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Procedure upon receiving memorandum of the stock exchange.—","quote_sha256":"cb87692024b5b6e1679a721e204d435d57a92758feef6df3d877860151c35553","reader_fragment":"p-17705-19465-b1cfaaf2285dbfca","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-17705-19465-b1cfaaf2285dbfca","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-17705-19465-b1cfaaf2285dbfca","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":5086,"character_end":5095,"quote":"section 6","quote_sha256":"792c165b6970d8337f6d9964e837f96a44033014481ff724eb09bd30fd225a06","reader_fragment":"p-3583-5335-69bbf3b181182cf0","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-3583-5335-69bbf3b181182cf0","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":4916,"character_end":5325,"quote":" “date of demutualization ” means the date on which the Registrar issues a \r\ncertificate of re -registration to the stock exchange in accordance with the \r\nprovisions of section 6; \r\n \r\n(xi) “demutualization” means the segregation of the majority ownership of a stock \r\nexchange from the right to trade on such stock exchange; \r\n \r\n(xii) “financial institution” includes foreign or local commercial banks deve","quote_sha256":"75598d53539001ac5787af77df5415a8227077370a421ca90ae09164dc756128","reader_fragment":"p-3583-5335-69bbf3b181182cf0","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-3583-5335-69bbf3b181182cf0","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-617e3de9561008144e0a","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"12","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":25241,"character_end":25285,"quote":"12. Divestment and issue of further shares.—","quote_sha256":"d850b59a5d61972535851b820340dcd50abe0fa014f82b8d7b4651ec53e582a3","reader_fragment":"p-24689-26455-5fa01c8c03401ebc","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-24689-26455-5fa01c8c03401ebc","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-24689-26455-5fa01c8c03401ebc","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":7788,"character_end":7798,"quote":"section 12","quote_sha256":"e4b869cb69b403d5a2bc605acb922cd43a6dbe77a7785efb3166364a3b2917dc","reader_fragment":"p-7110-8910-5fb282802ead441f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-7110-8910-5fb282802ead441f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":7618,"character_end":8028,"quote":"house which has been approved by the Commission in \r\naccordance  with the prescribed criteria, for the purposes of acquiring shares of \r\na stock exchange in pursuance of section 12; \r\n \r\n(xxvi) “substantial shareholder” means a person who directly or indirectly controls, \r\nbeneficially owns or holds not less than twenty per cent of the voting rights of \r\nan undertaking, company or body corporate; \r\n \r\n(xxvi","quote_sha256":"11ec32602f1141d73842248f28539f6a29af9a3e278ee8cb7c5db53bebc657e4","reader_fragment":"p-7110-8910-5fb282802ead441f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-7110-8910-5fb282802ead441f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-898193a7dcf3d8e19f24","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"5","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":16426,"character_end":16482,"quote":"5. Procedure upon receiving approval or determination. —","quote_sha256":"1c937564a8885e4ed07da8aba7890f041cfcb20118dea916b99e46c7fa9b9b08","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-15919-17705-e07f577a3024d6a5","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":8465,"character_end":8474,"quote":"section 5","quote_sha256":"c78910f62af57da8aa153eb6799061f6a7eba78c4de4d9870e26a4b8739111e3","reader_fragment":"p-7110-8910-5fb282802ead441f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-7110-8910-5fb282802ead441f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":8295,"character_end":8704,"quote":" amended from time to time; \r\n \r\n(xxviii) “trading right entitlement certificate holder or TRE certificate holder” means a \r\nperson who is issued a TRE certificate under section 5, or purchases or acquires \r\nsuch TRE  certificate under section 16 or is issued afresh TRE certificate in \r\naccordance with the provisions of this Act; and \r\n \r\n(xxix) “undertaking” means any trade or business of a stock exchange","quote_sha256":"3452f880a3ecc28b79cfe2b566a2f8512a52fa6eda367fbec70cf1fdf661dac9","reader_fragment":"p-7110-8910-5fb282802ead441f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-7110-8910-5fb282802ead441f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-856cb3f11b615ce37a1b","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"16","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":33292,"character_end":33312,"quote":"16. Trading rights.