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  "title": "Banking Companies Ordinance, 1962",
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  "text": "Page 1 of 109 \r\n \r\n \r\n \r\n \r\n \r\nTHE BANKING COMPANIES ORDINANCE, 1962 \r\n \r\n \r\n \r\nCONTENTS \r\nPART I \r\nPRELIMINARY \r\n1. Short title, extent and commencement \r\n2. Application of other laws not barred \r\n3. Limited application of Ordinance to Coorperative Banks. [Omitted] \r\n3A. Limited application of Ordianace to certain financial institutions \r\n4. Power to suspend operation of Ordinance \r\n5. Definitions \r\n6. Ordinance to override memorandum, articles, etc \r\nPART II \r\nBUSINESS OF BANKING COMAPNIES \r\n7. Form of business in which banking companies may engage \r\n8. Use of the word “Bank” or any of its derivatives \r\n9.  Prohibition of trading \r\n10. Disposal of non-banking assets \r\n11. Prohibition of employment of managing agents and restrictions on certain forms of \r\nemployment \r\n12. Restrictions on removal of records and documents \r\n13. Requirement as to minimum paid-up capital and reserves \r\n14. Regulation of paid-up capital, subscribed capital and authorized capital and voting rights \r\nof share-holders \r\n \r\n \r\nPage 2 of 109 \r\n \r\n15. Election of new directors \r\n15A  Appointment of director by the State Bank \r\n15B.  [Omitted.] \r\n15C. Fitness and propriety \r\n16. Restriction on commission, brokerage, discount, etc. on sale of shares \r\n17. Prohibition of charge on unpaid capital \r\n18. Prohibition of floating charge on assets \r\n19. Restrictions as to payment of dividend \r\n20. Prohibition of common directors \r\n21. Reserve Fund \r\n22. Cash Reserve \r\n23. Restriction on the nature of subsidiary companies \r\n24. Restrictions on loans and advances \r\n25. Power of State Bank to control advances by banking companies \r\n25A. Power of the State Bank to collect and furnish credit information \r\n25AA. [Omitted.] \r\n25B.  Recovery of certain dues of banking companies as arrears of land revenue \r\n26. Power of State Bank to prohibit acceptance of deposits by banking companies \r\nincorporated outside Pakistan \r\n26A. Deposits \r\n27. Licensing of banking companies \r\n27A. Prohibition of advertising for deposits and collection \r\n27B. Disruptive union activities \r\n28.  Restrictions on opening of new, and transfer of existing places of business \r\n29.  Maintenance of liquid assets \r\n30.  Assets in Pakistan \r\n31.  Unclaimed deposits and articles of value \r\n \r\n \r\nPage 3 of 109 \r\n \r\n32.  Half-yearly returns and power to call for other returns and information \r\n33.  Power to publish information \r\n33A.  Fidelity and secrecy \r\n33B. Guidelines by the State Bank \r\n34.  Accounts and balance sheet \r\n35.  Audit \r\n36.  Submission of returns \r\n37.  Copies of Balance Sheets and Accounts to be sent to Registrar \r\n38.  Display of audited balance sheet by banking companies incorporated outside Pakistan \r\n39.  Accounting provisions of this Ordinance not retrospective \r\nPART-IIA \r\nIslamic Banking \r\n39A. Scope and application \r\n39B. Definitions \r\n39C. Business \r\n39D Relationship between an Islamic banking institution or Islamic financial institution and its \r\ncustomers \r\n39E Shariah Governance \r\n39F. Priority of payments to Islamic deposit account holders, investment account holders and \r\nother claimants \r\n39G. Charity \r\n39H. Separate Regulatory Instructions \r\n39I. Conversion and Establishment of Islamic Banking Subsidiary \r\n39J. Penalities \r\n39K. Other provisions relating to Islamic banking \r\n39L. Savings \r\nPART-IIB \r\nSupervision \r\n40.  Inspection \r\n \r\n \r\nPage 4 of 109 \r\n \r\n40A.  Responsibility of State Bank \r\n41.  Power of the State Bank to give directions \r\n41A.  Power of the State Bank to remove directors or other managerial persons from office \r\n41B.  Power of the State Bank to supersede Board of Directors of a banking company \r\n41C.  Limitations \r\n41D.  Prosecution of directors, chief executives or other officers \r\n42.  Intervention triggers and powers of the State Bank \r\nPART-IIC \r\nResolution of Banking Companies \r\n42A. Resolution authority \r\n42B. Resolution objectives \r\n42C. Resolution planning \r\n42D. Resolution triggers \r\n42E. Resolution powers \r\n42F. Order of meratorium \r\n42G. Powers of State Bank to prepare scheme of reconstruction or amalgamation \r\n42H. Bridge bank \r\n42I. Temporary Public Funding for Resolution \r\n \r\n43.  Certain provisions of the Ordinance not to apply to certain banking companies. \r\nPART II-D \r\nTRANSACTION OF BANKING BUSNIESS ILLEGALLY BY COMPANIES, ETC. \r\n43A.  Power to call for certain information, etc \r\n43AA. Special provisions \r\n43B.  Power to make declaration \r\n43.C  Consequences of a declaration under section 43B \r\n43D.  Deposit of cash and preservation of assets, etc. \r\n43E.  Statement of assets and liabilities to be submitted to State Bank \r\n43F.  Consequential provisions for winding up, etc. \r\n \r\n \r\nPage 5 of 109 \r\n \r\nPART III \r\nSUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES \r\n44.  High Court defined \r\n45.  Restriction on stay order \r\n46.  Restriction on compromise or arrangement between banking companies and creditors \r\n47.  [Omitted.] \r\n48.  Procedure for amalgamation of banking companies \r\n49.  Winding up by High Court \r\n50.  Court Liquidator \r\n51.  State Bank to be official liquidator \r\n52.  Application of Companies Act to liquidators \r\n53.  Stay of proceedings \r\n54.  Preliminary report by official liquidator \r\n55.  Notice to preferential claimants and secured and unsecured creditors \r\n56.  Power to dispense with meetings of creditors, etc. \r\n57.  Booked depositors’ credits to be deemed proved \r\n58.  Priority payments to depositors \r\n59.  Restriction on voluntary winding up \r\nPART IV \r\nSPECIAL PROVISIONS FOR SPEEDY DISPOSAL OF WINDING UP PROCESSING \r\n60.  Part IV to override other laws \r\n61.  Power of High Court to decide all claims in respect of banking companies \r\n62.  Transfer of pending proceedings \r\n63.  Settlement of list of debtors \r\n64.  Special provisions to make calls on contributories \r\n65.  Documents of banking company to be evidence \r\n66.  Public examination of directors and auditors \r\n67.  Special provisions for assessing damages against delinquent directors, etc. \r\n \r\n \r\nPage 6 of 109 \r\n \r\n68.  Duty of directors and officers of banking company to assist in the realization of property \r\n69.  Special provisions for punishing offences in relation to banking companies being wound \r\nup \r\n70.  Public examination of directors and auditors etc., in respect of a banking company under \r\nscheme of arrangement \r\n71.  Special provisions for banking companies working under schemes of arrangement at the \r\ncommencement of the Ordinance \r\n72.  Appeals \r\n73.  Special period of limitation \r\n74.  State Bank to tender advice in winding up proceedings \r\n75.  Power to inspect \r\n76.  Power to call for returns and information \r\n77.  District Magistrate to assist official liquidator in taking charge of property of banking \r\ncompany being wound up \r\n78.  Enforcement of orders and decisions of High Court \r\n79.  Power of High Court to make rules \r\n80.  References to directors, etc., shall be construed as including references to past directors, \r\netc.  \r\n81.  Part II not to apply to banking companies being wound up \r\n82.  Validation of certain proceedings \r\nPART IV-A \r\nBANKING MOHTASIB \r\n82A. Appointment of Mohtasib \r\n82B.  Terms and conditions of the Banking Mohtasib \r\n82C.  Reference to Banking Mohtasib by Court \r\n82D.  Procedure for making complaints \r\n82E.  Recommendations for implementation \r\n82F.  Power to call for information \r\n82G. Report of Banking Mohtasib \r\n \r\n \r\n \r\nPage 7 of 109 \r\n \r\nPART V \r\nMISCELLANEOUS \r\n83.  Penalties \r\n83A. Dishonest removal of pledged goods \r\n84.  Cognizance of offences, etc. \r\n85.  Application of fines \r\n86.  Special provisions for private banking companies \r\n87.  Restriction on acceptance of deposits withdrawable by cheques \r\n88.  Change of name by a banking company \r\n89.  Alteration of memorandum of a banking company \r\n90.  Certain claims for compensation barred \r\n91.  Application of certain provisions to banking company incorporated by special enactments \r\nof the Federal Legislature \r\n91A.  Application of other laws barred \r\n91B.  Removal of difficulties \r\n92.  Power of Federal Government to make rules \r\n93.  Power to exempt in certain cases \r\n93A.  Exemption of officers, etc. from liability \r\n93B.  Exemption from requirement of licence \r\n93C.  Exchange of information \r\n93CA. Co-operation with other authorities \r\n93D.  Continuance of charge and priority \r\n94.  Protection of action taken in good faith and indemnity \r\n95.  Repeals. [Omitted] \r\nTHE FIRST SCHEDULE[Omitted] \r\nTHE SECOUND SCHEDULE \r\nTHE THIRD SHEDULE  \r\nTHE FOURTH SHEDULE  \r\n \r\n \r\nPage 8 of 109 \r\n \r\nTHE BANKING COMPANIES ORDINANCE, 1962 \r\n1ORDINANCE No. LVII OF 1962 \r\n[7th June, 1962] \r\nAn Ordinance to consolidate and amend the law relating to banking companies. \r\nWHEREAS it is expedient to consolidate and amend the law relating to banking companies; \r\nNOW, THEREFORE, in pursuance of the Proclamation of the seventh day of October, 1958, and \r\nin exercise of all powers enabling him in that behalf, the President is pleased to make and promulgate \r\nthe following Ordinance :– \r\nPART I \r\n PRELIMINARY \r\n \r\n1.  Short title, extent and commencement.— (1) This Ordinance may be called the Banking \r\nCompanies  Ordinance, 1962. \r\n(2)  It extends to the whole of Pakistan. \r\n(3)  It shall come into force at once. \r\n2.  Application of other laws not barred . T he provisions of this Ordinan ce shall be in \r\naddition to, and not, save as hereinafter expressly provided, in derogation of, the  2[Companies \r\nOrdinance, 1984 (XLVII of 1984)],  and any other law for the time being in force.  \r\n3. [Limited application of Ordinance to Cooperative Banks.] Omitted by the Establishment of \r\nthe Federal Banks for Cooperation and Regula tion of Cooperative Banking Act, 1977 (IX of 1977) \r\ns.48.w.e.f. 9-10-1976). \r\n3[3A.  Limited application of Ordinance to certain function institutions:—  \r\n4[(1) The provisions of sections 6, 13, 5[15C,] 25, 25A, 5[*], 29, 31, 32, 33, 40, 41, 41A, 41B, \r\n41C, 41D, 42, 5[42A, 42B, 42C, 42D, 42E, 42F, 42G,  42I,] 48, 49, 51, 58, 83, 84 5[93C, \r\n93CA,] and 94 shall, with such modification as the State Bank may determine from time \r\nto time in relat ion to activities which have implications for the monetary or credit \r\npolicies of the State Bank, apply to the Pakistan Industrial Credit and Investment \r\nCorporation, the National Development Finance Corporation, the Bankers Equity \r\nLimited, the Pak -Libya Hol ding Company Limited, the Saudi -Pak Industri al and \r\nAgricultural Investment Company Limited, The Pak -Oman Investment Company (Pvt) \r\nLimited, The Pakistan Kuwait Investment Company Limited and such other companies, \r\ncorporations or institutions or class of com panies, corporation s or institutions, as the \r\nFederal Government 5[in consultation with the State Bank] , for time to time, by \r\nnotification in the official Gazette, specify in the behalf.]    \r\n \r\n1The Ordinance and the rules, notification and orders made thereu nder, as in force in N.W.F.P. before the 15 th  July, 1975, have been \r\napplied to the Districts of Chitral, Dir, Swat and Malakand Protected Areas of the N.W.F.P. by Regulation No. III of 1975, s. 2 and the \r\nSch. \r\nThe Ordinance and the rules, notifications and orders made thereunder, have been applied to the whole of the Federally Administered \r\nTribal Areas or to the parts of those Areas to which they do not already apply, by Regulation No. I  of 1975, s.2 and the Sch. \r\n2Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n3Subs. by Act No. XIV of 1997, s. 2.   \r\n4Subs by Ord. CXI of 2002, s. 2. \r\n5Ins., omitted and subs. by Act No. XXIX of 2024, s.2.  \r\n \r\n \r\nPage 9 of 109 \r\n \r\n1[(1A) The provisions of sections 41C, 42, 42A, 42B, 42 C, 42D, 42E, 42F, 42G, 42H, \r\n42I, Part III, 93C and 93CA shall , with such modification as the State Bank may determine from \r\ntime to time to achieve objectives mentioned in the said sections, apply to the microfinance \r\nbanks licensed under the Microfinance Institutions Ordinance, 2001 (LV of 2001) a nd shall have \r\neffect notwithstanding anything to the contrary contained in the Microfinance Institutions \r\nOrdinance, 2001 (LV of 2001).] \r\n \r\n(2)  All notifications issued by the Federal Government which are inconsistent with the \r\nprovisions of sub-section (1) including such notification in respect of the National Development \r\nleasing Corporations, Leasing Companies and Modaraba Companies shall stand rescinded with \r\nimmediate effect.]  \r\n4.  Power to suspend operation of Ordinance.— (1) The 2[Federal Government], if on a \r\nrepresentation made by the State Bank in this behalf is satisfied that it is expedient so to do, may \r\nby notification in the Official Gazette suspend for such period, not exceeding  sixty days, as may \r\nbe specified in the notification, the operation of all or any of the provisions of this Ordinance, \r\neither generally or in relation to any specified banking company. \r\n(2)  The 2[Federal Government] may, by notification in the official Gazette,   extend from \r\ntime to time, the period of any suspension under sub -section (1) for such period or periods, not \r\nexceeding sixty days at any one time, as it thinks fit so however that the total period does not \r\nexceed one year. \r\n (3)  A copy of any notification issued under this section shall be laid on the table of the \r\n3[Central] Legislature— \r\n(i)      if it is in session, within three days of the issue of the notification; and \r\n(ii)    if it is not in session, as soon as it meets after the issue of the notification. \r\n5.  Definitions.—  In this Ordinance, unless there is anythi ng repugnant in the subject or \r\ncontext,— \r\n1[(a)  “approved  securities” means the securities in which a trustee may invest \r\nmoney under the applicable trust laws, and for the purpose of__ \r\n(i)      sub-section (2) of section 13, includes such other securities  as the \r\nFederal Government may, by notification in the official Gazette, \r\ndeclare to be approved securities for the purpose of that sub -\r\nsection; and \r\n(ii)   sub-section (1) of section 29, includes__  \r\n(a)  such types of Pakistan rupee obligations of the State  Bank \r\nas it may specify from time to time; and \r\n \r\n1Ins. and Subs. by Act No. XXIX of 2024, s.2. \r\n2Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s.23 (w.e.f. 13-10-1972), for “Central Government”. \r\n3Subs. by F.A.O 1975 (P.O. No. 04 of 1975). \r\n \r\n \r\nPage 10 of 109 \r\n \r\n \r\n(b)    such types of Pakistan rupee obligations of the Federal \r\nGovernment or a Provincial Government or of a \r\ncorporation wholly owned or controlled , directly or \r\nindirectly, by the Federal Government or a Provincial \r\nGovernment and guaranteed by the Federal G overnment as \r\nthe Federal Government may, by notification in the official \r\nGazette, declare to the extent determined from time to time \r\nto be approved securities for the purpose of that sub -\r\nsection;] \r\n(b)    “banking” means the accepting, for the purpose of le nding or investment, \r\nof deposits of money from the public, repayable on demand or otherwise, \r\nand withdrawable by cheque, draft, order or otherwise; \r\n(c)   “banking company” means any company which transacts the business of \r\nbanking in Pakistan  1[and includes  their branches and subsidiaries \r\nfunctioning outside Pakistan of banking companies incorporated in \r\nPakistan]; \r\nExplanation.— Any company which is engaged in the manufacture \r\nof goods or carries on any trade and which accepts deposits of money from \r\nthe public  merely for the purpose of financing its business as such \r\nmanufacturer  or  trader  shall  not  be  deemed  to  transact  the  business  of \r\nbanking within the meaning of this clause \r\n2[(ca)  “banking company under Resolution ” means a banking company in \r\nrespect of which the State Bank has made an order under section 42D and \r\nuntil such time that the State Bank by an order declares that the banking \r\ncompany concerned is no longer under Resolution or until a winding -up \r\norder is made under this Ordinance;] \r\n(d)    “branch” or “branch office”, in relation to a banking company, means any \r\nbranch or branch office, whether called a pay office or sub -pay office or \r\nby any other name, at which deposits are received, cheques cashed or \r\nmoneys lent, and for the purposes of sec tion 40 includes any place of \r\nbusiness where any other form of business referred to in sub -section (1) of \r\nsection 7 is transacted; \r\n2[(da) “bridge bank” means an entity established under section 42H to temporarily \r\ntake over and maintain some or all of the assets and liabilities of a banking \r\ncompany as part of the Resolution process;] \r\n3[(dd)  “creditor” includes persons from whom deposits have been received on the \r\nbasis of participation in profit and loss and a banking company or financial \r\ninstitution from wh ich financial accommodation or facility has been \r\nreceived on the basis of participation in profit and loss, mark -up in price, \r\nhire-purchase, lease, or otherwise;] \r\n \r\n1Ins. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Ins. by Act No. XXIX of 2024, s.3. \r\n3Cl. (dd) ins.by the Banking Companies (Third Amdt.) Ordinance, 1980 (58 of 1980),s.2. \r\n \r\n \r\nPage 11 of 109 \r\n \r\n \r\n(e)   “ company” means any company which may be wound up under the  \r\n1[Companies Ordinance, 1984 (XLVII of 1984)] 1[and includes a branch of \r\na foreign banking company doing banking business in Pakistan under a \r\nlicence issued by the State Bank in this behalf;]  \r\n 2[(ee)  “debtor” includes a person to whom, or a banking company or financial \r\ninstitution to which, finance as defined in the Banking Tribunals O rdinance \r\n1984, has been provided;] \r\n(f)    “demand  liabilities”  means liabilities w hich must be met on demand, and \r\n“time liabilities” means liabilities which are not demand liabilities; \r\n3[(fa) “Executive Committee ” means an Executive Committee established  under \r\nsection 9F of of the State Bank of Pakistan Act, 1956 (XXXIII of 1956);] \r\n4[(ff)  “family members ” in relation to a person means his spouse, dependent \r\nlineal ascendants and descendants and dependent brothers and sisters;] \r\n5[(ffa) “foreign banking com pany” means a banking company, not incorporated \r\nin Pakistan, which has a branch or branches doing banking business in \r\nPakistan under a licence issued by State Bank in this behalf;] \r\n(g)    “gold” includes gold in the form of coin, whether legal tender or no t, or in \r\nthe form of bullion or ingot, whether refined or not; \r\n2[(gg) “loans,  advances, and credit ”  includes “finance”  as defined in the \r\nBanking Tribunals Ordinance, 1984;] \r\n(h)     “managing director ”, in relation to a banking company, means a director \r\nwho, by virtue of an agreement with the banking company or of a \r\nresolution passed by the banking company in general meeting or by its \r\nBoard of Directors or, by virtue of   its memorandum or articles of \r\nassociation, is entrusted with the management of the wh ole, or \r\nsubstantially the whole of the affairs of the company, and includes a \r\ndirector occupying the position of a managing director, by whatever name \r\ncalled; \r\n3[(ha)  “Minister-in-charge” means the Federal Minister, to whom business \r\nof this Act stands allocated;] \r\n(i)       “prescribed”  means  prescribed  by  rules  made  under  this Ordinance;  \r\n(j)       “private company ” has the same meaning as in the 1[Companies \r\nOrdinance, 1984 (XLVII of 1984)];  \r\n \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Subs. by the Banking and Financial Services (Amendment of Laws) Ordinance, 1984 (57 of 1984),s.2 and Sch., for cl. (ee), whic h     was \r\npreviously ins. by Ord. 58 of 1980,s.2. \r\n3Ins. by Act No.XXIX of 2024, s.3. \r\n4Cl. (ff) ins. