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Capital Issues (Continuance of Control) Act 1947

SectionsContents 
 Preamble 
1Short title extent and duration 
2Definitions 
3Control over issue of capital 
4Control over prospectuses and other advertisement 
5Purchase and sale of securities 
6Power to exempt and to condone contraventions 
7Power to call for information 
8False statement 
9Prohibition against disclosing information 
10Power to delegate function 
11Committee to advise Government 
12Power to make rules 
13Penalties 
14Burden of proof in certain cases 
15Protection of action taken under act 
16Continuance of existing orders and savings 

 Capital Issues (Continuance of Control) Act 1947
Act XXIX OF 1947

19th April, 1947

An Act to provide for the continuance of control over issues of Capital

Preamble: Whereas it is expedient to provide for the continuance of control over issues of Capital;

It is hereby enacted as follows.

  1. Short title extent and duration. (1) This Act may be called the Capital Issues (Continuance of Control) Act, 1947.

(2) It extends to the whole of Pakistan and applies to all citizens of Pakistan wherever they may be.

  1. Definitions: In this Act.

(a)      ‘Issue of capital’ means the issuing of any securities whether for cash or otherwise;

(b)      ‘Securities‘ means any of the following instruments issued or to be issued, by or for the benefit of a company whether incorporated in Pakistan or not, namely:

(i)       shares, stock, [Modaraba Certificates, Mutual Fund Certificates & trust Union] ;

(ii)      debentures, [Lands and Participation Terms Certificates];

(iii)     other instruments creating a charge or lien on the assets of the company;

(iv)     instruments acknowledging loan to or indebtedness of the company and guaranteed by a third party or entered into jointly with a third party and

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