—","quote_sha256":"a08fcb394210e25bf3fa518c72772a7a1a3837147235297257af820244245c85","reader_fragment":"p-31691-33387-741aea04d195dae1","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-31691-33387-741aea04d195dae1","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-31691-33387-741aea04d195dae1","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":8531,"character_end":8541,"quote":"section 16","quote_sha256":"892a1cde2f60e439afa2137b9157f551ff716802193f79cc64a2e1d350259f7a","reader_fragment":"p-7110-8910-5fb282802ead441f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-7110-8910-5fb282802ead441f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":8361,"character_end":8771,"quote":"nt certificate holder or TRE certificate holder” means a \r\nperson who is issued a TRE certificate under section 5, or purchases or acquires \r\nsuch TRE  certificate under section 16 or is issued afresh TRE certificate in \r\naccordance with the provisions of this Act; and \r\n \r\n(xxix) “undertaking” means any trade or business of a stock exchange. \r\n \r\n(2) The words and expressions used, but not defined in this ","quote_sha256":"614bcebaa0e7a3a3febf0c5be04567aea717d9cd72c0dcba4e75cf938589c75f","reader_fragment":"p-7110-8910-5fb282802ead441f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-7110-8910-5fb282802ead441f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-ba36a8fcd55c8228f28b","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"4","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":10601,"character_end":10654,"quote":"4. Submission of information by the stock exchange. —","quote_sha256":"12fec084638a2a51cd2e8c40cba0c9ae3402ece34cfae95b1a3b03e9be0a353f","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-8910-10690-5a981f587e5bb849","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":9465,"character_end":9474,"quote":"section 4","quote_sha256":"392b19828a456086a6d00e4d652e3b61060182cd3780011632e1cdd9fc2c77ff","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":9295,"character_end":9704,"quote":"thorized to— \r\n \r\nPage 6 of 18  \r\n \r\n(a) approve the valuation of the stock exchange to be undertaken by the \r\ninvestment bank pursuant to clause (a), sub-section (I) of section 4; \r\n \r\n(b) enter into negotiations and finalize the sale of not more than forty per  cent of \r\nthe total issued share capital out of the shares lying in the blocked account with \r\nany one or more strategic investors or financial i","quote_sha256":"25a70cd3d4c7f2945195bca437dd93d2a98bbc625209576a1b57a79c752a67a5","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-09465d014297eda6ce40","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"4","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":10601,"character_end":10654,"quote":"4. Submission of information by the stock exchange. —","quote_sha256":"12fec084638a2a51cd2e8c40cba0c9ae3402ece34cfae95b1a3b03e9be0a353f","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-8910-10690-5a981f587e5bb849","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":10002,"character_end":10013,"quote":"section \r\n4","quote_sha256":"e7f4d45a98d8657aaf2462c894195e4cd6a5636280964ff1dd071c77572e29f9","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":9832,"character_end":10243,"quote":"fully empowered and bound to accept any price offered for the sale \r\nof shares by the strategic investor that is equal to or greater than the valuation carried out under section \r\n4, and finalize and enter into an agreement for the sale of such shares to the strategic investor, and the \r\nmembers, the shareholders including the initial shareholders and the stock exchange shall be bound \r\nby such agreement: \r\n","quote_sha256":"5c4c36dd155520bc0c9a239d70dfe11fc41a5df97bd8a921558364306819f3b1","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-eaa669a3509c4929a79a","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"12","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":25241,"character_end":25285,"quote":"12. Divestment and issue of further shares.—","quote_sha256":"d850b59a5d61972535851b820340dcd50abe0fa014f82b8d7b4651ec53e582a3","reader_fragment":"p-24689-26455-5fa01c8c03401ebc","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-24689-26455-5fa01c8c03401ebc","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-24689-26455-5fa01c8c03401ebc","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":15538,"character_end":15548,"quote":"section 12","quote_sha256":"e4b869cb69b403d5a2bc605acb922cd43a6dbe77a7785efb3166364a3b2917dc","reader_fragment":"p-14216-15919-a728c2600a18634b","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-14216-15919-a728c2600a18634b","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":15368,"character_end":15778,"quote":" In case there is no sale of shares to a strategic investor in the manner provided in this Act,  \r\nthe Commission shall open the envelop in accordance with provisions of section 12. \r\n \r\n(6) If a stock exchange fails to comply with any or all of the requirements of sub -section (1) \r\nwithin the stipulated time or any extension thereof, the Commission shall undertake or decide as the  \r\ncase may be, the matt","quote_sha256":"e6dfe4192ad7fe370b85659f09650341e78e907760515581d501d96531293d58","reader_fragment":"p-14216-15919-a728c2600a18634b","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-14216-15919-a728c2600a18634b","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-117c9bf8f998b437e515","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"4","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":10601,"character_end":10654,"quote":"4. Submission of information by the stock exchange. —","quote_sha256":"12fec084638a2a51cd2e8c40cba0c9ae3402ece34cfae95b1a3b03e9be0a353f","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-8910-10690-5a981f587e5bb849","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":16559,"character_end":16568,"quote":"section 