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s.3 (w.e.f. 13-10-1972). \r\n5Subs. by the Banking and Financial Services (Amdt.) of Law Ordinance 19 84 (57 of 1984),s.2 and Sch., for cl. (gg), which was  previously ins, \r\nby Ordinance 58 of 1980, s.2. \r\n \r\n \r\nPage 12 of 109 \r\n \r\n(k)      “registrar”   has  the  same  meaning  as  in  the  1[Companies Ordinance, \r\n1984 (XLVII of 1984)];  \r\n2[(ka)  “Resolution” refers to the process of exercising one or more of the Resolution \r\npowers as provided in section 42E with a view to achieve the Resolution \r\nobjectives including by ensuring the continuity of a banking company ’s \r\ncritical functions, as specified by the State Bank;] \r\n(l)       “scheduled bank” has the same meaning as in the State Bank of Pakistan Act, \r\n1956 (XXXIII of 1956); \r\n(m)   “secured loan or a dvance” means a loan or advance made on the security of \r\nassets the market value of which is not at any time less than the amount of \r\nsuch loan or advance, and “unsecured loan or advance”   means a loan or \r\nadvance not so secured, or that part of it which is not so secured; \r\n3[(mm) “securities” includes securities as defined in the Capital Issues Continuance of \r\nControl) Act, 1947 (XXIX of 1947);] \r\n2[(mma) “sponsor shares ” means five percent or more paid -up shares of a banking \r\ncompany, held or beneficially owned b y a person individually or in concert \r\nwith his family members, group companies, subsidiaries and associates;] \r\n(n)     “State Bank” means the State Bank of Pakistan 4[;] \r\n5[(o)   “substantial interest” in an undertaking shall be deemed to be possessed by a \r\nperson if he or any of his family members is the owner, director or officer of \r\nor has control over the undertaking or if he or any of his family members \r\nholds shares carrying not less than twenty per cent of the voting power in such \r\nundertaking; \r\nExplanation.— For the purpose of this clause,— \r\n (i)      “control” , in relation to an undertaking, means the power to exercise a \r\ncontrolling influence over the management or the policies of the undertaking, \r\nand, in relation to shares, means the power to exercise a c ontrolling influence \r\nover the voting power attached to such shares; \r\n (ii)    “person”  includes  a  Hindu  undivided  family,  a  firm,  an association or \r\nbody of individuals, whether incorporated or not, a company and every other \r\njuridical person; and \r\n (iii)   “undertaking” means any concern, institution, establishment or enterprise \r\nengaged in the production, supply or distribution of goods, or in the provision \r\nor control of any services relating to the provision of board, lodging, \r\ntransport, entertainment or amusement, or of facilities in connection with the \r\nsupply of electrical   or  other  energy,  or  to  the  purveying  of  news, \r\ninsurance or investment.]. \r\n \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Ins. by Act No.XXIX of 2024, s.3. \r\n3Cl. (mm) ins. by the Banking companies (Third Amdt,) Ordinance 1980 (58 of 1980) s.2. \r\n4Subs. by the Banking Company (Amdt.) Act, 1972 (30 of 1972),s.3 (w.e.f. 13-10-1972). \r\n5Cl. (o) added by ibid. \r\n \r\n \r\nPage 13 of 109 \r\n \r\n 6.  Ordinance to override memorandum, articl es, etc .— Save as otherwise expressly  \r\nprovided in this Ordinance,― \r\n(a)     the provisions of   this  Ordinance  shall  have  effect notwithstanding anything \r\nto the contrary contained in the memorandum or articles of a banking \r\ncompany, or in any agreement executed by it, or in any resolution pas sed by \r\nthe banking company in general meeting or by its Board of Directors, whether \r\nthe same be registered, executed or passed, as the case may be, before or after \r\nthe commencement of this Ordinance; and \r\n (b)     any  provision   contained   in   the   memorandum,   articles, agreement or \r\nresolution aforesaid shall, to the extent to which it is repugnant to the \r\nprovisions of this Ordinance, become or be void, as the case may be. \r\n_______ \r\nPART II \r\nBUSINESS OF BANKING COMPANIES \r\n7.  Forms of business in which ba nking companies may engage. —(1) In addition to the \r\nbusiness of banking, a banking company may engage in any one or more of the follo wing forms of \r\nbusiness, namely:― \r\n(a) The borrowing, raising, or taking up of money; the lending or advancing of \r\nmoney either  upon or without security; the drawing, making, accepting, \r\ndiscounting, buying, selling, collecting and dealing in bills of exchange, \r\nhundies, promissory notes, coupons, drafts, bills of lading, railway receipts, \r\nwarrants, debentures, certificates, scrips 1[participation term certificates, term \r\nfinance certificates, musharika certificates, modaraba certificates and such \r\nother instruments as may be approved by the State Bank] and other \r\ninstruments, and securities whether transferable or negotiable or not; th e \r\ngranting and issuing of letters of credit, traveler’ s cheques and circular notes; \r\nthe buying, selling and dealing in bullion  and  species; the buying and selling \r\nof foreign exchange including foreign bank notes; the acquiring, holding, \r\nissuing on commiss ion, underwriting and dealing in stock, funds, shares  \r\ndebentures, debenture stock, bonds, obligations, securities 1[participation term \r\ncertificates, term finance certificates, musharika certificates, modaraba \r\ncertificates and such other instruments as may be approved by the State Bank] \r\nand investment s of all kinds; the purchasing and selling of bonds, scrips or \r\nother forms of securities 1[participation terms certificates, term finance \r\ncertificates, musharika certificates, modaraba certificates and such othe r \r\ninstruments as may be approved by the State Banks] on behalf of constituents \r\nor others, the negotiating of loans and advances; the receiving of all kinds of \r\nbonds, scrips or  valuables on deposit or for safe custody or otherwise; the \r\nproviding of safe deposit vaults: the collecting and transmitting of money and \r\nsecurities;  \r\n1[(aa) the providing of finance as defined in the Banking Tribunals Ordinance, \r\n1984].  \r\n(b) acting agents for any Government or local authority or any other person or  \r\n1Inserted vide the Banking and Financial services (Amendment of Laws) Ordinance 1984 (Ordinance No. LVII of 1984), s. 2 and sch.,  \r\n \r\n \r\nPage 14 of 109 \r\n \r\npersons; the carrying on of agency business of any description including the \r\nclearing and forwarding of goods, giving of receipts and discharg es and \r\notherwise acting as an attorney on behalf of customers, but excluding the \r\nbusiness of a managing agent or treasurer of a company;  \r\n1[(bb) acting  as  “modaraba  company ”  under  the  provision  of  the  Modaraba \r\nCompanies and Modaraba (Floatation an d Control) Ordinance, 1980 (XXXI \r\nof 1980);]  \r\n(c) contracting for public and private loans and negotiating and issuing the same;  \r\n(d) the effecting, insuring, guaranteeing, underwriting, participating in managing \r\nand carrying out of any issue , public or pri vate, Government, municipal or \r\nother loans or of shares, stock , debentures, 2[debenture stock or other \r\nsecurities] of any company, corporation or association and the lending of \r\nmoney for the purpose of any such issue;  \r\n(e) carrying on and transacting every kind of guarantee and indemnity business;  \r\n3[(ee) purchase or acquisition in the normal course of its banking business of any \r\nproperty, including commodities, patents, designs, trade -marks and \r\ncopyrights, with or without buy-back arrangements by the seller, or for sale in \r\nthe form of hire -purchase or on deferred payment basis with mark -up or for \r\nleasing or licensing or for rent-sharing or for any other mode of financing;] \r\n(f) managing, selling and realising any property which may come into the \r\npossession o f the company in satisfaction or part satisfaction of any of its \r\nclaims;  \r\n(g) acquiring and holding and generally dealing with any property or any right, \r\ntitle or interest in any such property which may form security or part of the \r\nsecurity for any loans o r advances or which may be connected with any such \r\nsecurity;  \r\n(h) undertaking and executing trust;  \r\n(i) undertaking the administration of estates as executor, trustee or otherwise;  \r\n(j) establishing and supporting or aiding in the establishment and support  of \r\nassociations, institutions, funds, trusts and conveniences calculated to benefit \r\nemployees or ex-employees of the company or the dependents or connections \r\nof such persons; granting pensions and allowances and making payments \r\ntowards insurance; subscrib ing to or guaranteeing moneys for charitable or \r\nbenevolent objects or for any exhibition or for any public, general or useful \r\nobject;  \r\n(k) the acquisition, construction, maintenance and alteration of any building or \r\nworks necessary or convenient for the purpose of the company;  \r\n \r\n \r\n1New Clause (bb) inserted vide the Banking Companies (Third Amendment) Ordinance, 1980 (LVIII of 1980), s. 3 \r\n2Substituted ibid. for the words “or debenture stock”.  \r\n3Subs. by the Banking and Financial Services (Amdt. of Law) Ordina nce 1984 (57 of 1984),s. 2 and Sch., for cl. (ee), which was previously ins. \r\nby Ordinance No. 58 of 1980, s. 3. \r\n \r\n \r\nPage 15 of 109 \r\n \r\n (l) selling, improving, managing, developing, exchanging, leasing, \r\nmortgaging, disposing of or turning into account or otherwise dealing with \r\nall or any part of the property and rights of the company;  \r\n \r\n(m) acquiring and undertaking the whole or any part of the business of any \r\nperson or company, when such business is of a nature enumerated or \r\ndescribed in this sub-section;  \r\n \r\n(n) doing all such other things as are incidental or conducive to the promotion \r\nor advancement of the business of the company;  \r\n \r\n(o) any other form of business which the 1[State Bank by circular ], specify as \r\na form of business in which it is lawful for a banking company to engage.  \r\n \r\n(2)  No banking company shall engage in any form of business other than those referred \r\nto in sub-section (1). \r\n \r\n8.  Use of the word “Bank” or any of its derivatives. 2[Every company] carrying on the \r\nbusiness of banking in Pakistan shall use the word  “bank”, or any of its derivatives as part of its \r\nname and no company other than a banking company shall use in its name any word calculated to \r\nindicate that it is a banking company: \r\n \r\nProvided that nothing in this section shall apply to \r\n \r\n(a) subsidiary of a banking company formed for one or more of the purpose s \r\nmentioned in sub-section (1) of Section 23 whose name indicates that it is \r\na subsidiary of that banking company; and  \r\n \r\n(b) any  association  of  banks  formed  for  the  protection  of  their mutual  \r\ninterests and registered under section 3[42 of the Companies Ordinance \r\n1984 (XLVII of 1984)] 4[:]  \r\n \r\n5[Provided further that the 3[State Bank] may, subject to such conditions, if any, as it may \r\ndeem fit, by notification in the Official Gazette, authorise a  company 6[***] not being a banking \r\ncompany, to use in its name the word “bank” or any of its derivatives.] \r\n \r\n7[9.  Prohibition of trading.—Except as authorised under section 7, no banking company \r\nshall directly or indirectly deal in the buying or selling o r bartering of goods or engage in any \r\ntrade or buy, sell or barter goods for others, otherwise than in connection with bills of exchange \r\nreceived for collection or negotiation. \r\n \r\nExplanation.― For the purpose of this section, “goods” means every  kind of mov able \r\nproperty, other than actionable claims, stocks, sh ares, money, bullion and specie , and all \r\ninstruments referred to in clause (a) of sub-section (1) of Section 7.] \r\n \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Subs.  by the Federal Laws (Revision and Declaration) Ordinance, 1981 (27 of 1981), s. 3 and Sch. II, for certain words. \r\n3Subs. by Act XIV of 1997, s. 3. \r\n4Subs. by the Banking Companies (Amdt.) Act, 1975 (65 of 1975), s.2 (w.e.f. 29-8-1975), for full-stop. \r\n5Added ibid. \r\n6The words “wholly or partly owned or controlled by it or by the State Bank: omitted by the Finance Act, 1990 (7 of 1990), s. 4A which was \r\npreviously amended by Ord. 35 of 1979, s. 2 \r\n7Subs. by the Banking Companies (Third Amdt.) Ordinance, 1980 (58 of 1980), s. 4, for section 9. \r\n \r\n \r\n \r\nPage 16 of 109 \r\n \r\n10.  Disposal of non-banking assets.—Notwithstanding anything contained in section 7, \r\nno banking company shall  1[except as may be permitted by the State Bank from time to time , or \r\nas is required by it for its own use, hold any  immovable property howsoever acquired ,] for any \r\nperiod exceeding seven years from the acquisition thereof or from the commencement of this \r\nOrdinance, whichever is later or any extension of such period as in this section provided, and \r\nsuch property shall be disposed of within such period or extended period, as the case may be: \r\nProvided that the banking company may, within the period of seven years as aforesaid, \r\ndeal or trade in any such property for the purpose of facilitating the disposal thereof: \r\n \r\nProvided further that the State Bank may in any particular case extend the aforesaid \r\nperiod of seven years by such period not exceeding five years where it is satisfied that such \r\nextension would be in the interests of the depositors of the banking company. \r\n \r\nExplanation.—For the purpose of this section property, a substantial  portion of which is \r\nin use by banking company for its own genuine requirements shall be deemed to be property for \r\nits own use. \r\n \r\n11.  Prohibition of employment of managing agents and restrictions on certain forms \r\nof employment.—(1) No banking company— \r\n \r\n(a) shall employ or be managed by a managing agent; or  \r\n \r\n(b) shall employ or continue the employment of any person—  \r\n \r\n(i) who is, or at any time has been, adjudicated insolvent , or has  \r\nsuspended  payment,  or  has  compounded  with  his creditors, or \r\nwho is, or has been, convicted by a criminal court of an offence \r\ninvolving moral turpitude; or \r\n \r\n(ii) whose remuneration or part of whose remuneration  takes the form \r\nof commission of a share in the profits of the company:  \r\n \r\nProvided that nothing contained in sub-clause (ii) shall \r\napply to the payment by a banking company of— \r\n \r\n(a) any bonus in pursuance of a settlement or award arrived at \r\nor made under any law relating to industrial disputes or in \r\naccordance with any scheme framed by such banking \r\ncompany or in accordance with the usual practice prevailing \r\nin banking business; or  \r\n \r\n(b) any commission to any broker (including guarantee broker), \r\ncashier-contractor, clearing and forwarding agent, \r\nauctioneer o r any other person, employed by the banking \r\ncompany under a contract otherwise than as a regular \r\nmember of the staff of the company; or  \r\n \r\n1Subs. by the Banking  and Financial Services (Amendment of Laws) Ordinance, 1984 (57 of 1984), s. 2 and sch., for certain words.  \r\n \r\n \r\n \r\n \r\nPage 17 of 109 \r\n \r\n(c) shall be managed by any person—  \r\n \r\n(i) who is a director of any other company not being a subsidiary \r\ncompany of the banking company or a company registered under \r\nsection 26 of the 1[Companies Ordinance, 1984 (XLVII of 1984) ], \r\nexcept with the previous approval of the State Bank; or  \r\n \r\n(ii) who is engaged in any other business or vocation; or  \r\n \r\n(iii) who has a contract with the company for its management for a \r\nperiod exceeding five years at any one time:  \r\n \r\nProvide that any contract with the c ompany for its \r\nmanagement may be renewed or extended for a further period not \r\nexceeding five years at a time if and so often as the directors so \r\ndecide: \r\n \r\nProvided further that nothing in this clause shall apply to a \r\ndirector, other than the managing direct or, of a banking company \r\nby reason only of his being such director. \r\n \r\n(2)  Where a person hol ding the office of a chairman of  director or manager or chief \r\nexecutive officer (by whatever name called) of a banking company is, or has been found by any \r\ntribunal or other authority (other than a criminal court) to have contravened the provision of any \r\nlaw and the State Bank is satisfied that the contravention is of such a nature that the association \r\nof such person with the banking company is or will be detrimental  to the interests of the banking \r\ncompany or its depositors or otherwise undesirable, the State Bank may make an order that that \r\nperson shall cease to hold the office with effect from such date as may be specified therein and \r\nthereupon, that office shall, with effect from the said date, become vacant.  \r\n \r\n(3)  Any order made under sub -section (2) in respect of any person may also provide that \r\nhe shall not, without the pervious permission of the State Bank in writing, in any way, directly or \r\nindirectly, be conc erned with, or take part in the management of, the banking company or any \r\nother banking company for such period not exceeding five years as may be specified in the order.  \r\n \r\n(4)  No order under sub -section (2) shall be made in respect of any person unless h e has \r\nbeen given an opportunity of making a representation to the State Bank against the proposed \r\norder:  \r\nProvided that it shall not be necessary to give any such opportunity if, in the opinion of \r\nthe State Bank, any delay would be detrimental to the inter ests of the banking company or its \r\ndepositors. \r\n \r\n(5)  Any decision or order of the State Bank made under this section shall be final for all \r\npurposes. \r\n \r\n12.  Restrictions on removal of records and documents .— No banking company shall \r\nremove from Pakistan to a place outside Pakistan, any of its records and documents relating to its \r\nbusiness at its branches, whether they are functioning or not, without the prior permission in \r\nwriting of the State Bank. \r\n______________________________________________________________________________ \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\n \r\nPage 18 of 109 \r\n \r\nExplanation.— In this section the term “records” means ledgers, day books, cash books, \r\naccounts books and all other books used in the business of a banking comp any and the term  \r\n“documents” means vouchers, cheques, bills, pay orders, securities for advances and any other \r\ndocuments supporting entries in the books of, or claims by or against, a banking company. \r\n \r\n1[13.  Requirement as to minimum paid-up capital and reserves.—(1)Subject to sub-\r\nsection (2) no banking company shall— \r\n \r\n(a) commence business unless it has a minimum paid -up capital as may be \r\ndetermined by the State Bank; or  \r\n \r\n(b) carry on business unless the aggregate of its capital and unencumbered \r\ngeneral reserves is of such minimum value within such period as may be \r\ndetermined and notified by the State Bank from time to time for banking \r\ncompanies in general or for a banking company in particular.  \r\n \r\n(2)  No banking company incorporated outside Pakistan shal l be deemed to have \r\ncomplied with the provisions of sub -section (1) unless it deposits, and keeps deposits, with the \r\nState Bank an amount by transfer of funds from outside Pakistan or in the form of assets acquired \r\nout of remittable profits made by it from  deposits in Pakistan which is not less than what is \r\nrequired to be maintained under sub -section (1), in any one or more of the following forms, \r\nnamely:— \r\n(i) interest-free deposit in cash in Pakistan rupees;  \r\n \r\n(ii) interest-free deposit in a freely convert ible approved foreign exchange \r\nwithin the meaning of the State Bank of Pakistan Act, 1956 (XXXIII of \r\n1956), specified by the State Bank in respect of such banking company; \r\nand  \r\n \r\n(iii) deposit of un-encumbered approved securities.  \r\n \r\n(3)  Without prejudice t o the provisions of section 83, the Sate Bank may, by order in \r\nwriting, require any banking company which has failed to comply with the provisions of clause \r\n(b) of sub-section (1) within the period determined and notified under that clause to deposit with \r\nthe State Bank such amount not exceeding the amount by which  the aggregate value of the \r\ncapital and unencumbered general reserves of such banking company falls short of the minimum \r\namount of the aggregate of the capital and unencumbered general reserves re quired to be \r\nmaintained by such banking company pursuant to clause (b) of sub -section (1) on such terms and \r\nconditions as the State Bank may determine  and every banking company which is so required \r\nshall be bound to comply with the order. \r\n \r\n(4)  Any amount deposited and kept deposited with the State Bank under sub -section (2) \r\nby any banking company incorporated outside Pakistan shall, in the event of the company \r\nceasing for any reason to carry on banking business in Pakistan, be an asset of the banking \r\ncompany on which the claims of all the creditors of the banking company in P akistan shall be the \r\nfirst charge.  \r\n \r\n \r\n1Subs. by Ord. 48 of 2000, s. 4. \r\n \r\n \r\nPage 19 of 109 \r\n \r\n(5) If any dispute arises in computing the aggregate value of the capital and \r\nunencumbered general reserves of any  banking company, a determination thereof by the State \r\nBank shall be final.  \r\n \r\nExplanation.―For the purposes of this section, (a) the expression “ value” means the real \r\nor exchangeable value or, if the real or exchangeable value exceeds the nominal value, t he \r\nnominal value; and (b) the expression  “capital and unencumbered general reserves ” means paid-\r\nup capital and such other items as may be notified in this regard by the State Bank from time to \r\ntime.] \r\n \r\n14.  Regulation of paid -up capital, subscribed capital and authorized cap ital and \r\nvoting rights of share -holders.— (1) No banking company incorporated in Pakistan shall carry \r\non business in Pakistan unless it satisfies the following conditions, namely:― \r\n (i) that the subscribed capital of the company is not less than one half of the \r\nauthorized capital and the paid -up capital is not less than one half of the \r\nsubscribed capital and that if the capital is increased it complie s with the \r\nconditions prescribed in this clause within such period not exceeding two \r\nyears as the State Bank may allow;  \r\n(ii) that the capital of the company consists of ordinary shares 1[and perpetual \r\nnon-cumulative preference shares] only 2[which may be of different kinds \r\nand classes as provided by its memorandum and articles];  \r\n(iii) 2[* * * * * * *]  \r\n \r\n(iv) that the voting rights of any one shareholder, except those of the 3[Federal \r\nGovernment] or a Provincial Government  2[or such shareholder who has \r\nbeen permitted by the State Bank]  do not exceed five per cent of the total \r\nvoting rights of all the shareholders.  \r\n(2) Notwithstanding anything contained in any law for the time being in force or in \r\nany contract or instrument no suit or other proceeding shall  be maintained against any person \r\nregistered as the holder of a share in a banking company on the ground that the title to the said \r\nshare vests in a person other than the registered holder: \r\nProvided that nothing contained in this sub-section shall bar a suit or other proceeding— \r\n(a) by a transferee of the share on the ground that he has obtained from the \r\nregistered holder a transfer of the share in accordance with any law \r\nrelating to such transfer; or  \r\n(b) on behalf of a minor or a lunatic on the ground tha t the registered holder \r\nholds the share on behalf of the minor or lunatic.  \r\n(3)  Every chairman, managing director or chief executive officer by whatever name \r\ncalled of a banking company shall furnish to the State Bank through that banking company \r\nreturns containing full particulars of the extent and value of his holding of shares, whether \r\ndirectly or indirectly, in the banking company and of any change in the extent of such holding or \r\nany variation in the rights attaching thereto and such other information relating to those shares as  \r\n1Ins. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Ins. and omitted by Act No. XXIX of 2024, s.4. \r\n3Subs. by Act 30  of  1972, s.23. \r\n \r\n \r\nPage 20 of 109 \r\n \r\nthe State Bank may, by order, require and in such form and at such ti me as may be specified in the \r\norder. \r\n1[2[(4) The State Bank, if satisfied, may require any banking company by an order in writing \r\nstating reasons to increase its paid up capital or enhance the level of regulatory capital, as deemed \r\nappropriate, by such ext ent and within such period as may be specified in the order and the State \r\nBank shall exercise the power reasonably, fairly and justly.]  \r\n2[(4A) Any person holding sponsor shares in a banking company shall deposit all such shares \r\nin an account opened in a c entral depository in the manner specified by the State Bank and shall not \r\nsell, transfer or encumber the shares in any manner whatsoever without prior written approval of the \r\nState Bank.] \r\n(5)  Notwithstanding any provision contained in any other law for the time being in force,—  \r\n(a) if the State Bank has determined that a person is holding or is a beneficial \r\nowner of five percent or more shares of a banking company without prior \r\napproval of the State Bank or a person that acquired shareholding with prior \r\napproval of the State Bank subsequently fails to meet the fit and proper test as \r\nthe State Bank may, by an order in writing stating reasons, require such \r\nperson to reduce, divest or transfer to a fit and proper person, his shareholding \r\nin the banking company within such reasonable period and in such manner as \r\nmay be specified in the order; \r\n(b) where a person holding five percent or more shares of a banking company is \r\nor is likely to be detrimental to the interest of the banking company or its \r\ndepositors, the State Bank may, by an order in writing stating reasons, require \r\nsuch person to divest his shareholding to a fit and proper person. The State \r\nBank shall exercise the power reasonably, fairly and justly; and  \r\n(c) no order under clause (a) or clause (b) shal l be made unless the person \r\nconcerned has been given reasonable opportunity of making a representation \r\nto the State Bank against the proposed order;  \r\nIf the State Bank is of opinion that any delay would be detrimental to \r\nthe public interest or the interest of the banking company or its depositors, the \r\nState Bank may, at the time of giving the opportunity aforesaid or at any time \r\nthereafter and pending the consideration of the representation aforesaid, if \r\nany, may make an appropriate interim order, and conduct the proceedings in a \r\nreasonably expeditious manner.  \r\nThe interim order may include prohibition of― \r\n \r\n(i) transfer of, or the carrying out of the agreement or \r\narrangement to transfer such shares;  \r\n(ii) the exercise of voting rights in respect of such shares;  \r\n(iii) the payment of cash or stock dividends in respect of such \r\nshares; and  \r\n(iv) the issue of further shares to the concerned shareholder;  \r\n1Added by Act VII of 2011, s. 2. \r\n2Subs. and ins. by Act No. XXIX of 2024, s.4. \r\n \r\n \r\nPage 21 of 109 \r\n \r\n(d) where direction given under clause (a) or clause (b) is not complied with, \r\nthe State Bank may dispose of such shares either  through stock exchange \r\nor public auction. The sale proceeds of such shares, after deduction of any \r\nexpenses incurred by the State Bank, shall be paid  to the respective \r\nshareholders within a period of three months. If necessa ry, the State Bank \r\nmay require― \r\n \r\n(i) issuance of duplicate shares in place of the original shares; and  \r\n \r\n(ii) the 1[relevant central depository ] Company to make appropriate \r\nchanges in their records; and  \r\n \r\n(e) any person aggrieved by the decision of the State Bank under clauses (a), \r\n(b) and (d), may prefer appeal to the 1[*] Central Board of Directors of the \r\nState Bank but pending decision of the proceedings, the shareholder shall \r\nnot derive any benefit including dividends, right shares, voting rights, etc. \r\nfrom his shareholding without  express permission of the 1[*] Board 1[of \r\nDirectors of the State Bank].  \r\n \r\n 1[Explanation.__ The expression “beneficial ownership ” shall \r\ninclude the definition of “beneficial ownership of shareholders or officer \r\nof a company ” given in clause (7) of sub -section (1) of section 2 of the \r\nCompanies Act, 2017 (XIX of 2017).]] \r\n15.  Election of new directors. —(1) The State Bank may, by order,  require any banking \r\ncompany to call a general meeting of the shareholders of the company within such time, not less \r\nthan two months from the date of the order, as may be specified therein or within such further \r\ntime as the State Bank may allow in this behalf, to elect in accordance with the voting rights \r\npermissible under this Ordinance fresh directors, and the banking company shall be bound to \r\ncomply with the order. \r\n(2) Every director elected under sub -section (1) shall hold office until the date up to \r\nwhich his predecessor would have held office, if the election had not been held.  \r\n(3) Any election duly held under this section shall not be called in question in any court.  \r\n2[15A.  Appointment of director by the State Bank .— Notwithstanding anything \r\ncontained in the 3[Companies Ordinance, 1984 (XLVII of 1984) ], or in the memorandum or \r\narticles of association of any banking compa ny, the State Bank may appoint not more than one \r\nperson to be a director of a banking company, whether or not he holds any qualification shares.] \r\n15B.  1[* * * * * * *] \r\n1[15C. Fitness and propriety .__ (1) Every person holding sponsor shares in a banking \r\ncompany, director, managing director or chief executive officer, by whatever name called, and \r\nsuch other officer of a banking company, as may be specified by the State Bank, shall be required \r\nto meet the fit and proper test specified by the State Bank from time to time. \r\n \r\n \r\n1Subs., omitted and Ins. by Act No. XXIX of 2024, ss.4-6. \r\n2Sections 15A, 15B and 15C inserted by the Banking Companies (Amendment) Act, 1972 (Act No. XXX of 1972), s. 5 (w.e.f. 13-10-1972). \r\n3Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\n \r\nPage 22 of 109 \r\n \r\n(2) Every person to whom the fit and proper test applies and the banking company \r\nconcerned shall f urnish to the State Bank all information and any change in the information \r\nfurnished earlier, in such form and manner as may be required by the State Bank. \r\n(3) If the State Bank determines that a person holding the office of dire ctors, managing \r\ndirector or chief executive officer, by whatever name called, or any other officer of a banking \r\ncompany to whom the fit and proper test applies , subsequently fails to meet any te rms or \r\nconditions of the test, the State Bank may , without prejudice to any other power conferred on it \r\nunder this Ordinance, issue warning, or withdraw the fit and proper clearance of such person by \r\nan order in writing s tating the reasons thereof and such person shall vacate the office held from \r\nthe effective date of such an order: \r\nProvided that the State Bank has given an opportunity of hearing, if sought by the \r\nperson, to make representations or file objections in respe ct of the State Bank ’s decision \r\nregarding their fit and proper test application: \r\nProvided further that no order for withdrawal of fit and proper clearance shall be made \r\nunder this sub -section unless the concerned person has been given a reasonable opportun ity of \r\nmaking a representation to the State Bank against the said order , and if the State Bank is of the \r\nopinion that any delay would be detrimental to the pub lic interest or the interest of the banking \r\ncompany or its depositors, the State Bank may, at the  time of giving the opportunity aforesaid or \r\nat any time thereafter and pending the consideration of the representation aforesaid, if any , make \r\nan appropriate interim order. The aggrieved person shall have the right to appeal to the Beard of \r\nDirectors of the State Bank whose decision shall be final.] \r\n16. Restriction on commission, brokerage, di scount, etc. on sale of shares. \r\nNotwithstanding anything to the contrary in sections 105 and  105A of the 1[Companies \r\nOrdinance, 1984 (XLVII of 1984) ], no banking comp any shall pay out directly or indirectly by \r\nway of commission, brokerage, discount or remuneration in any form in respect of any shares  \r\nissued by it, any amount exceeding in the aggregate two and one -half per cent of the paid -up \r\nvalue of the said shares. \r\n17.  Prohibition of charge on unpaid capital.  No banking  company shall create any \r\ncharge upon any unpaid capital of the company and any such charge, if created, shall be invalid.  \r\n18.  Prohibition of floating charge on assets. —(1) Notwithstanding anything contained \r\nin section 7 no banking company shall create a floating charge on the undertaking or any \r\nproperty of the company or any part thereof, unless the creation of such floating charge is \r\ncertified in writing by the State Bank as not being detrimental to  the interest of the depositors of \r\nsuch company.  \r\n \r\n(2)  Any such charge created without obtaining the certificate of the State Bank shall be \r\ninvalid.  \r\n \r\n(3)  Any banking company aggrieved by the refusal of a certificate under sub -section (1) \r\nmay, within ninety days from the date on which such refusal is communicated to it, appeal to the \r\n2[Federal Government].  \r\n(4) The decision of the 2[Federal Government] where an appeal has been preferred to it \r\nunder sub-section (3) or of the State Bank where no such appeal has been preferred shall be final.  \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Subs. by Act 30  of  1972, s.23. for  “Centeral Government”. \r\n \r\n \r\nPage 23 of 109 \r\n \r\n19.  Restrictions as to payment of dividend .—(1) No banking  company shall pay an y \r\ndividend on its shares until all its capitalised expenses (including preliminary expenses, \r\norganisation expenses, share-selling commission, brokerage, amounts of losses incurred and any \r\nother item of expenditure not represented by tangible assets) have been completely written off. \r\n(2)  Notwithstanding anything to the contrary contained in sub -section (1) or in the \r\n1[Companies Ordinance, 1984 (XLVII of 1984) ], a banking company may pay dividends on its \r\nshares without writing off— \r\n \r\n(i) the depreciation, if any, in the value of its investment in approved \r\nsecurities in any case where such depreciation has not actually been \r\ncapitalised or otherwise accounted for as a loss;  \r\n(ii) the depreciation, if any, in the value of its investments in shares, \r\ndebentures or bonds (other than approved securities) in any case where \r\nadequate provision for such depreciation has been made to the satisfaction \r\nof the auditor of the banking company;  \r\n(iii) the bad debts, if any, in any case where adequate provision for such debts \r\nhas been made to the satisfaction of the auditor of the banking company.  \r\n \r\n1[(3)  Notwithstanding anything in sub -section (1) or in the Companies Ordinance, 1984 \r\n(XLVII of 1984), if a banking company meets the minimum capital requirement and capital \r\nadequacy ratio as specified by State Bank from time to time, and has also accounted for the \r\nportion of capitalized expenses, goodwill, etc., for the year to the satisfaction of the auditor of the \r\nbanking company, it shall also be eligible for payment of dividend ou t of profits of the banking \r\ncompany for the said year.] \r\n \r\n2[(4)  If the State Bank is satisfied that conditions are not favourable for such payment, or \r\nthe financial position of a banking company so warrants, it may, by order in writing stating \r\nreasons, restrict or prohibit any banking company from paying dividends to its shareholders for \r\nsuch period as may be specified in the order and the State Bank shall exercise the power \r\nreasonably, fairly and justly. \r\n \r\n (5)  No order shall be made unless the banking com pany concerned has been given an \r\nopportunity of making a representation to the State Bank and where the State Bank is of the \r\nopinion that any delay would be detrimental to the public interest or the interest of the banking \r\ncompany or its depositors, the St ate Bank may, at the time of giving the opportunity aforesaid or \r\nat any time thereafter and pending the consideration of the representation aforesaid, if any, make \r\nan appropriate interim order.] \r\n \r\n20.  Prohibition of common directors. —(1) Except with the  permission of the State \r\nBank, no banking company incorporated in Pakistan shall have as a director any person who is a \r\ndirector— \r\n \r\n(i) of any other banking company; or  \r\n \r\n \r\n1Subs., and added by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Sub-sections 4 & 5 added vide Banking Companies (Amendment) Act , 2011 (Act No. VII of 2011).  \r\n \r\n \r\n \r\nPage 24 of 109 \r\n \r\n(ii) of companies which among themselves are entitled to exercise voting \r\nrights in excess of twenty per cent of the total voting rights of all the \r\nshareholders of the banking company. \r\n1[(IA)  No banking company incorporated in Pakistan shall have as a director any \r\nperson who is— \r\n2[(a) a Federal Minister, a Minister of State or a Provincial Minister; or] \r\n(b) a person in the service of Pakistan who is not appointed  or nominated by \r\nGovernment as a director by virtue of his office.] \r\n(2)   If immediately before the commencement of this Ordinance any person holding \r\noffice as a director of a banking company is also a director of companies which among \r\nthemselves are entit led to exercise voting rights in excess of twenty per cent of the total voting \r\nrights of all the shareholders of the banking company he shall, within such period from such \r\ncommencement as the State Bank may specify in this behalf— \r\n(a) either resign his office as a director of the banking company; or  \r\n(b) choose such number of companies as among themselves are not entitled to \r\nexercise voting rights in excess of twenty per cent of the total voting rights \r\nof all the shareholders of the banking company as companies in which he \r\nwishes to continue to hold the office of a director and resign his office as a \r\ndirector in the other companies.  \r\n21.  Reserve Fund.— 3[(1) Every banking company incorporated in Pakistan shall create \r\na reserve fund to which shall be credited— \r\n(a) if the amount in such fund together with the amount in the share premium \r\naccount is less than the paid -up capital of the banking company, a sum \r\nequivalent to not less than twenty per cent of the balance of profit of each \r\nyear as disclosed in the pro fit and loss account prepared under section 34 \r\nand before any dividend is declared; and \r\n(b) if the amount in such fund together with the amount in the share premium \r\naccount is equal to or exceeds the paid -up capital of the banking company, \r\na sum equivalent  to not less than ten per cent of the balance of profit \r\ndisclosed as aforesaid and before any dividend is declared.] \r\n(2) Where a banking company appropriates any sum or sums from the reserve fund or the \r\nshare premium account, it shall, within twenty -one da ys from the date of such appropriation, \r\nreport the fact to the State Bank explaining the circumstances relating to such appropriation: \r\nProvided that the State Bank may, in any particular case, extend the said period of \r\ntwenty-one days by such period as it thinks fit or condone any delay in the making of such report. \r\n \r\n1New sub-section (IA) inserted vide Banking Companies (Amendment) Act, 1972 (Act No. XXX of 1972). \r\n2Subs. by F.A.O., 1975, Art. 2 & Sch. (w.e.f. 01-08-1975), for cl. (a). \r\n3Subs. by Act 30 of 1972, s. 7, for sub-section (1). \r\n \r\n \r\nPage 25 of 109 \r\n \r\n22.  Cash Reserve.— Every banking company, not being a scheduled bank, shall maintain by \r\nway of cash reserve in cash with itself, or in current account opened with the State Bank or its agent \r\nor partly in cash with itself and partly in such account or accounts a sum equivalent to at least two per \r\ncent of its time liabilities in Pakistan and five per cent of its demand liabilities in Pakistan and shall \r\nsubmit to the State Bank before the fifteenth day of every month a return showing the amount so held \r\non 1[Thursday] of each week of the preceding month with particulars of its time and demand \r\nliabilities in Pakistan on each such 1[Thursday] or if any such 1[Thursday] is a public holiday under \r\nthe Negotiable Instruments Act, 1881 (XXVI of 1881), at the close of business on the preceding \r\nworking day.  \r\n \r\n2[* * * * * * *] \r\n23.  Restriction on the nature of subsidiary companies.