12. The Securities and Exchange Policy Board
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- The Federal Government shall appoint a Securities and Exchange Policy Board consisting of [nine][5] Members.
- Of the Members
- [five][6] shall be-
- ex officio the Secretary to the Government of Pakistan, Finance Division;
- ex officio the Secretary to the Government of Pakistan, Law Division;
[(iia) ex officio Secretary to the Government of Pakistan, Commerce Division;] [7]
- ex officio the Chairman of the Commission; and
- a Deputy Governor of the State Bank of Pakistan nominated by the Governor of the State Bank of Pakistan; and
- [four][8] 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][9], banking, academia or other related relevant fields of expertise.
- 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.][10]
- 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.
- 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.
- If an ex-officio Member is disqualified to be a Member or resigns his office, the Federal Government shall,-
- 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
- in case of a Deputy Governor appoint another Deputy Governor as Member.
- 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.
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13. Procedure of the Board |
- 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.
- The quorum for a meeting of the Board shall be four Members, including the Chairman.
- 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.
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14. Board may invite others to meetings
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| 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 |
- 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.
- A committee constituted under this section shall act in accordance with the regulations made by the Board.
- 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.
- 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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| [5]Substituted by S & E Commission of Pakistan (Amend) Ord., 2000 |
[6]Substituted by S & E Commission of Pakistan (Amend) Ord., 2000 |
[7]Inserted by S & E Commission of Pakistan (Amend) Ord., 2000 |
[8]Substituted by S & E Commission of Pakistan (Amend) Ord., 2000 |
[9]Inserted by S & E Commission of Pakistan (Amend) Ord., 2000 |
