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PART II THE COMMISSION 3. Establishment of the Commission.- (1) There is hereby established a Commission to be called the Securities and Exchange Commission of Pakistan. (2) The Commission shall be a body corporate with perpetual succession and a common seal, and may sue and be sued in its own name and, subject to and for the purposes of this Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, s
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  PART IITHE COMMISSION3. Establishment of the Commission.- (1) There is hereby established a Commissionto be called the Securities and Exchange Commission of Pakistan.(2) The Commission shall be a body corporate with perpetual succession and a commonseal, and may sue and be sued in its own name and, subject to and for the purposes of thisAct, may enter into contracts and may acquire, purchase, take, hold and enjoy movableand immovable property of every description and may convey, assign, surrender, yieldup, charge, mortgage, demise, reassign, transfer or otherwise dispose of or deal with, anymovable or immovable property or any interest vested in it, upon such terms as it deemsfit. 4. Head Office.- The head office of the Commission shall be in Islamabad. TheCommission may establish and close down offices at such other places in Pakistan as itconsiders necessary. 5. The Commissioners. - (1) Subject to sub-section (2), the Commission shall consistof such number of Commissioners, including the Chairman, appointed by the FederalGovernment as may be fixed by the Federal Government but such number shall not beless than five and more than seven. A Commissioner shall be a person who is known for his integrity, expertise, experience and eminence in any relevant field, including thesecurities market, law, accountancy, economics, finance 2 [, insurance] and industry.(2) The majority of the Commissioners shall always be of private sector persons.(3) Subject to the provisions of this Act, the Commission shall, in discharge of itsfunctions and exercise of its powers, conduct its proceedings in accordance with theregulations made by the 3 [Commission]. 4 [(4)] The Commissioners, including the Chairman, shall be paid such remuneration andallowances as the Commission may, with the approval of the Board, determine. 5 [(5) No act or proceeding of the Commission shall be invalid by reason only of theexistence of a vacancy in, or defect in the constitution of the Commission.] 6. The Chairman.- (1) The Federal Government shall appoint one of theCommissioners to be the Chairman of the Commission, and no Commissioner shall beappointed Chairman for more than two consecutive terms.(2) The Chairman shall be the chief executive officer of the Commission and shall,together with the other Commissioners, be responsible for the day to day administrationof the affairs of the Commission and shall, subject to the regulations made by theCommission, be assisted by the other Commissioners in carrying out the functions of theCommission. 7. Term of office of the Commissioners.- (1) Not less than three of theCommissioners (excluding the Chairman) first appointed under this Act, to be selected atrandom ballot in accordance with such procedure as may be approved by the Board (the“Term A Commissioners”) shall hold office for a term of two years, shall retire on theexpiration of that term and may be re-appointed for a further term of three years. TheCommissioners, other than the Term A Commissioners (including the Chairman, the“Term B Commissioners”) shall hold office for a term of three years, shall retire on theexpiration of that term and may be re-appointed for a further term of three years.(2) At the end of each term, (initial or further) or at the end of the cumulative period of five years, in the case of the Term A Commissioners, or six years, in the case of the Term  B Commissioners, as provided for under sub-section (1), the relevant number of Commissioners shall cease to hold office and any vacancy thus arising shall in each case be filled by the appointment of the requisite number of qualified persons asCommissioners, each for a term of three years reckoned from the date [of appointment] 6 .At the end of each such three-year term, a Commissioner whose term has expired shallretire (unless being eligible for re-appointment he is duly re-appointed).[(3) Notwithstanding anything contained in sub-sections (1) and (2),  –  (a) a person who, on the date of his appointment is more than sixty-two yearsof age, shall not be appointed as a Commissioner; and(b) a Commissioner shall cease to hold office attaining the age of sixty-fiveyears.] 7 8. Appointment of employees of the Commission.- (1) The Commission may, fromtime to time, employ persons to be employees of the Commission who shall be paid suchremuneration and allowances and shall hold their employment on such terms andconditions as may be determined by the Commission with the approval of the Board. 10. Delegation of the Commission’s functions or powers .- (1) The Commission may,subject to such conditions and limitations as it may deem fit to impose, delegate any of itsfunctions or powers to one or more Commissioners or any officer of the Commission.(2) A delegation under this section shall not prevent the concurrent performance or exercise by the Commission of the functions or powers so delegated.
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