—(1) A banking company shall not \r\nform any subsidiary company except a subsidiary company formed 3[with the prior written approval \r\nof the State Bank] for one or more of the following purposes, namely:—  \r\n(a) the undertaking and executing of trusts, \r\n4[(aa) the carrying on of banking business strictly in conformity with the Injunctions \r\nof Islam as laid down in the Holy Quran and Sunnah;] \r\n(b) the undertaking of the administration of estates as executor, trustee or \r\notherwise,  \r\n5[(bb) the carrying on of business of modaraba under the provisions of the Modaraba \r\nCompanies and Modaraba (Floatation and Control) Ordinance 1980 (XXXI of \r\n1980).]  \r\n(c) the providing of safe deposit vaults; \r\n3[(Ca)  the carrying on of business as a microfinance bank under the provisions of the \r\nMicrofinance Institutions Ordinance, 2001 (LV of 2001);] \r\n(d) 3[* * *] the carrying on of the business of bank ing exclusively outside \r\nPakistan; 6[*]  \r\n7[(dd) the conduct of any from of business permitted by section 7; 3[*]] \r\n3[(ddd) for carrying on business, exclusively for development Causes, as may be \r\napproved by the State Bank; or] \r\n(e) such other purposes as are incidental to the business of banking.  \r\n(2)  Save as provided in sub -section (1), no banking company shall hold shares in any \r\ncompany whether as pledgee, mortgagee or absolute owner, of an amount exceeding thirty percent of \r\nthe paid -up share capital of tha t company or thirty per cent of its own paid -up share capital and \r\nreserves, whichever is less: \r\nProvided that any banking company which is on the date of commencement of this Ordinance \r\nholding any shares in contravention of the provisions of this sub-section shall not be liable to any  \r\n \r\n1Subs. and shall be deemed to have been so subs. by the Banking Companies (amdt.) Ordinance, 1978 (3 of 1978), s. 3, for “Frid ay” (w.e.f. 1-7-\r\n1977). \r\n2Explanation omitted by the Banking Companies (Amdt) Ordinance, 1984 (34 of 1984), s. 3. \r\n3Ins. and omitted by Act No. XXIX of 2024, s.7. \r\n4Ins. by Ord. CXI of 2002, s. 4. \r\n5New clause (bb) inserted vide. The Banking Companies (Third Amendment) Ordinance, 1980 (Ord. LVIII of 1980), s.5.  \r\n6The word “or” omitted vide Banking and Financial Services (Amendment in Laws) Ordinance, 1984 (Ordinance No. LVII of 1984), s.2 and Sch.  \r\n7New cl. (dd) ins. ibid. \r\n \r\n \r\nPage 26 of 109 \r\n \r\npenalty therefore if it reports the matter without delay, to the State Bank and if it brings its holding of \r\nshares into conformity with th e said provision within such period, not exceeding two years, as the \r\nState Bank may think fit to allow. \r\n(3)  Save as provided in sub -section (1) and notwithstanding anything contained in sub -\r\nsection (2), a banking company shall not, after the  expiry of one  year from the date of \r\ncommencement of this Ordinance hold shares, whether as pledgee, mortgagee or absolute owner, \r\nin any company in the management of which any managing director or manager of the banking \r\ncompany is in any manner concerned or interested. \r\n1[24.  Restrictions on loans and advances.—(1) No banking company shall— \r\n(a) make any loans or advances against the security of its own shares; or  \r\n(b) grant unsecured loans or advances to, or make loans and advances on the \r\nguarantee of,—  \r\n(i) any of its directors;  \r\n(ii) any of the family members of any of its directors;  \r\n(iii) any firm or private company in which the banking company or any of the \r\npersons referred to in sub -clause (i) or sub -clause (ii) is interested as \r\ndirector, proprietor or partner; or  \r\n \r\n(iv) any public limited company in which the banking company or any of the \r\npersons as aforesaid is substantially interested.   \r\n \r\n(2)  No banking company shall make loans or advances to any of its directors or to \r\nindividuals, firms or companies in which it or any of its directors is interested as partner, director \r\nor guarantor, as the case may be, without the approval of the majority of the directors of that \r\nbanking company, excluding the director concerned.] \r\n2[25. Power of Sta te Bank to control advances by banking C ompanies.__ (1) \r\nWhenever the State Bank is satisfied that it is necessary or  expedient in the public interest so to \r\ndo, it may determine the policy in relation to advances to be followed by banking companies \r\ngenerally or by any banking company in particular, and, when the policy has been so determined, \r\nall banking companies or the banking company concerned, as the case may be, shall be bound to \r\nfollow the policy as so determined. \r\n3[(2)  Without prejudice to the generality of the power conferred by sub-section (1), the \r\nState Bank may give directions to banking companies either generally or to any banking \r\ncompany or group of banking companies in particular,— \r\n \r\n \r\n(a) as to the credit ceilings to be maintained, credit targets to be achieved for \r\ndifferent purposes, sectors and regions, the purposes for which advances \r\nmay or may not be made, the margins to be maintained in respect of  \r\nadvances, the rates of interest, charges or mark -up to be applied on \r\nadvances and the maximum or minimum profit sharing ratios; and  \r\n \r\n1Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 8 (w.e.f. 13-10-1972) for the original section 24. \r\n2Subs. by the Banking Companies (Amdt.) Ordinance, 1971 (7 of 1971), s. 2 (w.e.f. 15-03-1971) for the original section 25. \r\n3Subs. by the Banking Companies (Third Amdt.) Ordinance, 1980 (58 of 1980), s. 6 for sub -section (2), which was previously amended by Act \r\nNo. 30 of 1972, s. 9 (w.e.f. 13-10-1972), for certain words.  \r\n \r\n \r\n \r\nPage 27 of 109 \r\n \r\n(b) prohibiting the giving of loans, advances and credit to an y borrower or \r\ngroup of borrowers on the basis of interest, either for a specific purpose or \r\nfor any purpose whatsoever; and each banking company shall be bound to \r\ncomply with any direction so given.] \r\n \r\n(3)  If any default is made by a banking company in com plying with the policy \r\ndetermined under sub -section (1) or direction given under sub -section (2), every director and \r\nother officer of the banking company and every other person who is knowingly a party to such \r\ndefault shall, by order of the State Bank, be liable to a penalty of an amount 1[as specified in the \r\nFourth Schedule]. \r\n \r\n2[(4)  Without prejudice to the provisions of sub -section (3), the State Bank may, for the \r\npurposes of securing implementation of any special credit schemes or monetary policy or \r\nobservance of credit ceilings by a banking company, by order in writing require banking \r\ncompanies generally, or any banking company in particular, to make special deposits with it for \r\nsuch amount and on such terms and conditions as may be laid down by  the State Bank in this \r\nbehalf.] \r\n(5)  The amount deposited with the State Bank under sub -section (4) or any part thereof \r\nmay, at the discretion of the State Bank, be released by it to the banking company which \r\ndeposited it as and when the State Bank deems fit eith er unconditionally or on such terms and \r\nsubject to such conditions as the State Bank may by order in writing, determine from time to \r\ntime.   \r\n(6)  Any penalty imposed under sub -section (3) shall be payable on demand made by the \r\nState Bank and, in the event of refusal or failure by the director, officer or other person \r\nconcerned to pay on such demand, shall be recoverable as arrear of land revenue.] \r\n3[25A.  Power of the State Bank to collect and furnish credit information. — (1) \r\nEvery banking company shall fur nish to the State Bank  credit information in such manner as the \r\nState Bank may specify, and the State Bank may, either of its own motion or at the request of any \r\nbanking company, make such information available to any banking company on payment of such \r\nfee as the State Bank may fix from time to time: \r\nProvided that, while making such information available to a banking company, the State \r\nBank shall not disclose the names of the banking companies which supplied such information to \r\nthe State Bank: \r\n \r\nProvided fur ther that, a banking company which p urposes to enter into any financial \r\narrangement which is in excess of the limit laid down in this behalf by the State Bank from time \r\nto time shall, before entering into such financial arrangement, obtain credit informati on on the \r\nborrower from the State Bank. \r\n(2)  Any credit information furnished by the State Bank to a banking company under sub -\r\nsection (1) shall be treated as confidential and shall not, except for the purposes of this section or \r\nwith the prior permission of the State Bank, be published or otherwise disclosed.  \r\n(3)  No court, tribunal or other authority, including an officer of Government, shall require \r\nthe State Bank or any banking company to disclose any information furnished to, or supplied by, the  \r\nState Bank under this section.  \r\n1Subs. by Act No. XXIX of 2024, s. 8. \r\n2Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 9 (w.e.f. 13-10-1972), for sub-section (4). \r\n3Ss. 25A and 25B ins. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 10 (w.e.f. 13-10-1972). \r\n \r\n \r\nPage 28 of 109 \r\n \r\nExplanation.— For the purpose of this section, — \r\n(a) “borrower” means any person to whom any credit limit has been sanctioned by \r\nany banking company, whether availed of or not, and includes—  \r\n(i) in the case of a company or corporation, its subsidiaries;  \r\n(ii) in the case of a Hindu undivided family, any member thereof or any firm \r\nin which such member is a partner;  \r\n(iii) in the case of a firm, any partner thereof or any other firm in which such \r\npartner is a partner; and  \r\n(iv) in t he case of an individual, any firm in which such individual is a \r\npartner; and  \r\n(b) “credit information” means any information relating to—  \r\n(i) the amounts and the nature of loans or advances or other credit facilities, \r\nincluding bills purchased or discoun ted, letters of credit and guarantees, \r\nindemnities and other engagements extended by a banking company to \r\nany borrower or class of borrowers;  \r\n(ii) the nature of security taken from any borrower for credit facilities \r\ngranted to him;  \r\n(iii) the guarantees, indemnities or other engagements furnished to a banking \r\ncompany by any of its customers; and  \r\n(iv) operations or accounts in respect of loans, advances and other credit \r\nfacilities referred to in this clause. \r\n25AA.  1[*  * * * * * *] \r\n25B.  Recovery of certain dues of banking companies as arrears of land revenue.  Loans and \r\nadvances made by a banking company for  agricultural 2[and other] purposes shall be recoverable as an \r\narrear of land revenue as if the banking company were a local authority for the purposes  of section 5 of \r\nthe Revenue Recovery Act, 1890 (I of 1890): \r\nProvided that no sum shall be so recoverable unless the banking company has, by notice in \r\nwriting, informed the debtor, not less than fifteen days before proceeding to have it so recovered, that he \r\nmay repay by such instalment as may be fixed in the notice and that action to have the debt recovered as \r\nan arrear of land revenue will be taken if he fails to pay any instalment on or before the due date.] \r\n26.  Power of 3[State Bank ] to prohibit accept ance of deposits by banking companies \r\nincorporated outside Pakistan. The 3[State Bank] may, by notification in the official Gazette, order that \r\nany banking company or 3[any class of] banking companies incorporated outside Pakistan shall from a \r\ndate to be specified in the notification— \r\n(1)  discontinue to accept any interest bearing deposits or accept such deposits only upon such \r\nterms and under such conditions as may be specified in the notification: \r\nProvided that no such notification shall be made earlier than three years after the commencement \r\nof this Ordinance and the date specified in the notification shall not be earlier than six months after the \r\ndate of the notification; or \r\n \r\n1Omitted by Act No. XXIX of 2024, s.9. \r\n2Ins. by Act XIV of 1997, s. 5. \r\n3Subs. by Act XIV of 1997, s. 6.  \r\n \r\n \r\nPage 29 of 109 \r\n \r\n(2)  discontinue to accept any deposits or accept deposits only upon such terms and under \r\nsuch conditions as may be specified in the notification: \r\n \r\nProvided that no such notification shall be made earlier than three years after the \r\ncommencement of this Ordinance and the date specified in the notification shall not be earlier \r\nthan one year from the date of the notification. \r\n \r\n1[26A.  Deposits.—(1) Deposits of money may be accepted by a banking company on the \r\nfollowing basis:― \r\n \r\n(i) on participation in profit and loss of the banking company;  \r\n(ii) free of interest or return in any form, and  \r\n(iii) until such time as the Federal Government determines and notifies , by \r\npublication in the official Gazette, that the domestic operati ons of the \r\nbanking companies have become free of interest, on interest. \r\n \r\n(2)  Every banking company receiving deposits on the basis of participation in profit and \r\nloss shall maintain separate account in respect thereof as also of investments made, finances  \r\nprovided out of the amount of such deposits, cash reserves and liquid assets maintained there \r\nagainst and all income and expenditure relating thereto.  \r\n \r\n(3)  Deposits received on the basis of participation in profit and loss shall be invested or \r\nemployed, at the absolute discretion of the banking company, only in transactions or business the \r\nreturn on which does not accrue to the banking company by way of interest.  \r\n \r\n(4)  A person depositing money with a banking company on the basis of participation in \r\nprofit and loss shall be entitled, subject to such general directions as the State Bank may give \r\nfrom time to time in the interest of monetary stability, to receive periodically such share of the \r\nprofit of the banking company arising out of such transactions as may be determined by it and, in \r\nthe event of loss incurred by the banking company, shall be liable to bear proportionate loss.] \r\n2[(5)  Where the State Bank has determined that a banking company,— \r\n(a) is carrying on its business in a manner detrimental t o the interest of its \r\ndepositors; or  \r\n(b) is materially unable to discharge its financial obligations or continue its \r\noperations; or  \r\n(c) has failed to meet 3[specified] capital requirements or cash and liquidity \r\nrequirements or provisioning requirements o r any condition specified in  \r\nthe license or any preventive or remedial measure 3[specified] by the State \r\nBank, \r\n \r\n \r\n \r\n1New section 26A ins. by the Banking Companies (Third Amdt.) Ordinance, 1980 (58 of 1980), s. 7. \r\n2Added by Act No. VII of 2011, s. 4. \r\n3Subs. by Act No. XXIX of 2024, s.10. \r\n \r\n \r\nPage 30 of 109 \r\n \r\nthe State Bank, by an order in writing stating reasons, may impose conditions or restrictions on \r\nthe banking company on accepting deposits from any class of depositors or type of deposits for \r\nsuch period as may be specified in  the order and the State Bank shall exercise the power \r\nreasonably, fairly and justly. \r\n \r\n \r\n(6)  No order shall be made unless the banking company concerned has been given an \r\nopportunity of making a representation to the State Bank and if the State Bank is of the opinion \r\nthat any delay would be detrimental to the public interest or the interest of the banking company \r\nor its depositors, the State Bank may, at the time of giving the opportunity aforesaid or at any \r\ntime thereafter and pending the consideration of the representation aforesaid, if any, may make \r\nan appropriate interim order.] \r\n \r\n \r\n27.  Licensing of banking companies. — 1[(1) No individual or  association or body of \r\nindividuals, not being a company, shall carry on banking business in Pakistan and, save as \r\nhereinafter provided, no company shall carry on banking business in Pakistan unless it holds a \r\nlicence issued in  that behalf by the State Bank; and any such licence may be issued subject to \r\nsuch conditions as the State Bank may think fit to impose.] \r\n \r\n \r\n \r\n(2) Every banking company in existence on the commencement of this Ordinance, before \r\nthe expiry of six months from such commencement, and every other company before \r\ncommencing banking business in Pakistan, shall apply in writing to the State Bank for a licence  \r\nunder this section: \r\n \r\n \r\nProvided that nothing in sub -section (1) shall be deemed to prohibit a banking company \r\nin existence on the commencement of this Ordinance from carrying on banking business until it \r\nis granted a licence in pursuance of this section or  is by notice in writing informed by the State \r\nBank that a licence cannot be granted to it: \r\n \r\n \r\nProvided further that the State Bank shall not give a notice as aforesaid to a banking \r\ncompany in existence on the commencement of this Ordinance before the expir y of the period of \r\ntwo years in the case of banking companies incorporated in Pakistan and of six months in the \r\ncase of banking companies incorporated outside Pakistan 2[* * *]. \r\n \r\n(3)  Before granting any licence under this section, the State Bank may requi re to be \r\nsatisfied by an inspection of the books of the company or otherwise that all or any of the \r\nfollowing conditions are fulfilled, namely:— \r\n(a) that the company is or will be in a position to pay its present or future \r\ndepositors in full as their claims accrue;  \r\n \r\n(b) that the affairs of the company are not being or are not likely to be \r\nconducted in a manner detrimental to the interests of its present or future \r\ndepositors;  \r\n \r\n(c) that, in the case of a company incorporated outside Pakistan, the \r\nGovernment or law of the country in which it is incorporated provides the \r\nsame  facilities  to  banking  companies  registered  in  Pakistan  as  the \r\n______________________________________________________________________________ \r\n1Subs. by the Banking Companies (Amdt.) Ordinance, 1979 (56 of 1979), s. 2 for sub-section (1). \r\n2Omitted by Ord. 48 of 2000, s. 5. \r\n \r\n \r\n \r\nPage 31 of 109 \r\n \r\nGovernment or law of Pakistan grants to banking companies incorporated \r\noutside Pakistan and that the company complies with all the provisions of \r\nthis Ordinance a pplicable to banking companies incorporated outside \r\nPakistan.  \r\n (4)  The State Bank may cancel a licence granted to a banking company under this \r\nsection,— \r\n(i) if the company ceases to carry on banking business in Pakistan; or  \r\n(ii) if the company at any ti me fails to comply with any of the conditions \r\nimposed upon it under sub-section (1); or  \r\n(iii) if at any time, any of the conditions referred to in sub -section (3) ceases to \r\nbe fulfilled 1[; or] \r\n1[(iv) if the banking company is engaged in or is being used for criminal \r\nactivities; or \r\n(v) if the banking company has destroyed or concealed, or moved outside of \r\nPakistan all or part of its assets, the administration, operation and books or \r\nrecords without the explicit approval of the State Bank; or \r\n(vi) if the ba nking company has created material hindrance, delay or \r\nobstruction for the State Bank in  performance of its supervisory \r\nfunctions:] \r\n1[Provided that before cancelling a license,__ \r\n(i)  under clause (ii) or clause (iii) of this sub -section on the ground \r\nthat the banking company has failed to comply with or has failed or \r\nceased to fulfil any of the conditions referred to therein; or \r\n(ii)  under clause (iv), clause (v) or clause (vi) of this sub-section, \r\nthe State Bank, unless it is of opinion that the delay wi ll be prejudicial to the interest of the \r\ncompany’s depositors or the public, shall provide an opportunity of being heard to the banking \r\ncompany or, as the case may be, shall grant to the company on such terms as it may specify, an \r\nopportunity of taking the necessary steps for complying with or fulfilling such condition.] \r\n(5)  Any banking company aggrieved by the decision of the State Bank cancelling a \r\nlicence under this section may, within thirty days from the date on which such decision is \r\ncommunicated to it, 2[apply for review to the 1[*] Board of 1[Directors of] the State Bank]. \r\n2[(6)  The decision of the State Bank subject to the result of review under sub -section (5), \r\nif any, shall be final.] \r\n3[27A.  Prohibition of advertising for deposits and collectio n.