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PART - III
THE
BOARD
12. The
Securities and Exchange Policy Board.-
(1) The Federal Government
shall appoint a Securities and Exchange Policy Board consisting of Members.
(2) Of
the Members - (a) [five]
shall be-
(i) ex
officio the Secretary to the Government of Pakistan, Finance Division;
(ii) ex
officio the Secretary to the Government of Pakistan, Law Division;
(iia)
ex officio Secretary to the Government of Pakistan, Commerce Division;
(iii)
ex officio the Chairman
of the Commission; and
(iv)
a Deputy Governor of the State Bank of Pakistan nominated by the
Governor of the State Bank of Pakistan; and
(b) appointed
by the Federal Government from private sector each of whom is well-known
for his integrity, expertise and experience in the spheres of commerce
and industry (including in particular the securities industry), corporate
law, accountancy, financial services, investment [insurance] banking,
academia or other related relevant fields of expertise.
(3) A
Member, not being an ex-officio
Member, shall hold office for a term of four years and shall be eligible
for re-appointment for one further four-year term but not more:
Provided
that a Member shall cease to hold office on attaining the age of sixty-five
years.
(4) An
ex-officio Member shall hold
office as Member till such time as he holds the office by virtue of which
he is a Member and upon his transfer therefrom or retirement, resignation
or removal from office, the person appointed in such Member’s place shall
be the Member.
(5) If
an ex-officio Member is absent
from Pakistan or is unable to attend a meeting of the Board he may authorize
an officer, not below the rank of Additional Secretary, of his Division,
to act as Member and such officer, if approved by the Board, may act as
Member.
(6) If
an ex-officio Member is disqualified
to be a Member or resigns his office, the Federal Government shall,-
(a) in
case he is a person referred to in sub-clause (i) or sub-clause (ii) of
clause (a) of sub-section (2), appoint another Secretary as Member, so
long such person holds the post; and
(b) in
case of a Deputy Governor appoint another Deputy Governor as Member.
(7)
The Federal Government shall designate one of the Members to be
the Chairman of the Board who shall, in the event of a tie, have a casting
vote.
13.
Procedure of the Board.-
(1) The Board shall meet
as often as may be necessary for the performance of its functions but
not less than four times in a calendar year.
(2)
The quorum for a meeting of the Board shall be four Members, including
the Chairman.
(3)
Subject to the provisions of this Act, the procedure and conduct
of business of the Board shall be regulated by the regulations made by
the Board.
14.
Board may invite others to meetings.-
The Board may invite any person to attend any of its meetings
or deliberations (including any of its committees) for the purpose of
advising it on any matter under discussion but any person so attending
shall have no right to participate in any decision or vote at the said
meeting or deliberation.
15.
Committees of the Board.-
(1)
The Board may constitute such number of its committees as it considers
necessary or expedient to assist it in the performance of its functions
under this Act.
(2)
A committee constituted under this section shall act in accordance
with the regulations made by the Board.
(3)
Except as otherwise provided in the regulations made by the Board,
the meetings of a committee shall be held at such times and places as
the chairman of the committee may determine.
(4)
The Members, other than ex-officio
Members, Commissioners or employees, and any other person invited to attend
any meeting of the Board or a committee shall be entitled to such compensation
and reimbursement of expenses as the Board may from time to time determine
by regulations.
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