by the company’s profits.
70. Dividends may be paid in cash or in kind, only out of profits; a dividend in kind may only take the form of listed-company shares held by the distributing company.
71. No dividend may be paid out of unrealised gain on investment property credited to the profit and loss account.
72. Subject to any special dividend rights, all dividends are declared and paid according to the amounts paid up on the shares.
73. (1) Before recommending a dividend, the directors may set aside such sums as they think proper as a reserve or reserves — at their discretion applicable to contingencies, equalising dividends, or any other proper purpose — and pending use, may employ that reserve in the business or invest it (other than in the company’s own shares), subject to the Act.
(2) The directors may carry forward any profits they think it prudent not to distribute, without setting them aside as a reserve. (This is the regulation referred to as “clause 73 of Table A” by Circular No. 4 of 2024 on transfers between revenue and capital reserve.)
74. Where several persons are registered as joint holders of a share, any one of them may give an effectual receipt for a dividend on that share.
75. (1) Notice of a declared dividend is given as elsewhere provided, though a public company may instead advertise in a newspaper circulating in the province of its registered office.
(2) Dividends are paid to the registered shareholder (or their order); cash dividends may be paid by cheque, warrant, or electronic mode, per the shareholder’s direction.
(3) For a listed company, cash dividends must be paid only by electronic mode, directly into the shareholder’s designated bank account.
76. The dividend must be paid within the period the Act lays down.
Accounts
77. The directors shall keep proper books of account as section 220 requires.
78. Books of account are kept at the registered office or such other place as the directors think fit, open to director inspection during business hours.
79. The directors determine, from time to time, whether/when/where non-director members may inspect accounts and books; a non-director member has no inspection right beyond what the law confers or the directors/general meeting authorise.
80. The directors shall, as sections 223 and 226 require, prepare and lay before the general meeting duly audited financial statements and the referenced reports.
81. Those financial statements and reports must be made out yearly and laid before the annual general meeting per sections 132 and 223.
82. A copy of the financial statements and directors’/auditors’ reports must be sent, at least twenty-one days before the meeting, to everyone entitled to receive notice of general meetings.
83. The directors must comply in all respects with sections 220 to 227.
84. Auditors are appointed, and their duties regulated, under sections 246 to 249.
Notices
85. (1) A notice to a member may be given at their registered address (or, if none in Pakistan, at an address the member has supplied), against acknowledgement, by post, courier, electronic means, or any other manner the Commission specifies.
(2) A notice sent by post is deemed served, unless the contrary is proved, at the time it would ordinarily be delivered, once properly addressed, prepaid, and posted.
86. Notice to joint holders of a share may be given to whichever joint holder is named first in the register.
87. Notice to a person entitled to a share by reason of a member’s death or insolvency may be addressed by name, or by the title/description of the deceased’s representative or the insolvent’s assignee, at the address that person has supplied.
88. Notice of every general meeting must be given to every member, to every person entitled to a share by reason of a member’s death or insolvency (who but for that would be entitled to notice), and to the company’s auditors and every other person entitled to notice.
Winding Up
89. (1) In a members’ voluntary winding up (with special-resolution sanction) or a creditors’ voluntary winding up (with sanction of a creditors’ meeting), the liquidator may exercise the section 337(1) powers of a court-appointed liquidator, including dividing the company’s assets (of the same or different kinds) in specie among members.
(2) The liquidator may value the property so divided and determine how the division is carried out between members or classes of members.
(3) With the like sanction, the liquidator may vest the assets in trustees for the contributories’ benefit — but no member may be compelled to accept shares/securities carrying any liability.
Indemnity
90. Every officer or agent of the company may be indemnified out of its assets against liability incurred in defending civil or criminal proceedings arising from their dealings in the company’s affairs — except proceedings brought by the company itself — where judgment is in their favour, they are acquitted, or relief is granted under a section 492 application.
Subscription block (end of Part I)
Table A closes with the standard subscription clause: the subscribers state they are desirous of being formed into a company under these articles and agree to take the number of shares set against their names, in a table capturing each subscriber’s name, CNIC/passport number, parentage, nationality, address, occupation, number of shares taken, and signature — followed by witness particulars (for physical submission) or the Digital Signature Certificate Provider’s name and address (for electronic submission).