— Notwithstanding \r\nanything contained in any other law for the time being in force, no company, firm or person, not  \r\n1Subs., ins. and omitted  by Act No. XXIX of 2024, s.11. \r\n2Subs. by Act XIV of 1997, s. 7. \r\n3Subs. by the Finance Act, 1990 (7 of 1990), s. 4A, for section 27A, which was previously ins. by Act 6 of 1987, s. 6. \r\n \r\n \r\nPage 32 of 109 \r\n \r\nbeing a banking company or a corporation or authority established by the Federal Government or \r\na company duly authorised in this behalf by the Controller of Capital Issues or the Corpor ate \r\nLaw Authority or the Registrar Co operative Societies, shall solicit or invite deposits of money \r\nfrom the public through advertisements in the public media or by postal circulars, handbills, \r\ndisplays in public places or by any other means, or collect or  receive any deposits of money in \r\npursuance thereof. \r\nExplanation.—For the purposes of this section, “deposits of money” shall be deemed to \r\ninclude money called, invited or collected for the purpose, or declared object, of investment or \r\nborrowing in any bus iness carried on, or proposed to be carried on, by the company, firm or \r\nperson by whom  or on whose behalf, such money is called, invited, collected or received \r\nirrespective of the nature of the relationship, arrangement or terms offered or provided by such  \r\ncompany, firm or person to the person making the investment, deposits of money or payment or \r\nof the basis or understanding on which the money is so called, invited, collected or received.] \r\n1[27B.  Disruptive union activities. — (1) No officer or member of a trade union in a \r\nbanking company shall use any bank facilities including a car or telephone to promote trade \r\nunion activities, or carry weapons into bank premises unless so authorized by the management, \r\nor carry on trade union activities during office ho urs, or subject bank officials to physical \r\nharassment or abuse and nor shall he be a person who is not an employee of the banking \r\ncompany in question. \r\n(2)  Any person violating any of the provisions of sub -section (1) shall be guilty of an \r\noffence punishable with imprisonment of either description which may extend to three years, or \r\nwith fine, or with both.] \r\n28.  Restrictions on opening of new, and transfer of existing , places of business.—(1) \r\nNo banking company shall open a new place of  business in any par t of Pakistan or change, \r\notherwise than within the same city, town or village the location of an existing place of business \r\nsituated in any part of Pakistan and no banking company incorporated in Pakistan shall open a \r\nnew place of business outside Pakistan  or change, otherwise than within the same city, town or \r\nvillage in any country or area outside Pakistan, the location of an existing place of business \r\nsituated in that country or area without first obtaining the prior permission in writing of the State \r\nBank. \r\n(2)  Nothing in this section shall apply to the opening for a period not exceeding one \r\nmonth of a temporary place of business within a city, town or village or the environs thereof \r\nwithin which the banking company already has a place of business, for t he purpose of affording \r\nbanking facilities to the public on the occasion of an exhibition, a conference or a mela or any \r\nother like occasion: \r\nProvided intimation of such opening is given to the State Bank within one week of the \r\ndate of opening. \r\nExplanation.—For the purpose of this section— \r\n(a) “place of business” includes any sub-office, pay-office, sub-pay office and \r\nany place of business at which deposits are received, cheques cashed or \r\nmoneys lent;  \r\n(b)   “new place of business ” includes a place of busin ess which is reopened \r\nafter being temporarily closed.  \r\n \r\n1Ins. by Act XIV of 1997, s.8. \r\n \r\n \r\n \r\nPage 33 of 109 \r\n \r\n(3)  The State Bank may, before giving the permission referred to in sub -section (1) of \r\nthis section to any banking company, require to be satisfied by an inspection u nder section 40 or \r\notherwise regarding such aspects of the company‘s affairs as the State Bank may deem \r\nnecessary. \r\n \r\n29.  Maintenance  of  liquid  assets. —(1)  Every  banking  company  shall maintain in \r\nPakistan in cash, gold or unencumbered approved securit ies valued at a price not exceeding the \r\ncurrent market price, an amount which shall not at the close of business on any day be less than  \r\ntwenty per cent of the total of its time and demand liabilities in Pakistan 1[:] \r\n1[Provided that the  requirements of su b-section (1) as to the maintenance in Pakistan of \r\ncash, gold or unencumbered approved securities may from time to time, by notification in the \r\nofficial Gazette, be varied by the 2[Federal Government] 3[:]] \r\n3[Provided further that the State Bank may, from time to time, specify the types of assets \r\nmentioned in this sub-section which shall not be eligible for the maintenance of liquid assets.] \r\nExplanation.—For the purposes of this section, “unencumbered approved securities” of a \r\nbanking company shall include its approved securities lodged with another institution for an \r\nadvance or any other credit arrangement to the extent to which such securities have not been \r\ndrawn against or availed of. \r\n \r\n(2)  In computing the amount provided for in sub -section (1), any depo sit required under \r\n4[sub-section (2) ] of section 13 to be made with the State Bank by a banking company \r\nincorporated outside Pakistan and any balances maintained in Pakistan by a banking company in \r\ncurrent account with the State Bank or its agent or both, 5[or in profit and loss sharing term \r\ndeposit account with the State Bank ] including in the case of a scheduled bank the balance \r\nrequired to be so maintained under sub -section (1) of section 36 of the State Bank of Pakistan \r\nAct, 1956 (XXXIII of 1956), shall be deemed to be cash maintained.  \r\n(3)  Every banking company shall, before the close of the month succeeding the month \r\nto which the return relates, furnish to the State Bank a monthly return in the prescribed form and \r\nmanner showing particulars of the com pany’s assets maintained in accordance with this section \r\nand its time and demand liabilities in Pakistan at the close of business on each 6[Thursday] \r\nduring the month, or if any 6[Thursday] is a public holiday under the Negotiable Instruments Act, \r\n1881 (XXVI of 1881), at the close of business on the preceding working day. \r\n \r\n7[(4)  The cash deposited by a banking company or financial institution under sub -section \r\n(1) and by a scheduled bank under the State Bank of Pakistan Act, 1956 (XXXIII of 1956) shall \r\nbe deemed to be part of the assets of the banking company but shall not be subject to any  \r\nencumbrance, nor shall it be available for the discharge of any liability of the banking company  \r\nor financial institution other than the order of liquidation made by the  High Court under this \r\nOrdinance, nor shall the said cash deposit be available to attachments in execution of a ny decree \r\nor recoverable under order of any authority under any law for the time being in force, except any \r\nclaim of the State Bank.] \r\n  \r\n1Subs. and added by the Banking Companies (Amdt.) Act, 1965 (7 of 1965), s. 2 (w.e.f. 31-7-1965). \r\n2Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23 (w.e.f. 13-10-1972), for “Central Government”.  \r\n3Subs. and added by Act No. XXIX of 2024, s.12. \r\n4Subs. by Ord. 48 of 2000, s. 6. \r\n5Ins. by the Banking Companies (Third Amdt.) Ordinance, 1980 (58 of 1980), s. 8. \r\n6Subs. and shall be deemed to have been so, subs. by the Banking Companies (Amdt.) Ordinance, 1978 (3 of 1978), s. 3, (w.e.f. 1-7-1977), for \r\n“Friday”. \r\n7Added by Act No. VII of 2011, s.5. \r\n \r\n \r\nPage 34 of 109 \r\n \r\n30.  Assets in Pakistan.—(1) At the close of business on any day the assets in Pakistan of \r\nevery banking company shall not be less in value than an amount representing such percentage of \r\nits time and demand liab ilities in Pakistan as may be 1[specified] by the State Bank from time to \r\ntime provided that the percentage so 1[specified] shall not exceed eighty five per cent. \r\n(2)  Every banking company shall, before the close of the month succeeding that to which \r\nthe return relates, furnish to the State Bank, in the prescribed form and manner a monthly return \r\nshowing particulars of the company’ s assets maintained in accordance with this section and its \r\ntime and demand liabilities in Pakistan at the close of business on  every 2[Thursday] or if any  \r\n2[Thursday] is a public holiday under the Negotiable Instruments Act, 1881 (XXVI of 1881), at \r\nthe close of business, on the preceding working day.  \r\n(3) For the purposes of this section—  \r\n \r\n(a)   “assets in Pakistan ” shall be deemed to include export bills drawn in, and \r\nimport bills drawn on and payable in , Pakistan and expressed in such \r\ncurrencies as the State Bank may from time to time approve in this behalf \r\nand also such securities as the State Bank may approve in this behalf \r\nnotwithstanding that all or any of the said bills or securities are held \r\noutside Pakistan, but shall exclude such assets as in the opinion of the \r\nState Bank cannot properly be regarded as assets;  \r\n \r\n(b) “liabilities in Pakistan” shall not include the paid-up capital or the reserves \r\nor any credit balance in the profit and loss account of the banking \r\ncompany.  \r\n \r\n3[31.  Unclaimed deposits and articles of value.— (1) Where—  \r\n \r\n(a) a debt payable in Pakistan currency 4[or any other currency] is 1[owed] by \r\na banking company by reason of a deposit, not being a deposit in the name \r\nof a minor or a Government or a court of law, at a branch of the banking \r\ncompany 4* * in respect of which no transaction has taken place and no \r\nstatement of account has been requested or ackno wledged by the creditor \r\nduring a period of 1[fifteen] years reckoned—  \r\n \r\n(i) in the case of a deposit made for a fixed period, from the day on \r\nwhich the fixed period terminated, and  \r\n(ii) in the case of any other deposit, from the day on which the last \r\ntransaction took place or a statement of account was last requested \r\nor acknowledged by the creditor, whichever is later; or \r\n \r\n(b) a dividend, bonus, profit or other sum of money whatsoever which has \r\nbecome due on a deposit and remained unpaid or unacknowledged by the \r\ncreditor for period of 1[fifteen] years reckoned from the date on which the \r\ndividend, bonus, profit or other sum of money, as the case may be, became \r\ndue and payable; or \r\n \r\n1Subs. by Act No. XXIX of 2024, ss.13-14. \r\n2Subs. and shall be deemed to have b een so, subs. by the Banking Companies (Amdt.) Ordinance, 1978 (3 of 1978), s. 3, (w.e.f. 1 -7-1977), for \r\n“Friday”. \r\n3Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 11 (w.e.f. 13-10-1972), for  the original section 31. \r\n4Ins. & Omitted by Ord. CXI of 2002, s. 5. \r\n \r\n \r\nPage 35 of 109 \r\n \r\n(c) a cheque, draft  or  bill  of exchange including an instrument drawn by one \r\nbranch of the banking company upon another such branch payable in \r\nPakistan currency 1[or any other currency ] has been issued, certified or \r\naccepted by a banking company at a branch of the banking company 1[* *]   \r\nand no payment has been made in respect thereof for a period of 2[fifteen] \r\nyears from the date of issue, certification or acceptance; 2[*]  \r\n2[the banking company shall give forthwith a three mont hs’ notice in writing by registered post \r\nacknowledgement due to the creditor or the beneficiary of the cheque, draft or bill of exchange \r\non his address last made known by him to the banking company, and if on the expiry of the three \r\nmonths’ period no ackno wledgement or reply is received from the addressee, the banking \r\ncompany shall pay to the State Bank an amount equal to the amount, owing by the banking \r\ncompany in respect of the debt or to the amount that would be owing if the instrument had been \r\npresented for payment , including profit, if any, and payment accordingly shall discharge the \r\nbanking company from all liabilities in respect of the debt or instrument, as the case may be.] \r\n(2)   A notice required to be given 2[under] sub-section (1)—  \r\n \r\n(a) may, in the case of a firm or a Hindu undivided family , be addressed to \r\nany member of the firm or the manager or any adult male member of the \r\nfamily and, in the case of any other association of persons, to the principal \r\nofficer thereof;   \r\n(b) may be given to a dul y authorised agent of the person to whom it is \r\nrequired to be given or, where he has died, to his legal representative or \r\nwhere he has been declared an insolvent, to his assignee, provided the \r\nbanking company has had notice of appointment of the agent or o f the \r\ndeath or insolvency of the person to whom it is required to be given;  \r\n \r\n(c) shall, in the  case of joint creditor  or more than one beneficiaries of a \r\ncheque, draft or bill of exchange 2[* * *] be deemed to be sufficient notice \r\nto all such persons if given to any one of them; and  \r\n(d) shall, notwithstanding the fact that it is miscarried or the addressee is dead \r\nor insane or has become insolvent or the envelope 2[* *] is returned with \r\nthe postal endorsement  “addressee is untraceable ” or any other like \r\nendorsement, be deemed to have been served on the fifteenth day \r\nfollowing the day on which the envelope 2[* *] in which it is contained is \r\nposted, if it is properly addressed, prepaid and posted, provided the \r\nbanking company has had no notice of the death, insanity or insolvency of \r\nthe person to whom it is required to be given. \r\n \r\n(3)  A certificate in writing under the signature of an employee of the banking company \r\nwhose duty it is to address, prepay and post letters on behalf of the banking company to the effect \r\nthat the envelope 2[* *]  containing a notice required to be given by sub -section (1) was \r\naddressed, prepaid and posted shall be conclusive evidence of its having been so addressed, \r\nprepaid and posted.  \r\n \r\n \r\n1Ins. & Omitted by Ord. CXI of 2002, s. 5. \r\n2Subs. and omitted by Act No. XXIX of 2024, s.14. \r\n \r\n \r\nPage 36 of 109 \r\n \r\n (4)  As soon as an amount is paid by a banking company to the State Bank under sub -\r\nsection (1), it shall cease to bear interest 1[or rank for a share of profit or loss]  notwithstanding \r\nanything to the contrar y contained in the terms of the debt or instrument or any law for the time \r\nbeing in force.  \r\n(5)  Where any banking company has paid an amount 2[* * *]  to the State Bank under \r\nsub-section (1), the banking company shall preserve and continue to preserve all signature cards \r\nand signing authorities and other documents relating to the debt or instrument 2[* *], as the case \r\nmay be, until it is informed by the State Bank in writing that they need not be preserved any \r\nlonger.  \r\n(6)  Nothing in the Limitation Act, 19 08 (IX of 1908), or in any other law for the time \r\nbeing in force shall affect the liability of a banking company toward the State Bank under sub -\r\nsection (1).  \r\n \r\n2[(7)   Every banking company shall, within thirty days after the close of each calendar \r\nyear, s ubmit to the State Bank a return in the specified form and manner of all unclaimed \r\namounts remaining unpaid in the books of the banking company, after the expiry of fifteen years \r\nas reckoned under sub-section (1).]  \r\n \r\n2[(8)  The State Bank shall place on its website a list of the amounts received by it under \r\nsub-section (1) and not claimed by any person: \r\nProvided that public attention shall be drawn towards the list of amounts so placed on the \r\nwebsite through public notices in not less than two newspapers an d media channels once each \r\nquarter.] \r\n \r\n2[(9)  Any banking company which has paid any amount to the State Bank in accordance \r\nwith sub-section (1) may, within thirty days from the date of such payment , submit to the State \r\nBank its claim as regards lien, counter-claim or right of set-off in relation to the amount so paid.]  \r\n \r\n(10)  Any person who claims to be entitled to any money 2[* *] paid 2[* *] to the State \r\nBank under sub -section (1) may subm it his claim to the State Bank  2[through the concerned \r\nbanking company as per the procedure laid down by the State Bank from time to time].  \r\n \r\n2[(11)  Subject to sub -sections (9), and (14), the State Bank may pass such order on a \r\nclaim submitted to it under sub -section (9) or sub -section (10) as it may deem fit  after satisfying \r\nitself as to the genuineness of the claim, and where the State Bank makes any payment to any \r\nperson submitting a claim under sub -section (10), a receipt given by him shall be a final \r\ndischarge to the State Bank.] \r\n(12)  2[* * * * * * *] \r\n2[(13)  Subject to sub -sections (9), and (14), any amount paid to the State Bank under \r\nsub-section (1) shall remain in the custody of the State Bank.] \r\n \r\n1Ins. by the Banking Companies (Third Amdt.) Ordinance, 1980 (58 of 1980), s. 9. \r\n2Omitted, subs. and added by Act No. XXIX of 2024, s.14. \r\n \r\n \r\nPage 37 of 109 \r\n \r\n1[(14)  Notwithstanding anything contained in sub-section (1) about the giving of a notice \r\nby a banking company to any creditor or beneficiary of any cheque, draft or bill of exchange , or \r\nin sub-section (8) about the placement by the State Bank of the list of unclaimed amounts , the \r\nprocedure to be followed and the manner of disposal of debts and instruments in a case where the \r\nperson concerned is not for the time being residing in Pakistan shall be such as may be \r\ndetermined by the State Bank from time to time.]  \r\n(15) Any decision of the State Bank under sub -section (11) about the acceptance, \r\nsatisfaction or otherwise of the lien  right of set-off or counter-claim of a banking company or, as \r\nthe case may be, the entitlement of any person to any money 1[* *] received by the State Bank \r\nunder sub -section (1) shall be final and shall not, except as provided in sub -section (16), be \r\ncalled in question in any manner by or before any court, tribunal or other authority.  \r\n1[(15A) Where any security,  share, goods, currency or any other valuable article \r\n(hereinafter collectively called article) lying in safe custody of or in a customer ’s locker with a \r\nbanking company has been transferred to the vault of the banking company by reason of the \r\ncustomer hav ing failed to pay the rent or fee in accordance with the agreement between the \r\nparties or otherwise in accordance with the instructions issued by the State Bank, details of such \r\narticles shall be submitted to the State Bank in the manner as specified by th e State Bank. The \r\nbanking company shall publish factum of the same on its website in the manner as specified by \r\nthe State Bank. \r\n(15B) With the prior written permission of the State Bank, a banking company may \r\nclose suspended, blocked or frozen accounts of designated or proscribed individuals and/or \r\nentities. In the event the State Bank authorizes such closure, the banking company shall \r\ntransfer the deposits, if any, to the credit of such suspended, blocked or frozen accounts to \r\nthe State Bank.] \r\n(16)  Any person aggrieved by a decision of the State Bank under sub -section (11) may, \r\nwithin one month from the date of the decision, prefer an appeal to such officer of the State Bank \r\nsuperior in rank to the officer by whom the decision appealed against was given as  may be \r\nauthorised in this behalf by the Governor of the State Bank.  \r\n \r\n(17)  For the purpose of adjudicating and determining any claim under sub -section (9) or \r\nsub-section (10) or deciding any appeal under sub -section (16) the State Bank shall follow such \r\nprocedure as may be prescribed and shall have the same powers as are vested in a court under the \r\nCode of Civil Procedure, 1908 (Act V of 1908), when trying a suit in respect of  the following \r\nmatters, namely:—  \r\n(a) enforcing the attendance of any person and examining him on oath;  \r\n(b) compelling the production of documents and materials objects; and  \r\n(c) issuing commissions for the examination of witnesses.  \r\n(18)  Any proceeding before the State Bank under this section shall be deemed to be a \r\n“judicial proceeding” within the meaning of section 228 of the Pakistan Penal Code (Act XLV of \r\n1860), and the State Bank shall, for the purposes of any such proceeding, be deemed to be a \r\n“Civil Court” within the meaning of section 480 of the Code of Criminal Procedure, 1 898(Act V \r\nof 1898). \r\n \r\n1Subs., omitted and ins. by Act No. XXIX of 2024, s.14. \r\n \r\n \r\nPage 38 of 109 \r\n \r\n(19)  No court fee shall be payable for filing, exhibiting or recording any document in, or \r\nobtaining any document form, the State Bank in any proceeding under this section.] \r\n32.  