Corporate Law Quiries

[shakilicma76]

Dear All,

I read books but I could not understand the following -

1. The companies ordinance does not apply to a trading corporation. In this i unable to understand the "trading corporation".

2. Associtation not for profit?

3. Every listed company prepare and circulate quarterly accounts. Question is that audited or unaudited?

4. Listed company means a company or body corporate whose securities are listed. I unable to understand "body corporate".

Thanks

[sensible]

trading corporations

dear trading cop. means that a corporation whose business is to buy and sell the goods without making any value addition in those goods......means to buy goods and as it is sell the same,

[awaisaftab]

Trading corporation is government owned Private Limited Company. It imports and export agricultural and basic commodities. It was established as public organization but now it has been converted in Pvt Ltd Company. Due to its special nature of business it was necessry to exempt it from application of Companies Ordinance.

[awaisaftab]

The term Association not for profit has been defined in ITO and CO in similar way.
For you concept Association not for profit means NGO's. The NGO are registered under section 42 of CO,1984. The purpose of application of CO on NGO's is to provide cover of limited liability to the members and directors of NGO's.

[awaisaftab]

Clause (a) of sub sectio (1) of section 245 of companies ordinance clearly specifies that the quarterly accounts of may be audited or otherwise. I think the word otherwise is not clear to you. According to clause mentioned above the quartely accounts may be audited or unaudited. It depends upon a listed company whether it gets audited its quarterly accounts or not.

[awaisaftab]

Body corporate means a company incorporated outside the Pakistan. See sub section (4) of section 2 of companies ordinance 1984.

[cute-doll]

i think quartely accounts k liay audit ki condition essential nai hai