Part II — Regulations for Management of a Single Member Private Company Limited by Shares
Part II supplies the additional/overriding regulations for a Single Member Company (SMC); regulations in Part I of Table A continue to apply so far as they are not inconsistent with Part II (regulation 3, below).
Interpretation & Preliminary
1–2. Defines “company”, “directors”/“board of directors”, “member director”, “non-member director”, “private company”, “sole member”, and “sole director” for these articles, with the same general interpretation conventions as Part I regulation 1(2).
3. Any Act provision (or rules/regulations) applicable to an ordinary private company limited by shares applies equally to an SMC, absent express provision to the contrary, and Part I of Table A is deemed part of these articles so far as not inconsistent with the provisions below.
Single Member Company
4. Being a single-member private company limited by shares, the company (a) shall not invite the public to subscribe for shares; (b) shall not register any share(s) in the name of two or more persons jointly; and (c) is limited to one member.
Shares; Transfer and Transmission
5. The company may alter its share capital under section 85.
6. A share certificate is issued under the seal and signed by the member director or the non-member director.
7. The company may not transfer all or part of the sole member’s shares to two or more persons, nor allot further shares to anyone else, nor otherwise let the membership become two or more — except on converting to a private company with articles altered accordingly.
8. The sole member may transfer all their shares to a single person, keeping the company a single-member company as before.
9. The sole member must nominate a person who, on the sole member’s death, is responsible for (a) transferring the shares to the legal heirs under Islamic law of inheritance (or the deceased’s own personal law, if non-Muslim), and (b) managing the company as trustee until that transfer — provided that where the transfer is to more than one heir, the company ceases to be an SMC and must comply with section 47.
Change of Status
10. The company may convert from a single-member private company to an ordinary private company under section 47.
Meetings, Votes and Election of Directors
11. Every Act requirement on calling, holding, and approving a general meeting, board meeting, or director election is deemed complied with for an SMC if the decision is recorded in the minutes book and signed by the sole member or sole director, as applicable.
Director(s)
12. The company must always have the sole member (or, where the member is not a natural person, its nominee) as a director, and may have other director(s) meeting the section 153 conditions.
13. The board cannot remove the member director, though where the sole member is not a natural person, it may change its nominee.
14. The sole member may remove any director, chief executive, or secretary by resolution.
15. The director(s) shall appoint a chief executive under sections 186–187.
16. Directors may hold meetings by tele/video-link, provided the minutes are subsequently approved and signed by all directors.
17. Minute-book requirements mirror Part I regulation 51 (resolutions/proceedings, names present, and orders made, with video-link records per Commission regulations).
Secretary
18. The company may appoint a secretary responsible for the duties normally discharged by a secretary under corporate law and secretarial practice.
Contracts with the Single Member
19. Where the company contracts with its sole member, unless the contract is in writing, its terms must be set out in a written memorandum or recorded in the minutes of the directors’ first meeting following the contract.
Dividends and Reserves; Accounts
20. The company may declare and pay dividends under the Act.
21. The director(s) shall keep proper books of account under section 220.
22. Auditors are appointed and regulated under sections 246–249.
The Seal
23. The director(s) provide for the seal’s safe custody; it may be affixed only under board/committee authorisation, in the presence of the member director or non-member director and the secretary (or another appointed person), who then sign the instrument.
Winding Up; Indemnity
24. The company follows the Act’s relevant provisions on winding up.
25. Officer/agent indemnity mirrors Part I regulation 90, referencing section 487 in place of section 492.
Part II closes with the SMC subscription clause (a single subscriber’s particulars and shares taken) and, separately, Table B’s ordinary multi-subscriber block where relevant.