Half-yearly returns and power to call for  other returns and information. —(1) \r\nEvery banking company shall, before the close of the  month succeeding the half -year to which \r\nthe return relates submit to the State Bank a half -yearly return in the prescribed form and manner \r\nshowing its assets and liabilities in Pakistan as they stood at the close of business on the thirtieth \r\nday of June in the first half and the thirty-first day of December, in the second half of the year. \r\n \r\n(2)  The State Bank may, at any time,  by notice in writing, require banking companies \r\ngenerally, or any banking company in particular to furnish it within the time specified therein or \r\nsuch further time as the State Bank may allow, with any statement or information relating to the \r\nbusiness or affairs of such banking company or companies (including any business or affairs with \r\nwhich such banking company or companies is or are concerned) and, without prejudice to the \r\ngenerality of the foregoing power, may call for information, at such intervals as the State Bank \r\nmay deem necessary, regarding the investment of banking companies and the classification of \r\ntheir advances in respect of industry, commerce and agriculture. \r\n \r\n33.  Power to publish information .— 1[(1)] The State Bank, if it  considers it in  the \r\npublic interest so to do, may publish any information obtained by it under this Ordinance in such \r\nconsolidated form as it thinks fit. \r\n1[(2) The State Bank may publish any information regarding its enforcement actions \r\nincluding warning, penalty, order of removal, or any other action against a banking company or a \r\ndirector, chief executive or any other officer of a banking company, if deemed necessary for the \r\ninterest of the banking company or its depositors, public interest or the prevention of the use of \r\nthe financial system for any illegal activity including money laundering or financing of \r\nterrorism.] \r\n2[33A.  Fidelity and secrecy. — (1) Subject to sub -section (4), every  bank and financial \r\ninstitution shall, except as otherwise required by law,  observe the practices and usage customary \r\namong bankers and, in particular, shall not divulge any information relating to the affairs of its \r\ncustomers except in circumstances in which it is, in accordance with law, practice and usage \r\ncustomary among bankers, necessary or appropriate for a bank to divulge such information. \r\n \r\n(2)  Every president, chairman, member of the Board, administrator, auditor, adviser, \r\nofficer or other employee of any bank and financial institution shall, before entering upon his \r\noffice, make a declaration of fidelity and secrecy in such form as may be prescribed. \r\n \r\n(3)  Notwithstanding anything contained in sub -section (1) and (2), every balance sheet \r\nand profit and loss account statement prepared by a bank and financial institution shall inclu de \r\nstatements prepared in such form and manner as the State Bank may specify in respect of written \r\noff loans or any other financial relief of five hundred thousand rupees or above allowed to a \r\nperson as well as the provision, if any, made for bad or doubtful debts.  \r\n(4)  The State Bank of Pakistan may, if satisfied that it is necessary so to do at the time of \r\nholding general elections under any law relating thereto, publish a list of persons to whom any \r\nloans, advances or credits were extended by a bank or financial institution, either in their own \r\nnames  or  in  the  names  of  their  spouses or dependents or of their business concerns (if mainly \r\n1Renumbered and added by Act No. XXIX of 2024, s.15. \r\n2Ins. by Act No. XIV of 1997, s.9. \r\n \r\n \r\nPage 39 of 109 \r\n \r\nowned and managed by them) which were due and payable and had not been paid back for more \r\nthan one year from the due date, or whose loans were unjustifiably written off in violation of \r\nbanking practices, rules or regulations on or after such date as may be determined by the \r\nGovernment:  \r\n \r\nProvided that before publishing the name of any person in any such list he shall be given \r\nprior notice and, if he so requests, an opportunity of hearing. \r\n33B.  Guidelines by the State Bank .—The State Bank may at any  time either on the \r\nrequest of any one or more banking companies or the Federal Government or sue motu, lay down \r\ngeneral guidelines for facilitating recovery of bad or doubtful loans, advances or finance by \r\ngiving incentives to borrowers or customers to make repayments within a specified  time frame \r\nby making adjustments or remissions in relation to interest or  mark-up or part of the principal \r\namount in cases in which all full recovery is not possible by reason of inadequacy of security or \r\nas part of a general scheme for the rehabilitation of sick units.] \r\n34.  Accounts and balance -sheet.—(1) At the expiration of each  calendar year every \r\nbanking company incorporated in Pakistan, in respect of all business transacted by it, and every \r\nbanking company incorporated outside Pakistan, in respect o f all business transacted through its \r\nbranches in Pakistan, shall prepare with r eference to that year a balance sheet and profit and loss \r\naccount as on the last working day of the year in the forms set out in the Second Schedule or as \r\nnear thereto as circumstances admit. \r\n \r\n (2)  The balance sheet and profit and loss account shall be signed:—  \r\n \r\n(a) in the case of a banking company incorporated in Pakistan, by the manager \r\nor the principal officer of the company and where there are more than \r\nthree directors of the company, by at least three of those directors, or \r\nwhere there are not more than three directors, by all the directors, and  \r\n \r\n(b) in the case of a banking company incorporated outside Pakistan by the \r\nmanager or agent of the principal office of the company in Pakistan and by \r\nanother officer next in seniority to the manager or agent.  \r\n \r\n(3)  Notwithstanding that the balance sheet of a banking company is under sub-section (1) \r\nrequired to be prepared in a form other than 1[the Companies Act, 2017 (XIX of 2017 )], the \r\nrequirements of that Act relating to the balance sheet and profit and loss account of a company \r\nshall, in so far as they are not inconsistent with this Ordinance, apply to the balance -sheet or \r\nprofit and loss account, as the case may be, of a banking company.  \r\n \r\n2[(4)  The State Bank may, after giving not less than fifteen days notice 1[by posting on its \r\nwebsite] of its intention so to do, from time to time by a 1[circular], amend the forms set out in \r\nthe Second Schedule.]  \r\n3[35.  Audit.—(1) The balance sheet and profit and loss account  prepared in accordance \r\nwith section 34 shall be audited by a person who is duly qualified, under the Chartered \r\nAccountants Ordinance, 1961 (X of 1961), or any other law for the time being in force, to be an \r\nauditor of companies and is borne on the panel of auditors maintained by the State Bank for the \r\npurposes of audit of banking companies 4[.The State Bank shall classify the panel of auditors, so  \r\nmaintained, in different categories for different banking companies keep ing in view the scope \r\nand size of such banking companies.] \r\n1Subs., and added by Act No. XXIX of 2024, s.16. \r\n2Subs. by the Banking Companies (Third Amdt.) Ordinance, 1980 (58 of 1980), s. 10, for sub-section (4). \r\n3Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 12 (w.e.f. 13-10-1972), for the original section 35. \r\n4Ins. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\n \r\nPage 40 of 109 \r\n \r\n(2)  An auditor shall hold office for a period of three years and shall not be removed from \r\noffice before the expiry of that period except with the prior approval of the State Bank. \r\n1[(3)  If the State Bank is not satisfied with the performance of the auditor of a banking \r\ncompany or the auditor has not fulfilled any of the requirements laid down in this sect ion the \r\nState Bank after giving the auditor an opportunity of being heard, may \r\n(a) revoke the appointment of external auditors of the banking company;  \r\n(b) downgrade the category of the auditor in the panel of the auditors; and  \r\n(c) remove the auditor from the panel of the auditors for a maximum period of \r\nfive years.  \r\n(4)  The auditors shall report all the matters of material significance to State Bank and \r\nreporting of such information and material shall not constitute breach of confidentiality under \r\nany law for the time being in force.] \r\n2[(5)]  The State Bank may, from time to time, lay down guidelines for the audit of \r\nbanking companies and the auditors shall be bound to follow those guidelines. \r\n2[(6)]  Subject to the provisions of sub -section (3), the aud itor shall have the powers of, \r\nexercise the functions vested in, and discharge the duties  and be subject to the liabilities and \r\npenalties imposed on, auditors, of companies by section 145 of the Companies Act, 1913 (VII of \r\n1913). \r\n2[(7)]  In addition to the  matters which, under the aforesaid Act and the guidelines laid \r\ndown by the State Bank under sub -section (3), the auditor is required to state in his report, he \r\nshall also state— \r\n(a) whether or not the information and explanations required by him have \r\nbeen found to be satisfactory;  \r\n \r\n(b) whether or not the transactions of the banking company which have come \r\nto his notice have been with in the powers of the banking company;  \r\n \r\n(c) whether or not the returns received from branch offices of the banking \r\ncompany have been found adequate for the purposes of his audit;  \r\n \r\n(d) whether the profit and loss account shows a true balance of profit and loss \r\nfor the period covered by such account; and  \r\n \r\n(e) any other matter which he considers should be brought to the notice of the \r\nshareholders of the banking company.]  \r\n3[36.  Submission of returns . The accounts and balance -sheet referred to in section 34 \r\ntogether with the auditor ’s report as passed in the Annual General Meeting shall be published in \r\nthe manner specified by th e State Bank, and three copies thereof  shall be furnished as returns to \r\nthe State Bank within three months of the close of the period to which they relate: \r\n1Ins. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Re-numbered ibid. \r\n3Subs. by Act No. XXIX of 2024, s.17. \r\n \r\n \r\nPage 41 of 109 \r\n \r\nProvided that the State Bank may in special circumstances either of its own motion or on \r\nthe application of a banking company, extend the said period of three months for the furnishing \r\nof such returns by such further period as it deems appropriate, so however that the total period of \r\neach extension shall not exceed one year.] \r\n37.  Copies of Balance Sheet s and Accounts to be sent to Registrar. Where a banking \r\ncompany in any year furnishes its balance -sheet and accounts in acc ordance with the provisions \r\nof section 36 it may, or when it is a private company, shall, at the same time send to the registr ar \r\nthree copies of such balance -sheet and accounts and of the auditor ’s report,  and where such \r\ncopies are so sent, it shall not be  necessary for the company , to file copies of the balance sheet \r\nand accounts with the registrar as required by sub -section (1) of section 134 of the 1[Companies \r\nOrdinance, 1984 (XLVII of 19 84)], and such copies so sent shall be chargeable with the same \r\nfees and shall be dealt with in all respects as if they were filed in accordance with that section. \r\n38.  Display of audited balance sheet by banking companies incorporated outside \r\nPakistan. Every banking company incorporated  outside Pakistan shall, not later than the first \r\nMonday in August of any year in which it carries on business, display in a conspicuous place in \r\nits principal office and in every branch office in Pakistan, a copy of its last audited balance sheet \r\nand profit and loss account prepared under section 34 and shall keep it so displayed until \r\nreplaced by a copy of the subsequent balance sheet and profit and loss account so prepared and \r\nevery such banking company shall in addition display in like manner copies of its complete \r\naudited balance sheet and profit and loss account relating to its banking business as soon as they \r\nare available and shall keep the copies so displayed until copies of such subsequent accounts are \r\navailable. \r\n39.  Accounting provisions of this Ordinance not retrospective.  Nothing in this \r\nOrdinance shall apply to the preparation of accounts by a banking company and the audit and \r\nsubmission thereof in respect of any accounting year which has expired prior to the \r\ncommencement of this Ordinance, and notwithstanding the other provisio n of this Ordinance \r\nsuch accounts shall be prepared, audited and submitted in accordance with the law in force \r\nimmediately before the commencement of this Ordinance. \r\n2[Part-IIA \r\nIslamic Banking \r\n39A. Scope and application. __ Save as expressly provided in thi s part, the provisions \r\nhereof shall apply to all Islamic banking institutions as defined hereunder in clause (a) of section \r\n39B and wherever applicable to Islamic financial institutions as defined in clause (h) of section \r\n39B and shall have effect notwithstanding anything contained to the contrary in the Ordinance or \r\nin any other law for the time being in force. All the provisions of this Ordinance except sub -\r\nsections (1), (2), (3) and (4) of section 26A shall be applicable to Islamic banking institutions \r\nunless repugnant to Shariah. \r\n39B. Definitions. __ The terms defined herein would only be applicable for this part and \r\nnotwithstanding anything contained to the contrary in this Ordinance, the following defined \r\nterms will have the meaning assigned to them under this part:__ \r\n(a) “Islamic banking institution” means: \r\n \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Ins. by Act No. XXIX of 2024, s.18.  \r\n \r\n \r\nPage 42 of 109 \r\n \r\n(i) a full-fledged Islamic banking company, where its entire business and \r\noperations are in accordance wit the Principles of Shariah (as defined \r\nherein below) and is licensed by the State Bank for this purpose; \r\n(ii)  an Islamic banking subsidiary of a banking company, where the entire \r\nbusiness and operations of this subsidiary are in acco rdance with the \r\nPrinciples of Shariah and is licensed by the State Bank for this \r\npurpose; or \r\n(iii)  dedicated Islamic banking branch or branches of a banking company, \r\nwhere the entire business and operations of the branch or branches are \r\nin accordance with  the Principles of Shariah and is licensed by the \r\nState Bank for this purpose. \r\n(b) “Islamic Deposit Account ” means an account in which a sum of money is \r\naccepted by an Islamic banking institution as per related agreed terms and \r\nconditions, consistent with applicable regulations of the State Bank; \r\n(c)  “Islamic Deposit Account Holder ” means a person having Islamic deposit \r\naccount at an Islamic banking institution; \r\n(d)  “Investment Account” means an account in which a sum of money is accepted \r\nby an Islamic banking institution in accordance with the Principles of Shariah \r\nand shall be payable by the Islamic banking institution as per related agreed \r\nterms and conditions. It includes following categories of accounts: \r\n(i)  “Unrestricted Investment Account” means an account in which a sum \r\nof money is accepted in accordance with the Principles of Shariah on \r\na profit and loss sharing basis and which shall be managed or invested \r\nat the absolute discretion of the Islamic banking institution in \r\naccordance with the Principles of Shariah. \r\n(ii)  “Restricted Investment Account” means an account in which a sum of \r\nmoney is accepted in accordance with the Principles of Shariah and \r\nwhich shall be managed or invested on the basis of an agreement on a \r\nspecific investment mandate bet ween the Islamic banking institution \r\nand the investment account holder, in accordance with the Principles \r\nof Shariah. \r\n(e)  “Investment Account Holder” means a person having an investment account \r\nat an Islamic banking institution; \r\n(f)  “Ordinance” means Banking Companies Ordinance, 1962 (LVII of 1962); \r\n(g)  “Shariah” means the injunctions of Islam as laid down in the Holy Quran and \r\nSunnah; \r\n(h)  “Islamic financial institution” means the financial institutions covered in \r\nsection 3A and permitted by the State B ank to conduct their business and  \r\noperations in accordance with Principles of Shariah; \r\n(i)  “Principles of Shariah” mean the following principles governing Islamic \r\nbanking and finance: \r\n(i) prohibition of all forms of Riba and Usury; \r\n \r\n \r\nPage 43 of 109 \r\n \r\n(ii)  prohibition of tr ansactions featuring excessive uncertainty (Gharar) and \r\nprohibition of gambling (Maysir and Qiniar); \r\n(iii)  adherence to all Shariah requirements related to specific relationships, \r\narrangements and transactions; \r\n(iv)  facilitation of a sustainable economic  system, risk and reward sharing, \r\nand social justice; \r\n(v)  avoidance of injustice, exploitation, hoarding, fraud, deception and \r\nactivities that are deemed harmful to society. \r\n39C. Business.__ Islamic banking institutions shall undertake business and operat ions consistent \r\nwith the Principles of Shariah and these shall include: \r\n(a)  Accepting Islamic Deposit Accounts on modes, based on the Principles of \r\nShariah, as specified by the State Bank. \r\n(b)  Accepting Restricted and Unrestricted Investment Accounts on modes, based on \r\nthe Principles of Shariah, as specified by the State Bank. \r\n(c)  Doing such businesses as are prescribed in section 7 of this Ordinance subject to \r\nconformity with the Principles of Shariah, as specified by the State Bank. \r\n39D. Relationship b etween an Islamic banking institution or Islamic financial institution \r\nand its customers. __ The relationship between an Islamic banking institution or Islamic financial \r\ninstitution and its customers with regard to any transactions or arrangements that are in conformity with \r\nthe Principles of Shariah shall be determined in accordance with the contractual terms governing such \r\ntransactions or arrangements. \r\n39E. Shariah Governance.__ (1) Shariah governance shall refer to the set of institutional and \r\norganizational arrangements at an Islamic banking institution or Islamic financial institution through \r\nwhich effective independent oversight of compliance with the Principles of Shariah over each of the \r\nundertaken activities, structures and processes is ensured as pe r the State Bank ’s regulations, directives, \r\ninstructions, notifications, circulars and guidelines. \r\n(2) Ensuring an effective Shariah governance framework shall be one of the key responsibilities \r\nof the Board of Directors of the Islamic banking institution or Islamic financial institution \r\n(3) An Islamic banking institution or Islamic financial institution shall___ \r\n(a)  Comply with all Shariah regulatory standards and requirements concerning their \r\noperations as specified in the State Bank ’s regulations, direc tives, instructions. \r\nnotifications, circulars and guidelines. \r\n(b)  Comply with any requirements related to Shariah governance framework as \r\nspecified in the State Bank ’s regulations, directives, instructions, notifications, \r\ncirculars and guidelines. \r\n(4) A b anking company undertaking business and operations through dedicated Islamic banking \r\nbranches after getting a separate license shall have policies, internal systems, procedures, and controls as \r\nper the State Bank ’s regulations, directives, instructions, notifications, circulars and guidelines to ensure \r\nthat:__ \r\n(a)  all the transactions, arrangements and dealings of the Islami c banking branches \r\nare in accordance with the Principles of Shariah; \r\n \r\n \r\nPage 44 of 109 \r\n \r\n(b)  banking business and operations of dedicated branches are pr operty \r\nsegregated; and \r\n(c)  the banking company provides adequate disclosures in this regard. \r\n39F. Priority of payments to Islamic deposit account holders , investment account \r\nholders and other claimants.