4","quote_sha256":"392b19828a456086a6d00e4d652e3b61060182cd3780011632e1cdd9fc2c77ff","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":16389,"character_end":16798,"quote":" \r\nstock exchange being valued. \r\n \r\n5. Procedure upon receiving approval or determination. —(1) Within thirty days of being  \r\ngranted approval under sub-section (2) of section 4 or a determination under sub-section (6) of \r\nsection 4, the stock exchange shall— \r\n \r\n \r\n(a) adopt in a meeting of its members by a special resolution the approved \r\nmemorandum and articles of association; \r\n \r\n(b) allot shares","quote_sha256":"ebc37625ffd306f706521af7b3dc9c169686f6883beaec1d8ed781f4bf7eda2a","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-f4cfc0fad21ca1d2750c","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"4","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":10601,"character_end":10654,"quote":"4. Submission of information by the stock exchange. —","quote_sha256":"12fec084638a2a51cd2e8c40cba0c9ae3402ece34cfae95b1a3b03e9be0a353f","reader_fragment":"p-8910-10690-5a981f587e5bb849","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-8910-10690-5a981f587e5bb849","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-8910-10690-5a981f587e5bb849","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":16615,"character_end":16624,"quote":"section 4","quote_sha256":"392b19828a456086a6d00e4d652e3b61060182cd3780011632e1cdd9fc2c77ff","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":16445,"character_end":16854,"quote":"eceiving approval or determination. —(1) Within thirty days of being  \r\ngranted approval under sub-section (2) of section 4 or a determination under sub-section (6) of \r\nsection 4, the stock exchange shall— \r\n \r\n \r\n(a) adopt in a meeting of its members by a special resolution the approved \r\nmemorandum and articles of association; \r\n \r\n(b) allot shares to the members approved to be the initial shareholders ","quote_sha256":"ba0bcce71d84c61f860ccb30eaf7dc22e1eedfe67f69087a298cc773f9b6edec","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-4d047beb8415fc65aa4f","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"12","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":25241,"character_end":25285,"quote":"12. Divestment and issue of further shares.—","quote_sha256":"d850b59a5d61972535851b820340dcd50abe0fa014f82b8d7b4651ec53e582a3","reader_fragment":"p-24689-26455-5fa01c8c03401ebc","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-24689-26455-5fa01c8c03401ebc","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-24689-26455-5fa01c8c03401ebc","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":17250,"character_end":17260,"quote":"section 12","quote_sha256":"e4b869cb69b403d5a2bc605acb922cd43a6dbe77a7785efb3166364a3b2917dc","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":17080,"character_end":17490,"quote":"ixty per cent of shares allotted to each initial \r\nshareholder and hold these in the blocked account until such time as these \r\nshares are disposed of in accordance with section 12; \r\n \r\n(d) issue a certificate to each initial shareholder certifying the number of his shares \r\nheld in the  blocked account; and \r\n \r\n(e) issue a TRE certificate to each initial shareholder. \r\n \r\n(2) Willful failure of a stock e","quote_sha256":"3d9bad4b0d2165ae36068c7e6f003014e2aaad734ee0b275986b31e9e8cd1ae2","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-87fef9c7df1052ab05f6","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"5","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":16426,"character_end":16482,"quote":"5. Procedure upon receiving approval or determination. —","quote_sha256":"1c937564a8885e4ed07da8aba7890f041cfcb20118dea916b99e46c7fa9b9b08","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-15919-17705-e07f577a3024d6a5","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":18264,"character_end":18273,"quote":"section 5","quote_sha256":"c78910f62af57da8aa153eb6799061f6a7eba78c4de4d9870e26a4b8739111e3","reader_fragment":"p-17705-19465-b1cfaaf2285dbfca","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-17705-19465-b1cfaaf2285dbfca","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":18094,"character_end":18503,"quote":"C that sixty per cent of the shares allotted to each initial \r\nshareholder have been deposited in a blocked account in accordance with \r\nclause (c) of sub-section (1) of section 5. \r\n \r\n6. Procedure upon receiving memorandum of the stock exchange.—(1) Within seven days \r\nof receipt of the information mentioned in sub-section (3) of section 5 and after confirmation from the \r\nCommission, the Registrar shall","quote_sha256":"3b287cd459c93e7aba24e8df3cf12f26bb41df74550c178ec95bfc732cf2b379","reader_fragment":"p-17705-19465-b1cfaaf2285dbfca","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-17705-19465-b1cfaaf2285dbfca","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-21932178fa5c1bf2bbaf","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"5","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":16426,"character_end":16482,"quote":"5. Procedure upon receiving approval or determination. —","quote_sha256":"1c937564a8885e4ed07da8aba7890f041cfcb20118dea916b99e46c7fa9b9b08","reader_fragment":"p-15919-17705-e07f577a3024d6a5","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-15919-17705-e07f577a3024d6a5","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-15919-17705-e07f577a3024d6a5","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":18428,"character_end":18437,"quote":"section 5","quote_sha256":"c78910f62af57da8aa153eb6799061f6a7eba78c4de4d9870e26a4b8739111e3","reader_fragment":"p-17705-19465-b1cfaaf2285dbfca","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-17705-19465-b1cfaaf2285dbfca","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":18258,"character_end":18667,"quote":"1) of section 5. \r\n \r\n6. Procedure upon receiving memorandum of the stock exchange.