Regulation 9 — Memorandum of Association

(1) The memorandum of association shall be in
conformity with Table B, C, D, E or F of the First Schedule to the Act and any other rules and
regulations notified by the Commission/Federal Government, as applicable to the kind of the
company.
(2) It shall contain an undertaking that the company shall not engage in any of the
restricted business, launch multi -level marketing (MLM), Pyramid and Ponzi Schemes, or other
related activities/businesses or any lottery business, or engage in any of the permissible business
unless the requisite approval, permission, consent or license is obtained from competent authority as
may be required under any law for the time being in force.
Explanation.—Notwithstanding anything contained in the foreg oing sub-clauses of
this clause nothing contained herein shall be construed as empowering the Company to undertake or
indulge, directly or indirectly in the business of a Banking Company, Non-banking Finance Company
(Asset Management Services, Leasing, Investment Finance Services, Investment Advisory Services,
REIT Management Services, Housing Finance Services, Private Equity and Venture Capital Fund
Management Services, Discounting Services, Pension Fund Scheme Business, Micro Financing),
Corporate Restruc turing Company, Insurance Business, Modaraba Management Company, Stock
Brokerage business, forex, Clearing House, Securities and Futures Advisor, Commodity Exchange,
managing agency, business of providing the services of security guards or any other business subject
to license and restricted under any law for the time being in force or as may be specified by the
Commission.
(3) The memorandum filed in physical form under sub -section (1) of section 16 of the
Act, shall be properly stamped as required by the Stamp Act, 1899 (II of 1899), if applicable, duly
subscribed and witnessed along with the declaration made thereunder:

Provided that in case of electronic submission of memorandum of association, the
stamp duty shall not be paid till the time the Provincia l Governments devise and implement
appropriate measures for payment and recovery of stamp duty through electronic means in terms of
section 10 of the Electronic Transactions Ordinance, 2002 (LI of 2002).
(4) The registrar may require any person who makes a declaration under sub-section (1)
of section 16 of the Act or is a promoter or director of the proposed company or is a witness to the
signatures of the subscribers to the memorandum to furnish such information, clarification or
document as he may deem ne cessary to satisfy himself for purposes of sub -sections (2) and (4) of
section 16 of the Act.