(a) that it is registered under the Companies Act, 1913 (VII of 1913), or is a body corporate formed under any law in force and owned or controlled, whether directly or through a company or corporation, by the Federal Government or a Provincial Government;

(b) that, being a company solely engaged in the flotation and management of modaraba, it has a paid up capital of not less than two and a half million rupees;

(c) that none of its directors, officers or employees has been convicted of fraud or breach of trust or of an offence involving moral turpitude;

(d) that none of its directors, officers or employees has been adjudged an insolvent or has suspended payment or has compounded with his creditors;

(e)that its promoters are, in the opinion of the Registrar, persons of means and integrity and have knowledge of matters which the company may have to deal with as a modaraba company; and

(f) that, being a company also engaged in business other than floatation and management of modaraba, it has a paid up capital of such amount and of such nature as may be prescribed.