Regulation 104 — Financial statements

(1) The company shall ensure that its income and expenditure
accounts clearly exhibit a statement of all funds, grants, contributions, donations received from local
and foreign sources separately.
(2) The company shall clearly disclose its policy for receipt, investment and utilization of
Islamic donations, as mentioned in clause (xii) of regulation 100, in the financial statements and shall
also disclose amount of such donations and avenues where utilized.
(3) The directors’ report prepared under the Act shall also include information, pertaining
to—
(i) compliance with the relevant provisions of the Act;
(ii) compliance with all the provisions and conditions of these regulations;
(iii) compliance with the all conditions provided in the license (if any); and
(iv) confirmation to the effect that prior security clearance in terms of these regulations, in
respect of foreign donation, foreign member, foreign director and foreign chief
executive officer, if any, has been obtained.
105. 51[….]

51 Omitted Regulation 105 vide S.R.O. 601(I)/2025 dated 11th April, 2025. The omitted clause was read as under:
“The company shall submit to the Commission a monthly statement of amount received from local and foreign sources
equivalent to or in excess of five million rupees on the following format duly signed by an authorized officer of the company–
Details of Funding for the month of _____________
Amount Received

52[106. Approval of foreign directors/members shall only be granted upon receipt of prior
security clearance from Ministry of Interior.]
CHAPTER VIII
FURTHER ISSUE OF SHARES BY UNLISTED COMPANIES