DEFINITION OF AOP NOT FOR PROFIT
An association formed and incorporated for the promotion of
· Commerce
· Arts
· Science
· Religion
· Sports
· Charitable and other useful objects.
PROFITS
Its profits are applied for the promotion of its objectives and can not be used for the payment of dividend to its members.
WORD “LIMITED”
Where SECP is satisfied that an association has been formed for the promotion of its objectives, it may grant license and direct such association to be registered as a limited liability company without addition of the word,
· Limited
· (private) limited
· (guarantee) limited
LICENSE
SECP may grant license on such conditions and subject to such restrictions as SECP may deem appropriate.
· Such conditions and regulations shall be binding upon the association and shall be incorporated in its memorandum, article, or any of these documents.
· The SECP may revoke the license after giving a notice and affording an opportunity to make a representation to approve such revocation.
· After revocation of license the registrar shall enter the word,
o Limited,
o (private) limited
o (guarantee) limited
after the end of the name of such association
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