Section 2 — Definitions

(1) In this Act, unless the context otherwise requires,—

(a) "address" in relation to a partner of a limited liability partnership, means,—
(i) if an individual, his usual residential address or service address provided by him; and
(ii) if a body corporate or company, the address of its registered office;

(b) "advocate" means an Advocate within the meaning of the Legal Practitioners and Bar Councils Act, 1973 (XXXV of 1973);

(c) "Appellate Bench" means Appellate Bench of the Commission constituted under sub-section (2) of section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997);

(d) "body corporate" includes,—
(i) limited liability partnership registered under this Act;
(ii) limited liability partnership registered or incorporated outside Pakistan; and
(iii) company incorporated outside Pakistan,
but does not include,—
(a) sole proprietorship;
(b) co-operative society registered under any law relating to cooperative societies; and
(c) any other body corporate, not being a company as defined in the Ordinance, which the Federal Government may, by notification in the official Gazette, specify in this behalf;

(e) "business" includes every trade, profession and occupation;

(f) "chartered accountant" means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Ordinance, 1961 (X of 1961) and who has obtained a certificate of practice under sub-section (1) of section 6 thereto;

(g) "Commission" means Securities and Exchange Commission of Pakistan established under section 3 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997);

(h) "cost and management accountant" means a cost and management accountant within the meaning of the Cost and Management Accountants Act, 1966 (XIV of 1966);

(i) "Court" means the Company Bench of a High Court as provided in section 7 and section 8 of the Ordinance;

(j) "designated partner" means any partner designated as such pursuant to section 10;

(k) "financial year" means the period commencing on the first day of July of any year and ending on the thirtieth day of June of the succeeding year;

(l) "firm" shall have the same meaning as assigned to it under the Partnership Act, 1932 (IX of 1932);

(m) "foreign limited liability partnership" means a limited liability partnership that is formed, registered or incorporated outside Pakistan;

(n) "limited liability partnership" means a partnership registered under this Act;

(o) "limited liability partnership agreement" means any written agreement between partners of the limited liability partnership which determines mutual rights and duties of the partners and their rights and duties in relation to the limited liability partnership;

(p) "officer" in relation to a limited liability partnership, means,—
(i) any manager of the limited liability partnership;
(ii) a receiver and manager of any part of the undertaking of the limited liability partnership appointed under a power contained in any instrument; and
(iii) any liquidator of the limited liability partnership appointed in a voluntary winding up;

(q) "Ordinance" means the Companies Ordinance, 1984 (XLVII of 1984);

(r) "partner", in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement;

(s) "prescribed" means prescribed through regulations made by the Commission for carrying out the purposes of this Act; and

(t) "Registrar" means a Registrar, an Additional, a Joint, a Deputy or an Assistant Registrar, performing under this Act the duty of registering limited liability partnership.

(2) The words and expressions used but not defined in this Act shall have the same meaning as defined in the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997).