Rights And Duties Of Directors Of The Company
Shipments between two countries outside Pakistan financed by a person or firm in Pakistan with the permission of the State Bank, can be insured in Rupees or in foreign currency. AID Programme on C.I.F. basis can, at the option of the importers, be utilized for imports from U.S.A. on C.I.F. basis by arranging insurance in the U.S.A. Insurance policies on the lives of Pakistanis resident in Pakistan can be issued only in Rupees. Moreover, new clauses have been added to allow private companies to issue shares to new investors against properties and to their employees under employee’s stock option schemes. Private companies have also been allowed to buy-back their shares. Foreign insurance companies are required to settle claims in respect of marine policies covering exports through their head offices on the basis of all the above claim documents. Foreign currency policies may be issued on the lives of foreign nationals where premia is paid by them in foreign exchange or out of remitta