__ In case of the liquidation of an Islamic banking institution or Islamic \r\nfinancial institution, the State Bank shall prepare a scheme , consistent with the Principles of Shariah, \r\nfor making of payments to the Islamic deposit account holders, investment account holders and other \r\nclaimants. \r\n39G. Charity.__ (1) Where the Islamic banking institution or Islamic financial institution, in \r\ncompliance with the State Bank ’s regulations, directives, instructions, notifications, circulars and \r\nguidelines on charity policy, determines that any portion of the income earned  by an Islamic banking \r\ninstitution or Islamic financial institution is not in conformity with the Principles of Shariah, and \r\nwhere late payment by the customer is charged with a penalty, . Islamic banking institution or Islamic \r\nfinancial institution shall credit such amounts as notified by the State Bank. into a charity fund. The \r\ncharity fund shall be maintained and utilized in such a manner as specified by the State Bank from \r\ntime to time. \r\n(2) In cases where the State Bank has determined that any income ea rned by an Islamic \r\nbanking institution or Islamic financial institution is not in conformity with the Principles of Shariah, \r\nit shall direct the institution concerned to credit such income into the charity fund as specified by the \r\nState Bank. \r\n39H. Separate  Regulatory Instructions .__ The State Bank shall specify regulations, \r\ndirectives, instructions, notifications , circulars and guidelines for Islamic banking institutions or \r\nIslamic financial institutions, including but not limited to definitions of Islamic modes and concepts \r\nof Islamic banking and finance, types of Islamic deposit accounts and investment accounts, \r\ncertificates of investment, profit & loss distribution and pool management, and any other area as may \r\nbe deemed necessary by it. \r\n39I. Conversion a nd Establishment of Islamic Banking Subsidiary. __ (1) A banking \r\ncompany may convert its one or more branches or entire business and operations into an Islamic \r\nbanking institution. \r\n(2) A banking company shall establish an Islamic banking subsidiary or shall  convert it into a \r\nfull-fledged Islamic bank if: \r\n(a) its Islamic banking branches exceeds 50% of the number of the total \r\nbranches; or \r\n(b)  the share of its Islamic banking assets exceeds 50% of its total assets; or \r\n(c)  the capital attributable to its Isla mic banking branches operations reaches the \r\nminimum required capital specified by the State Bank for an Islamic banking \r\nsubsidiary. \r\n(3) The State Bank may issue regulations, directives, instructions, notifications, circulars, or \r\nguidelines, as the case may be, under this section from time to time. \r\n39J. Penalties.__ The State Bank shall impose separate penalties on Islamic banking \r\ninstitutions and Islamic financial institutions, specifically with reference to non -compliance with the \r\nPrinciples of Shariah. Further, the State Bank may take penal action against members of Board of \r\n \r\n \r\nPage 45 of 109 \r\n \r\nDirectors, management, and personnel of other organs of governance, including Shariah governance, \r\nfor violation of their fiduciary duties and other obligations. \r\n39K. Other provisions r elating to Islamic banking .__ (1) The provisions of this part shall \r\nbe in addition to the other provisions of the Ordinance relating to Islamic banking and shall be read \r\naccordingly. \r\n(2) Except for the sub-sections (1), (2), (3) and (4) of section 26A , all other provisions of this \r\nOrdinance mentioning the term “deposits” of conventional banks shall also be construed to cover \r\n“Islamic deposit accounts” and “investment accounts” of Islamic banking institutions. \r\n(3) All provisions of this Ordinance mentioning the term “depositors” of conventional banks \r\nshall, also be construed to cover the “Islamic deposit account holders ” and “investment account \r\nholders” of Islamic banking institutions. \r\n39L. Savings.__ Any regulations, directives, instructions,  notifications, circulars, guidelines \r\nor any act or thing done by the State Bank in relation to banking business which is based on Shariah \r\nbefore the coming into force of this part shall be deemed to have been validly issued or done under \r\nthe Ordinance.] \r\n1[Part-IIB \r\nSupervision] \r\n40.  Inspection.— (1) Notwithstanding anything to the contrary contained in section 138 of \r\nthe 2[Companies Ordinance, 1984 (XLVII of 1984)],  the State Bank may, at any time, and, on being \r\ndirected so to do by the 3[Federal Government], shall, inspe ct any banking company and its books \r\nand accounts. \r\n(2)  The inspection shall be carried out by such officer of the State Bank as the State Bank \r\nmay direct.  \r\n(3)  The State Bank shall supply to the banking company a copy of its report on the \r\ninspection made under this section.  \r\n(4)  It shall be the duty of every director or other officer of the banking company 4[or any \r\ncompany or firm or person referred to in section 27A] to produce to any officer, hereafter in this \r\nsection called the inspecting officer, mak ing an inspection under this section, all such books, \r\naccounts and other documents in his custody or power and to furnish him with such statements and \r\ninformation relating to the affairs of the banking company 4[or any company or firm or person \r\nreferred to in section 27A] and within such time as the inspecting officer may require.  \r\n(5)  The inspecting officer may examine on oath any director or other officer of the banking \r\ncompany in relation to its business and may administer an oath accordingly.  \r\n5[(6)  The State Bank shall, if it has been directed by the Federal Government to make an \r\ninspection, and, in any other case, may, submit a report to the Federal Government on any inspection \r\nmade under this section.]  \r\n   (7) 5[*   * * * * * *]  \r\n \r\n1Ins. by Act No. XXIX of 2024, s. 19. \r\n2Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n3Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23 (w.e.f. 13-10-1972), for “Central Government”. \r\n4Ins. by the Finance Act, 1990 (7 of 1990), s. 4A. \r\n5Subs. and Omitted by Act XIV of 1997, s.10.  \r\n \r\n \r\nPage 46 of 109 \r\n \r\n  1[40A.  Responsibility of State Bank—(1) Without prejudice to the powers conferred on \r\nthe State Bank under Section 40 and notwithstanding anything contained therein, it shall be the \r\nresponsibility and  duty of the State Bank to systematically monitor the performance of every \r\nbanking company so as to ensure that it is complying with the applicable statutory criteria and \r\nbanking rules and regulations. \r\n(2)  In every case in which the management of a bankin g company is failing to discharge \r\nits responsibility in accordance with the applicable statutory criteria and banking rules or \r\nregulations, or is failing to protect the interests of depositors, or is advancing loans or finances \r\nwithout due regard for the b est interests of the banking company or for reasons other than the \r\nmerits, it shall be the duty of the State Bank, in addition to taking such remedial steps as may be \r\nrequired in accordance with law, to report the shortcomings and violations on the part of  the \r\nbanking company‘s management to the Federal Government every quarter, or more frequently, if \r\nso deemed necessary, so as to prevent any grave or irreparable loss from being caused to the \r\nbanking company or its depositors, along with its recommendations  and the action, if any, taken \r\nby it.] \r\n41.  Power of the State Bank to give directions. —(1) Where the State Bank is satisfied \r\nthat— \r\n \r\n(a) in the public interest; or  \r\n(b) to prevent the affairs of any banking company being conducted in a mann -\r\ner detrimental to the interests of the depositors or in a manner prejudicial \r\nto the interests of the banking company; or  \r\n(c) to secure the proper management of any banking company generally;  \r\nit is necessary to issue directions to banking companies generally or to any b anking company in \r\nparticular, it may, from time to time, issue such directions as it deems fit, and the banking \r\ncompanies or the banking company, as the case may be, shall be bound to comply with such \r\ndirections. \r\n \r\n2[(2)  The State Bank may, from time to ti me, issue 3[orders, regulations, directions, \r\nguidelines, instructions, notifications, and circulars or impose any condition]  with respect to \r\nactivities and operations of banks and the institutions mentioned in section 3A as may be deemed \r\nnecessary by it for carrying out purposes of this Ordinance and matters ancillary thereto.] \r\n \r\n2[(3)]  The State Bank may, on representation made to it or on its own motion, modify or \r\ncancel any direction issued under sub-section (1), and in so modifying or cancelling any direction \r\nmay impose such conditions as it thinks fit, subject to which the modification or cancellation \r\nshall have effect. \r\n3[(4)(a) The State Bank may direct any banking company or class of banking companies \r\nto__ \r\n(i)  submit a recovery plan, where applicable  on a group -wide basis, in the \r\nform, content and mann er as directed by the State Bank, outlining the \r\nactions  designed  to  run  the  banking  company  as  a  going  concern and  \r\n \r\n1Ins. by Act No. XIV of 1997, s.11. \r\n2Ins. and Re-numbered by Act IV of 07, s. 4 (w.e.f. 1-7-07). \r\n3Subs. and ins. by Act No. XXIX of 2024, s.20. \r\n \r\n \r\nPage 47 of 109 \r\n \r\nreturn to business as usual, under such scenarios as identified by the banking company or \r\nspecified by the State Bank from time to time; \r\n(ii)  remove any impediments to the implementation  of the plan and make \r\nrevisions in the recovery plan; and \r\n(iii)  revise and update its recovery plan regularly or in  case of any material \r\nchanges in the circumstances of the banking company or as the State Bank \r\ndeems necessary. \r\n(b)  The banking company sha ll notify the State Bank immediately on a ny event that \r\nmay necessitate the implementation of its recovery plan. \r\n(c)  The recovery plan shall not prejudice the powers conferred on the State Bank to \r\ntake other measures provided under this Ordinance.] \r\n1[41A.  Power of the State Bank to remove directors or other managerial persons \r\nfrom office.— (1) where the State Bank is satisfied that— \r\n(a) the association of any chairman or director or chief executive (by whatever \r\nname called)  or other officer of a banking co mpany, not being lower in \r\nrank than a branch manager, is or is likely to be detrimental to the interests \r\nof the banking company or its depositors or otherwise undesirable; or \r\n(b) in the public interest; or   \r\n(c) to prevent the affairs of a banking company being conducted in a manner \r\ndetrimental to the interest of its depositors or in a manner prejudicial to the \r\ninterests of the banking company; or  \r\n(d) to secure the proper management of any banking company; \r\nit is necessary so to do, the State Bank may, for reasons to be recorded in writing, by order, \r\nremove 2[suspend or debar]  from office, with effect from such date as may be specified in the \r\norder, any chairman or director or chief executive (by whatever name called) or other officer of \r\nthe banking company.  \r\n(2)  No order under sub-section (1) shall be made unless the chairman or director or chief \r\nexecutive or other officer has been given a reasonable opportunity of making a representation to \r\nthe State Bank against the proposed order: \r\nProvided that if, in th e opinion of the State Bank, any delay would be detrimental to the \r\npublic interest or the interest s of the banking company or its depositors, the State Bank may, at \r\nthe time of giving the opportunity aforesaid or at any time thereafter and pending the \r\nconsideration of the representation aforesaid, if any, by order direct that— \r\n(i) the chairman or, as the case may be director or chief executive or other \r\nofficer shall not, with effect from the date of the order,—  \r\n \r\n_____________________________________________________________________________ \r\n1Ss. 41A, 41B and 41C ins. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 13 (w.e.f. 13-10-1972). \r\n2Ins. by Act No. XXIX of 2024, s. 21.  \r\n \r\n \r\nPage 48 of 109 \r\n \r\n (a) act as such chairman or director or chief executive or other offic er \r\nof the banking company; or  \r\n \r\n(b) in any way, whether directly or indirectly, be concerned with, or \r\ntake part in the management of the banking company; \r\n(ii) and any person authorised by the State Bank in this behalf shall act as such \r\nchairman or director or chief executive of the banking company. \r\n  \r\n(3)  Where any order under sub-section (1) is made in respect of a chairman or director or \r\nchief executive or other officer of a banking company, he shall cease to be a chairman or, as the \r\ncase may be, a direct or or chief executive or other officer of the banking company and shall not \r\nin any way, whether directly or indirectly, be concerned with, or take part in,  the management of \r\nthe banking company or any other banking company for such period not exceeding thr ee years as \r\nmay be specified in the order 1[or for such extended period as may be specified by the Go vernor, \r\nState Bank of Pakistan]. \r\n \r\n(4)  Any person appointed as chairman or director or chief executive under sub -section \r\n(2) shall— \r\n(a) hold office during the pleasure of the State Bank subject to such conditions \r\nas may be specified in the order of his appointment and, subject thereto, \r\nfor such period, not exceeding three 1[years] as the State Bank may specify \r\n2[or for such extended period as may be specifie d by the Governor, State \r\nBank of Pakistan]; and  \r\n(b) not incur any obligation or liability for anything which is done or intended \r\nto be done in his capacity as such chairman or director or chief executive.  \r\n(5)  No person rem oved from office under sub -section (1) shall be entitled to claim any \r\ncompensation for the loss or termination of office. \r\n41B.  Power of the State Bank to supersede Board of Directors of banking \r\ncompany.—(1) Where the State Bank is satisfied that— \r\n \r\n(a) the association of the Board of D irectors (by whatever name called) of a \r\nbanking company is or is likely to be detrimental to the interests of the \r\nbanking company or its depositors or otherwise undesirable; or  \r\n \r\n(b) for all any of the reasons mentioned in sub-section (1) of section 41A;  \r\nit is necessary so to do, the State Bank may, for reasons to be recorded in writing, by order, \r\nsupersede the Board of Directors of a banking company with effect from such date and for such \r\nperiod as may be specified in the order. \r\n(2)  The period of supersession specified in an order under sub-section (1) may from time \r\nto time be extended by the State Bank so, however,  that the total period of super session does not \r\nexceed 1[three] years 2[or for such extended period as may be specified by the Governor, State  \r\nBank of Pakistan]. \r\n \r\n1Subs. by Act No. XIV of 1997, ss. 12-13. \r\n2Ins. by Ord. CXI of 02, s. 6-7 \r\n \r\n \r\nPage 49 of 109 \r\n \r\n \r\n(3)  All powers and duties of the Board of Directors shall, during the period of super \r\nsession, be exercised and performed by such person as the State Bank may from time to time \r\nappoint in this behalf.  \r\n \r\n(4)  The provisions of sub -sections (2), (3), (4) and (5) of section 41A shall, with the \r\nnecessary modifications, apply to an order made under sub-section (1) or sub-section (3).  \r\n1[41C. Limitations.__ (1) No decision or order under section 41A, section 41B, clause (q) \r\nof sub-section (2) of section 42, clause (i) and (iv) of sub-section(1) of section 42C, section 42D, \r\nand sub-section (1) of section 42 E shall be made except by the Executive Committee. Provided \r\nthat an order under section 41A , section 41B, clause (q) of sub -section (2) of section 42 and \r\nsection 42D shall be made by the Executive Committee on a report by the standing committee set \r\nup by the State Bank for the purpose. All orders on decisions of the Ex ecutive Committee under \r\nthis sub-section shall be signed by the Chairman of the Executive Committee. \r\n(2) Any person or banking company aggrieved by any decision or order of the Executive \r\nCommittee under sub-section (1) may make an appeal to the Board of Directors of the State Bank \r\nwhose decision shall be final. \r\n(3) No action taken under sections 41A , 41B, sub-section (2) or part II-C shall be called \r\nin question by or before any court, tribunal or other authority.]  \r\n2[41D.  Prosecution of directors, chief ex ecutives or other officers.  Notwithstanding \r\nanything contained in section 41A  1[and clause (a) of sub -section (1) of section 42E],  the State \r\nBank may direct prosecution of a director or chief executive by whatever name called or other \r\nofficer who, in its opinion, has knowingly acted in a manner causing loss of depositor’s money or \r\nof the income of the banking company. \r\nExplanation:- For the purpose of this section a director or chief executive or other officer \r\nshall be deemed to have acted knowingly if he ha s departed from established banking practices \r\nand procedures or circumvented the regulations or related credit restrictions laid down by the \r\nState Bank of Pakistan from time to time.] \r\n1[42. Intervention triggers and powers of the State Bank .__ (1) The Stat e Bank may \r\nexercise any one or more of the powers under sub -section (2) of this section, if it is satisfied that \r\nany of the circumstances exist under which__ \r\n(a) a banking company__ \r\n(i)  has engaged any director, chief executive, by whatever name \r\ncalled, or an officer of a banking company who is or is likely to be \r\ndetrimental to the interest of the banking company or its depositors \r\nor otherwise undesirable; \r\n(ii)  is carrying on its business in a manner detrimental to the interests \r\nof its depositors, creditors or other stakeholders; \r\n(iii)  has contravened any provisions or any restrictions or conditions \r\nimposed on its license; \r\n1Subs., and ins. by Act No. XXIX of 2024, ss. 22-24. \r\n2Ins.  by Act XIV of 1997, s.14. \r\n \r\n \r\nPage 50 of 109 \r\n \r\n(iv)  has contravened or circumvented any provi sion of section 41 or \r\nany other provision of this Ordinance, or defaulted in complying \r\nwith any requirement of this Ordinance or of any order, rule, \r\ndirection or notification made or condition imposed thereunder; \r\n(v)  in any return, balance -sheet or other document or in any \r\ninformation required or furnished by or under or for the purposes \r\nof any provision of this Ordinance , makes a statement which is \r\nfalse in any material particular, or omits to make a material \r\nstatement; \r\n(vi)  has failed or is likely to fa il to meet capital adequacy or Minimum \r\ncapital requirements specified by the State Bank; \r\n(vii)  has failed or is likely to fail to meet the liquidity requirements as \r\nspecified by the State Bank; \r\n(viii)  has suffered deterioration in its financial condition; or \r\n(ix)  has engaged or is engaging in any unsafe, unsound, imprudent or \r\nreckless business practices; or \r\n(b)  any person, being the chairman, director, chief executive , by whatever \r\nname called, or an officer of a banking company: \r\n(i)  has breached fiduci ary duties or engaged in reckless business \r\npractices; \r\n(ii)  mismanages the affairs of the banking company or misuses his \r\nposition for gaining direct or indirect benefit for himself or any of \r\nhis family members; \r\n(iii)  contravenes, or attempts t o contravene, or abets the contravention \r\nof the provisions of this Ordinance; or \r\n(iv)  has failed to comply with the supervisory instructions by the State \r\nBank. \r\n(2) Subject to sub -section (1), the State Bank may, keeping in view the gravity of the \r\nsituation and compliance behavior of the banking company, from time to time, exercise any one \r\nor more of the following powers, namely__ \r\n(a)  caution or prohibit the banking company against entering into any \r\nparticular transaction or class of transactions; \r\n(b)  require the banking company to refrain from taking such actions as it may \r\nspecify in relation to any matter relating to the business of such banking \r\ncompany or to take such action in relation thereto as the State Bank thinks \r\nfit; \r\n \r\n \r\nPage 51 of 109 \r\n \r\n(c)  require the banking company to submi t a plan of action for meeting the \r\ncapital, or liquidity requirements and to address any other major \r\nsupervisory concerns; \r\n(d)  require the banking