Registration 

7.  (a) The persons forming a company shall submit to the registrar of companies the memorandum and articles of association together with the registration fee and the annual fee specified in the schedule of this act. 
         The company shall be registered if the contents of the memorandum and articles of association do not contravene the Islamic principles or this Act or any other law. 

    (b) Every company registered under this Act shall pay the annual fee specified in the schedule of this Act. If a company fails to pay the annual fee specified in the schedule the registrar of companies reserves the right to take the necessary steps stipulated in this Act to dissolve the company. 

Registration of private companies 

    (c) A private company shall be registered if the company’s memorandum and articles of association states that it is a private company and if the authorised capital of the company stipulated in the memorandum and articles of the company is not less than MRF 2,000/- and the articles of association states that the company’s shares may only be transferred from a member to another person in accordance with the articles of association and the memorandum and articles of association limits the membership of the company to fifty and prohibits the sale of shares to the public. 
 
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