Religious Board in Modaraba business

Q. The Religious Board plays an important role in Modaraba business. Describe its composition, requirements for its members, appointing authority, tenure and filling of the casual vacancies as per section 6 of the Modaraba Companies and Modaraba Rules, 1981.  

Ans: Religious Board:

1. It consists of three members.

2. Two of the members should be religious scholars and the Chairman shall be a person who is, or has been, or is qualified to be a judge of High Court.

3. The appointing authority is Federal Government.

4. Tenure is 3 years.

5.  Any casual vacancy shall be filled in by appointment by the Federal Government of a person qualified to be a member for the unexpired term of the outgoing member.