Central Depositories Act, 1997
Central Depositories Act, 1997 provides the provisions regarding the establishment and operation of book-entry systems for the transfer of securities by Central Depositories Companies. It shall extent to the whole of the Pakistan. The act has an overriding effect. The provisions of this Act shall have effect notwithst anding anything contained in the Companies Ordinance, 1984 (XLVII of 1984), or in any other law or in any charter, statute or memor andum or articles of association or in any applicable document or resolution. The definition of central depository herein contained means, a Central Depository as defined in clause (cc) of section 2 of the Security and Exchange Ordinance, 1969 (xvii of 1969), and registered with the Authority under section 32A of that Ordinance. A Central Depository shall establish a Central Depository System, whereby in accordance with regulations; (a) account may be opened by the account-holders, and sub-account may be opened by the participant account-holders, and such entries may be recorded in book entry securities; and (b) transfer and pledging of such book entry securities shall be effected by the means as are provided by this act.