—(1) Within seven days \r\nof receipt of the information mentioned in sub-section (3) of section 5 and after confirmation from the \r\nCommission, the Registrar shall issue a certificate of re-registration to the stock exchange as evidence \r\nof its change in status from a company limited by guarantee to a public company limited ","quote_sha256":"15972a74d088f16647b6dcc9766d8d8a2ef3d9993d84a41159d9966c5f21103a","reader_fragment":"p-17705-19465-b1cfaaf2285dbfca","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-17705-19465-b1cfaaf2285dbfca","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-747ba55cdaf59ac55930","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"6","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":18280,"character_end":18342,"quote":"6. Procedure upon receiving memorandum of the stock exchange.—","quote_sha256":"cb87692024b5b6e1679a721e204d435d57a92758feef6df3d877860151c35553","reader_fragment":"p-17705-19465-b1cfaaf2285dbfca","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-17705-19465-b1cfaaf2285dbfca","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"p-17705-19465-b1cfaaf2285dbfca","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":22096,"character_end":22105,"quote":"section 6","quote_sha256":"792c165b6970d8337f6d9964e837f96a44033014481ff724eb09bd30fd225a06","reader_fragment":"p-21206-22943-5a2d2b60b798a59f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-21206-22943-5a2d2b60b798a59f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":21926,"character_end":22335,"quote":"\r\n8. Demutualization. A stock exchange shall stand demutualised when the Registrar has issued \r\na certificate of re-registration to the stock exchange in accordance with section 6. \r\n \r\n9. Rights attached to shares in the blocked account. —(1) All rights in respect of the sixty \r\nper cent shares of each initial shareholder deposited in the blocked account shall vest and be exercised \r\nin the following mann","quote_sha256":"1779d2c9a0a2e00883fe89a032c45545014850689c0e34362a3f459a657d68cd","reader_fragment":"p-21206-22943-5a2d2b60b798a59f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-21206-22943-5a2d2b60b798a59f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-a4664e14a5d6a57215ee","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"12","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":25241,"character_end":25285,"quote":"12. 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Board of a stock exchange after demutualization and the election of dire","quote_sha256":"68d36c6404cdb6e00fd6764106c66dba03b1cce12c92783b018afac2a0a66a0f","reader_fragment":"p-21206-22943-5a2d2b60b798a59f","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-21206-22943-5a2d2b60b798a59f","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"}},{"id":"internal-8558688ff7fc4e6841d8","source":"pk-code-c9a82dd01ae9066d","target":"pk-code-c9a82dd01ae9066d","provision_kind":"section","provision_number":"12","qualifier":null,"resolution":"matched_operative_heading","target_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":25241,"character_end":25285,"quote":"12. 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Integration without application to the Court —(1) Any two or more stock exchanges \r\nmay, upon filing of a scheme of integration, and after compliance with such procedures as may  be \r\nprescribed, be integrated by an order of the Commission, so as to transfer and vest in the successor  \r\nstock exchange (“the success","quote_sha256":"29cf0718e7ff8a5bf30c9246f4cc73d0de6b4edb5058a97bdeac8e1975f05ab2","reader_fragment":"p-36877-38584-d3ff002b64811826","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-36877-38584-d3ff002b64811826","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"target_fragment":"provision-17-37027","evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":38513,"character_end":38523,"quote":"section 17","quote_sha256":"a5d6abf8f0c914957b60cb664e03845d42724633ff5d5255cbd5fde78d9f8ac4","reader_fragment":"p-36877-38584-d3ff002b64811826","reader_url":"/laws/pk-code-c9a82dd01ae9066d#p-36877-38584-d3ff002b64811826","source_url":"https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Fqapg%3D-sg-jjjjjjjjjjjjj"},"context_evidence":{"record_id":"pk-code-c9a82dd01ae9066d","text_version_id":"law:pk-code-c9a82dd01ae9066d:sha256:c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","text_sha256":"c29d9d1e066fd33ae4a4081e5516daf6fb6fb6477b8759b5461649c05110acb2","character_start":38343,"character_end":38753,"quote":"the integration shall lapse upon such integration. \r\n \r\n18. Power of the Commission to approve a scheme of integration.—(1) On receipt of a \r\nscheme of integration under section 17, the Commission may approve the scheme in principle. 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