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EXTRACT FROM ARTICLES OF ASSOCIATION OF
THE AMERICAN BUSINESS COUNCIL OF PAKISTAN |
a |
There shall be two classes of Members of ABC, namely Associate Members and Corporate Members. |
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b |
Any party which |
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( i ) |
is not ineligible as defined in Article 2(m) and |
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( i i ) |
is a sole proprietorship or a partnership firm or an association of persons or a company holding national tax number and sales tax registration, if applicable, in the name of the business concern; and |
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( i i i ) |
carries on business that fits within the defined business scope of ABC and |
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CORPORATE MEMBERSHIP: in case of an applicant for Corporate Membership, is organized and existing under and by virtue of the laws of the United States or any state or possession thereof, and. |
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(a) |
has established a place of business or liaison office in Pakistan; or |
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(b) |
has, directly or indirectly, not less than ten percent equity capital ownership or management control pursuant to and in accordance with a contract approved by the Government of Pakistan and the original investment or market value, whichever is higher, of the equity capital ownership or management control in the Pakistani entity of such US entity is, at all times, not less than United States Dollars Two Hundred and Fifty Thousand; or |
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(c) |
has acquired, directly or indirectly, a franchise or license from any legal entity organized and existing under and by virtue of the laws of the United States or any state or possession thereof or a registered user agreement is in existence between the U.S. entity and the Pakistani entity and such Pakistani legal entity has a market value not less than United States Dollars Two Hundred and Fifty Thousand or equivalent thereof in Pakistan. |
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2 |
ASSOCIATE MEMBERSHIP: In case of an applicant for Associate Membership, is a United States citizen resident in Pakistan who is engaged in business in his own behalf and the original investment or market value, whichever is higher, of the equity capital ownership or management control of such business is, at all times, not less than United States Dollars One Hundred Thousand. |
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(a) |
has made an application for membership which has been proposed and seconded by existing members of ABC; |
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(b) |
has a valid national tax number and sales tax registration, if applicable. shall be eligible for membership |
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(c) |
The membership shall be granted for a period of one year and shall expire on the 31st day of March every year irrespective of the date of grant of membership. |
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(d) |
The membership shall be renewable on annual basis subject to fulfillment of following conditions, namely:- |
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| (i) |
payment of prescribed subscription not later than 31st of March; and. |
| (ii) |
proof of filing return of income tax and sales tax, if applicable, for the preceding year. |
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(e) |
Members shall be entitled to all the rights, privileges and advantages of the membership of ABC, except that a Member may only become entitled to vote for the election of the office bearers in a General Meeting after the completion of two years of membership as on the date of announcement of election schedule by the Executive Committee. |
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