Table B — Memorandum of Association of a Company Limited by Shares
(See section 41)
A specimen memorandum for a company limited by shares, illustrated using a fictitious “ABC Textile Limited”. It models the standard six clauses: (1) name; (2) registered office (by province); (3) principal line of business plus an “all lawful businesses” sweep-up, subject to a standard negative list of licensed/restricted activities the company may not undertake without a specific licence (banking, NBFC activities, insurance, modaraba management, stock brokerage, forex, clearing house, commodity exchange, managing agency, security-guard services, etc.), and an undertaking never to run unlawful operations, multi-level-marketing/pyramid/Ponzi schemes, or lottery business, and to obtain any required licence before undertaking a permissible-but-regulated activity; (4) limited liability; and (5)–(6) authorised share capital, stated in rupees and as a number of shares of stated face value. The specimen closes with the subscription block described under Table A above.
Table C — Memorandum and Articles of a Company Limited by Guarantee, Not Having a Share Capital
(See section 41)
Uses the same name/office/objects/negative-list clauses as Table B, but in place of a share-capital clause states the guarantee amount: every member undertakes to contribute, on a winding up within one year of ceasing to be a member, an amount (left blank for the company to fix) toward debts, liabilities, and winding-up costs. The accompanying specimen articles (62 regulations) largely mirror Table A’s structure — interpretation; membership (minimum member count, fixed by the directors); AGM within sixteen months and annually thereafter within 120 days of financial year-end; extraordinary general meetings; quorum (three members or 25% of voting power, whichever is greater, in person or by video-link); adjournment on failed quorum; voting (show of hands, poll, proxy, or postal ballot as the Commission notifies); first directors named as subscribers, elected under section 159 for a three-year term; board quorum of one-third or two directors (whichever is higher); minute books; the seal; a chief executive appointed by the directors; and officer indemnity (referencing section 492).
Table D — Memorandum and Articles of a Company Limited by Guarantee, Having a Share Capital
(See section 41)
Combines Table C’s guarantee-on-winding-up clause with a stated authorised share capital (as in Table B). Its specimen articles are markedly shorter: regulation 3 simply provides that all the regulations in Table A are deemed incorporated and apply to the company, so Table A’s full text (above) governs directly rather than being restated.
Table E — Memorandum and Articles of an Unlimited Company Having a Share Capital
(See section 41)
Same name/office/objects/negative-list structure as Table B, but states the members’ liability is unlimited. As with Table D, its specimen articles simply provide that all the Table A regulations are deemed incorporated and apply to the company.
Table F — Memorandum and Articles of a Company Licensed under Section 42
(See section 42)
The model constitution for a not-for-profit association seeking a Section 42 licence (e.g. a charitable, educational, religious, or welfare company barred from distributing profit to members). Its memorandum sets out: the name and registered office; a detailed objects clause (illustrated with an education/health example) plus an enabling list of ancillary powers (accepting donations/grants, banking, property dealing other than real-estate/housing business, borrowing, mortgaging/guaranteeing, co-operating with similar bodies, investing surplus funds, running seminars/publications, and a general sweep-up clause); unlimited liability by guarantee up to a stated amount on winding up (currently at least Rs. 100,000, or such other amount as the Commission notifies); a territorial clause (all of Pakistan, by default); and a dissolution clause requiring any surplus, after debts and liabilities, to pass to another Section 42 company with similar objects, with Income Tax Act, 2001 approval and notice to the Commission.
Table F’s condition clause (paragraph V) was substantially simplified by S.R.O. 732(I)/2018 (7 June 2018): the original text set out seventeen detailed operating conditions directly in the memorandum — e.g. a five-year post-membership bar on paying remuneration to members/family, a prohibition on political activity, mandatory fit-and-proper screening of directors/chief executives, a 30 June financial year-end, a cap on retained surplus (25% of annual income, and then only if invested in government securities or similarly regulated instruments), and a requirement to disclose the “section 42 company” status on all letterheads. The 2018 amendment replaced all of this with a single cross-reference: the company achieves its objects “subject to the conditions specified in the Associations with Charitable and Not for Profit Objects Regulations, 2018, and any additional condition mentioned in the licence” — moving the substantive conditions out of the memorandum and into that standalone regulation (and the licence itself), which the Commission can then update without every Section 42 company needing to amend its memorandum.
Note on scope: the summaries of Tables B–F above describe their structure and distinctive mandatory content rather than reproducing the specimen forms’ blank signature-block tables and placeholder company names verbatim, since those add no legal content beyond what is described. Table A, which is directly operative by default, is reproduced above in full.