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EXTRACT FROM ARTICLES OF ASSOCIATION OF
THE AMERICAN BUSINESS COUNCIL OF PAKISTAN

Membership

(a)        There shall be two classes of Members of ABC (depending on the nature of their existence), namely, Associate Members and Corporate Members;

(b)        Any person

(i)         which is not Ineligible as defined in Article 2(m) and:
(a)        of which not less than twenty-five percent (25%) ownership or control is, directly or indirectly, vested with a US Entity, the value of such twenty-five (25%) ownership or control referred above being not less than United States Dollars one hundred thousand US$100,000; or
(b)        which has directly entered into with a US Entity a franchising or licensing arrangement (hereinafter collectively referred to as the “Arrangement”), such person being incorporated or established in Pakistan or having a legal presence in Pakistan and which makes a regular payment to the US Entity of a fee, royalty or any other consideration under or pursuant to the Arrangement (hereinafter collectively referred to as the “Fee”), the Fee being not less than US$100,000 per year; and

(ii)        which has a valid national tax number and sales tax registration, if applicable; and

(iii)       which has made an application for membership which has been proposed and seconded by existing Members of ABC;  and

(iv)       who has been admitted to the membership of ABC by the Executive Committee;

shall become a Member of ABC provided such person pays the entrance fee/ subscription as may, from time to time, be prescribed by the Executive Committee.

 

(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.

(d)       The membership shall be renewable on annual basis subject to fulfillment of following conditions, namely:-

(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.

(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.