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| October 28, 2005 | Friday | Ramzan 23, 1426 |
PU registers society under companies ord
LAHORE, Oct 27: The Punjab University has registered its new housing society under the Companies Ordinance of 1984 instead of the cooperative law in order to, what its officials say, maintain full control over the society’s affairs.
The vice-chancellor, Lt-Gen Arshad Mahmood (retired), PU academic staff association president Prof Haris Rashid and Institute of Chemical Engineering and Technology head Prof Arif Butt, who is also the convener of the university’s land committee, have been named the company’s chief executive and directors. The chairman has been allotted 100 shares while the two directors will get five shares each.
More than 150 teachers have criticized the university administration’s decision and demanded that the new housing scheme should be registered as a cooperative society.
In a letter they have sent to the provincial chief minister, the chief secretary and the NAB chairman, they have called for cancellation of the society’s registration under the companies ordinance.
The PU had purchased 2,318 kanals of land in 2002 at Mauza Khamba and Kamba Khukhamba, a few kilometres away from Thokar Niaz Baig, on Raiwind Road from the Punjab Cooperative Board of Liquidation for setting up a housing society for its teaching as well as non-teaching staff reportedly from the employees’ fund and a Rs240 million loan from a commercial bank.
Under the Memorandum of Association of the company, it can create and retain a pool of developed plots in appropriate non-university residential schemes.
It aims to establish a development fund from which to purchase new sites anywhere in Pakistan for residential schemes and also to construct and administer them in an efficient and business-like manner. And to generate financial resources by borrowing from banks, financial institutions and to seek grants, donations and assistance from the government and non-government institutions.
Initially, a basic and comprehensive allotment policy will be prepared by the board of directors of the company, which shall be submitted for approval of the statuary meeting as an agenda item or in the alternative before an extraordinary general meeting as soon as possible thereafter.
The VC shall issue written letters through which designated bodies shall be recognized as representative of different categories of employees or persons having nexus with it and his decision on the matter is final.
The BoDs shall devise a procedure as early as possible for associating all stakeholders in the task of formulation of allotment policies and for taking into consideration any list of eligible persons for allotment of plots to be supplied by them from time to time as the occasion may arise.
It also focuses on mortgaging or otherwise charging all immovable or movable assets owned by the company as security for its loan and to apply for and obtain necessary consents, permissions and licenses from any government, state, local another authorities for enabling the company to carry on any of its objects into effect as and when required by law.
The authorized capital of the company is Rs100 million divided into 100,000 ordinary shares of Rs1,000 each with power to increase, reduce, consolidate or otherwise re-organize the share capital and to divide the shares of the company into different classes in accordance with the provision of the companies ordinance.
Mr Arif Butt has signed the undertaking that he will develop the scheme within the stipulated period of two years from his “own expense” which includes metalled and structure plan roads, sewerage, draining system water supply, electricity, streetlights and horticulture expense.
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