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Capital Issues (Continuance of Control) Act 1947

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