company to meet such capital and liquidity \r\nrequirements as may be specified by the State Bank for such banki ng \r\ncompany; \r\n(e)  require the banking company to call a meeting of its directors for the \r\npurpose of considering any matter relating to or arising out of the affairs of \r\nthe banking company, or require an officer of the banking company to \r\ndiscuss any such matter with an officer of the State Bank; \r\n(f)  require the banking company or Board of Directors of the banking \r\ncompany to furnish documents of commitment for compliance with the \r\nmeasures specified by the State Bank and to secure the interests of its \r\ndepositors; \r\n(g)  depute one or more of its officers to watch the proceedings at any meeting \r\nof the Board of Directors of the banking company or of any committee or \r\nof any other body constituted by it, require the banking company to give \r\nan opportunity to the offic ers so deputed to be heard at such meetings and \r\nalso require such officers to send a report of such proceedings to the State \r\nBank; \r\n(h)  require the Board of Directors of the banking company or any committee \r\nor any other body constituted by it to give in wr iting to any officer \r\nspecified by the State Bank in this behalf at his usual address all notices of, \r\nand other communications relating to, any meeting of the Board, \r\ncommittee or other body constituted by it; \r\n(i)  appoint one or more of its officers to obse rve the manner in which the \r\naffairs of the banking company or of its offices or branches are being \r\nconducted and make a report thereon; \r\n(j)  require the banking company to make such changes in the management \r\nwithin such time as the State Bank may consider necessary in consequence \r\nof the state of affairs disclosed during or by the inspection; \r\n(k)  require such changes in the Board of Directors of the banking company, as \r\nthe State Bank may consider necessary; \r\n(l)  suspend from office, the Chairman or director  or chief executive officer, \r\nby whatever name called, or other officer of the banking company, with \r\neffect from such date and for such period as may be specified by the State \r\nBank; \r\n(m)  require the banking company to convene the general meeting of the \r\nmembers for purposes of the adoption of measures deemed necessary by \r\nthe State Bank; \r\n \r\n \r\nPage 52 of 109 \r\n \r\n(n)  require banking company to limit any discretionary remuneration to any \r\ndirector, chief executive officer or other officer of the banking company \r\nconcerned; \r\n(o)  require the banking company to implement its recovery plan and report its \r\nprogress to the State Bank at such intervals as may be specified by the \r\nState Bank; \r\n(p)  require the divestment of specified loss -making or risky assets or business \r\nlines; or \r\n(q)  require the banking company to carry out any capital reduction and cancel \r\nany portion of shares of the banking company which is depleted or \r\nunrepresented by available assets; or dilute the participation of the existing \r\nshareholders by issuing new shares or reduce ful l or part of the preference \r\nshares, subordinated debt or sub -ordinated Sukuk, by whatever name \r\ncalled, as issued by the banking company or convert these instruments into \r\nordinary shares, as permitted by the terms of such instruments. Any action \r\nunder this clause shall have effect notwithstanding the provisions \r\ncontained in sections 89 to 97 of the Companies Act, 2017 (XIX of 2017), \r\nsub-section (2) of section 87 the Securities Act , 2015 (III of 2015) or any \r\nother law for the time being in force. \r\n(3) Where the voting shares of a banking company are to be acquired for the purposes of \r\na recapitalization as an early intervention measure under this section, the Securities and \r\nExchange Commission of Pakistan, upon a request by the prospective acquirer and in \r\nconsultation with the State Bank, may exempt any such acquisition from section 111 of the \r\nSecurities Act, 2015, where applicable.] \r\n1[Part-IIC \r\nResolution of Banking Companies \r\n42A. Resolution authority.__ Without prejudice to its powers under this Ordinance and \r\nany other law for the time being in force, the State Bank shall be the Resolution authority of \r\nbanking companies and institutions specified under section 3A of this Ordinance. \r\n42B. Resolution objectives.__ The primary objectives of Resolution shall be contri buting \r\nto the stability of the financial system of Pakistan and the protection of the interest of depositors. \r\n42C. Resolution planning.__ (1) To give effect to the Resolution objectives as set out in \r\nsection 42B, the State Bank may__ \r\n(i)  prepare a plan for the orderly Resolution of a systemically important bank \r\nas specified by the State Bank, or any other banking company and upda te \r\nsuch plans at regular intervals or at any other time it deems necessary; \r\n(ii)  at regular intervals or at any other time as it  deems necessary, conduct \r\nresolvability assessment of  a  systemically  important  bank  or  any  other \r\n \r\n1Ins. by Act No. XXIX of 2024, s. 25. \r\n \r\n \r\nPage 53 of 109 \r\n \r\nbanking company with a view to identify any impediments for the orderly \r\nResolution of such banking company; \r\n(iii)  direct the banking company concerned to demonstrate that there is no \r\nimpediment to its resolvability; and may call any information or document \r\nor assistance from the banking company concerned, its sponsors , or any \r\nentity within the group of which the ba nking company concerned is a part, \r\nwithin the time, form and manner set out in the direction; and \r\n(iv)  take such steps for the removal of impediments identified under this \r\nsection or issue directions to the banking company concerned, or its \r\nsponsor shareh olders, to take any measures for removal or mitigation of \r\nthe effects of impediments within a time period as specified by the State \r\nBank in relation to its legal, operational, financial and group structure, \r\nincluding any measures for the separation of crit ical functions from other \r\nfunctions; intra-group dependencies, products, assets, rights or liabilities \r\nfor effective Resolution of the banking company concerned. \r\n(2) The banking company concerned and any other person, to whom any direction has \r\nbeen issued under this section, shall be bound to comply with such direction. \r\n(3) The Resolution plans shall not in any way prejudice the powers conferred on the State \r\nBank to take other measures provided under this Ordinance. \r\n42D. Resolution triggers .__ (1) The State  Bank may, by an order in writing stating \r\nreasons, place a banking company under Resolution, if the State Bank is satisfied that one or \r\nmore of the circumstances exist under which the banking company,__ \r\n(i)  has become or is likely to become insolvent; \r\n(ii)  has failed to comply with the capital requirement specified by the State \r\nBank; and \r\n(a)  has no reasonable prospect of becoming compliant with the \r\nrelevant requirement within a reasonable time frame in the opinion \r\nof the State Bank; \r\n(b)  fails to become adequately capitalized when required to do so; \r\n(c)  fails to submit a capital restoration plan acceptable to the State \r\nBank within the time specified; or \r\n(d)  fails to implement a capital restoration plan to the satisfaction of \r\nthe State Bank; \r\n(iii)  has suspended or is likely to suspend payments as these fall due; \r\n(iv)  has defaulted or is likely to default in making payments to depositors; \r\n(v)  is part of a group, one or more entities of which, is under liquidation, or in \r\nrespect of which a custodian, receiver, administrator or liquidator has been \r\n \r\n \r\nPage 54 of 109 \r\n \r\nappointed, and the assets and liabilities of such entity or its links with the \r\nbanking company are such that it may impair the ability of the banking \r\ncompany to continue its operations in a safe and sound manner; \r\n(vi)  is a branch or subsidiary of a banking company whose license to carry on \r\nbanking business in the country of its origin has been cancelled or any \r\nResolution action or insolvency proceeding in the country of origin does \r\nnot sufficiently protect the financial stability of Pakistan and the interest of \r\ndepositors, or the State Bank considers that no action will be taken in \r\nrespect of a failing banking company in its country of origin; \r\n(vii)  fails to implement any of the measures as required under section 42, \r\nincluding failure to provide a plan of action or documents of commitment \r\nor has breached requirements under any plan of action or documents of \r\ncommitment submitted to the State Bank; \r\n(viii)  is otherwise in a situation or circumstance which in the opin ion of the \r\nState Bank may materially impair the ability of the banking company to \r\nmake payments, meet its obligations or otherwise continue its operations ; \r\nor \r\n(ix)  has contravened, circumvented or failed to comply with any requirement \r\nof this Ordinance in  a manner that seriously  prejudices the financial \r\nstability in Pakistan and the interests of depositors, or has continued such \r\ncontravention, circumvention or failure beyond such period or periods as \r\nmay be specified in that behalf by the State Bank from time to time. \r\n(2) The adoption of any supervisory action or any early intervention measures as set out \r\nin section 42 or the submission of any report under sub -section (2) of section 40A shall not be a \r\nprecondition for Resolution. \r\n(3) No order under this sec tion shall be made unless the banking company concerned has \r\nbeen given an opportunity of making a representation to the State Bank. Provided that if in the \r\nopinion of the State Bank , any delay would be detrimental to the achievement of Resolution \r\nobjectives, the State Bank may, at the time of giving the opportunity aforesaid or at any time \r\nthereafter and pending the consideration of the representation aforesaid, if any, make an order \r\nunder sub-section (1). \r\n(4) An order made under sub -section (1) shall be no tified to the banking company \r\nconcerned and a summary of it shall be published, as soon as practical, on the State Bank ’s \r\nwebsite with due regard to the confidentiality requirements. \r\n(5) Except as otherwise provided in the order made by the State Bank unde r sub-section \r\n(1) or at any time thereafter in consultation with the Securities and Exchange Commission of \r\nPakistan, the trading on securities exchange in shares and debt instruments of the baking \r\ncompany under Resolution, and disclosure and reporting requ irements applicable to such a \r\nbanking company by virtue of being a listed entity shall remain suspended: \r\nProvided that provision of this sub -section shall have effect notwithstanding anything \r\ncontained in the Companies Act, 2017 (XIX of 2017), the Securiti es Act, 2015 (I II of 2015), the \r\n \r\n \r\nPage 55 of 109 \r\n \r\nSecurities & Exchange Commission of Pakistan Act, 1997 or any other law for the time being in \r\nforce. \r\n42E. Resolution powers.__ (1) Where an order is made under section 42D, the State Bank \r\nshall have full control over the aff airs of the banking company and may exercise one or more of \r\nthe following powers, separately or in combination, to achieve its Resolution objectives: \r\n(a)  remove directors or chief executive, by whatever name called, or other \r\nofficer of a banking company, not being lower in rank than a branch \r\nmanager; \r\n(b)  supersede the Board of Directors of the banking company: \r\nProvided that all powers of the general meeting of members, the \r\nBoard of Directors, chief executive officer, or any other officer shall be \r\nvested with the State Bank, and the State Bank in this capacity may require \r\nany director or officer of the banking company to carry out any task it \r\nspecifies; \r\n(c)  appoint one or more, officials of the State Bank or, persons meeting its fit \r\nand proper test as an a dministrator for management and operation of the \r\nbanking company under Resolution. All persons appointed under this \r\nclause shall perform their powers and duties under the instructions issued \r\nby, and be entitled to such remuneration as may be specified by, the State \r\nBank; \r\n(d)  issue an order of moratorium in respect of a banking company under \r\nsection 42F; \r\n(e)  carry out reconstruction or amalgamation of the banking company under \r\nsection 42G; \r\n(f) reduce or extinguish the interest or rights which the members, depositors \r\nand other creditors have in or against the banking company, to such extent \r\nas the State Bank consulers necessary; \r\n(g)  transfer in full or in part the business, assets and liabilities of the banking \r\ncompany to a bridge bank under section 42H; \r\n(h)  cancel a license granted to a banking company under section 27; or \r\n(i) make an application to the High Court for the winding up of the banking \r\ncompany under section 49. \r\n(2) The State Bank may, while exercising any of the powers referred to in sub -section (1) \r\nor otherwise, take one or more of the following actions__ \r\n(a)  engage at the expense of the banking company under Resolution ; \r\nindependent attorneys, accountants, auditors , valuation experts and \r\nconsultants, by whatever name called, on such terms and conditions as \r\nmay be specified by the State Bank: \r\n \r\n \r\nPage 56 of 109 \r\n \r\nProvided that , to ensure timely and orderly Resolution, the \r\nprovisions of any law related to public procurement of services, for the \r\ntime being in force, shall not apply to hiring of various service provide rs \r\nunder this sub-section. \r\n(b)  without prejudice to the generality of clause (a), direct or arrange an \r\nindependent valuation of the assets and liabilities or shares of the banking \r\ncompany for the application of sub -section (1) or, as the case may be, for \r\nthe application of sub -section (7) or for any other purpose as may be \r\ndeemed necessary by the State Bank: \r\nProvided that__ \r\n(i)  such a valuation shall be conducted by a valuator who shall be of \r\ngood repute and has international experience in the valuation o r \r\nauditing or has affiliations with audit or valuation firms that have \r\nsuch international experience; \r\n(ii)  such a valuation shall be carried out based on conservative \r\nassumptions and in accordance with the international valuation \r\nstandards with due regard  to specificities of banking companies, \r\nincluding regulatory capital requirements. Such valuation, if \r\ncarried out for the Resolution purposes, shall not assume any \r\npotential future provision of public funding or the State Bank \r\nfinancing under section 17 G of the State Bank of Pakistan Act , \r\n1956 (XXXIII of 1956); \r\n(iii)  the State Bank may specify the general procedures and \r\nmethodology, and other terms and conditions for valuations, \r\nhaving regard to the purpose of the valuation; and \r\n(iv)  if conducting an inde pendent valuation is not possible for \r\nResolution purposes, including due to the urgency  of Resolution, \r\nthe State Bank itself may conduct a provisional valuation; and \r\nexercise any Resolution power based on such valuation. The State \r\nBank shall as soon as pra cticable thereafter cause an independent \r\nvaluation to be conducted. \r\n(c)  require any person to continue provision of such services as are necessary \r\nfor continuity of critical functions of the banking company under \r\nResolution, or a transferee bank including  the bridge bank, and such \r\nservice provider shall continue these services under the terms and \r\nconditions existing prior to Resolution; \r\n(d)  require the banking company under Resolution to provide necessary \r\nservices to a transferee bank including the bridge  bank for such time \r\nperiod as may be specified by the State Bank; \r\n(e)  upon a request of transferee bank, transfer assets and liabilities back to the \r\ntransferring bank, within a period specified during the time of transfer or \r\n \r\n \r\nPage 57 of 109 \r\n \r\nin case such assets or liabili ties do not meet the criteria specified, during \r\nthe transfer; \r\n(f)  without prejudice to the banking company ’s right to terminate contracts as \r\nper the contractual terms, rescind contracts where the State Bank considers \r\nthat the performance of outstanding ob ligations would be detrimental to \r\nthe Resolution objectives: \r\nProvided that without prejudice to the provisions of this section on \r\nfinancial contracts, the counterparties of the banking company concerned \r\nmay not terminate, modify, or accelerate the rights a nd obligations under a \r\ncontract solely because of an order made under section 42D or the exercise \r\nof any powers under section 42E by the State Bank; or \r\n(g)  temporarily suspend the right of the banking companies ’ counterparties to \r\nearly terminate or modify  or accelerate financial contracts, to which the \r\nbanking company under Resolution is a party, where such rights arise due \r\nto an order made under section 42D or due to the exercise, of any \r\nresolution powers: \r\nProvided that the suspension period shall not exc eed two business \r\ndays, and substantive obligations under the contract shall continue to be \r\nperformed. \r\n(3) Unless provided otherwise in this ordinance , during the Resolution of a banking \r\ncompany, losses, if any, shall be imposed in the reverse order of the liquidation claims as \r\nprovided in section 58. \r\n(4) Unless otherwise strictly necessary to achieve the Resolution objectives, the State \r\nBank shall avoid treating a liability and assets securing such liability separately during the \r\ntransfer of assets and liab ilities, or transferring part of the rights and liabilities that are protected \r\nunder a financial contract. \r\n(5) For the application of this section, the State Bank shall specify the financial contracts. \r\n(6) Subject to sub-section (7), the State Bank may tre at one or more creditors of the same \r\nclass differently, if this is necessary to avoid a contagion in the financial system or a destruction \r\nof value for creditors in general, or otherwise, it would not be possible to implement the relevant \r\nResolution action within a reasonable timeframe. \r\n(7) A shareholder or creditor of the banking company who, as a result of the exercise of \r\nResolution powers, recovered less than what he would have recovered in case of a winding up \r\norder under this Ordinance, may be compensa ted for the difference , only where the State Bank \r\ndetermines such difference based on an independent valuation caused under sub-section (2). Such \r\nvaluation shall presume that the banking company concerned would be placed under winding up \r\nimmediately before the issuance of an order as per section 42D. The valuation of assets shall be \r\nbased on liquidation values. Any value created or preserved in the banking company as a result \r\nof any public support or financing under section 17G of the State Bank of Pakistan  Act, 1956 \r\n(XXXIII of 1956 ), shall be deducted in the calculation of difference. Any such compensation \r\nshall be paid by the Deposit Protection Corporation under clause ( c) of sub-section (1) of section \r\n \r\n \r\nPage 58 of 109 \r\n \r\n22C of the Deposit Protection Corporation Act, 2016 (X XXVII of 2016) or otherwise, from \r\nfunds obtained under section 42I. \r\n(8) Powers under this section shall not be subject to the approval or consent of the \r\nshareholders, debtors, creditors or any counterparty of the banking company or that of the bridge \r\nbank. \r\n(9) The protection and indemnification provided in section 94 shall also apply to any \r\nperson appointed, engaged or directed by the State Bank in pursuance of the powers conferred on \r\nit under this section and section 42H. \r\n(10) The provisions of this sectio n shall have effect notwithstanding anything to the \r\ncontrary contained in any other law or contract for the time being in force. \r\n42F. Order of moratorium .__ (1) Notwithstanding anything contained in the provisions \r\nof this Part or in any other law or any ag reement or other instrument, for the time being in force, \r\nwhere an order is made under sub -section (1) of section 42D, the State Bank may make an order \r\nof moratorium in respect of a banking company, staying the commencement or continuance of all \r\nactions and proceedings against the banking company for a fixed period of time on such terms \r\nand conditions as it deems fit and proper and may from time to time extend the period so that the \r\ntotal period of moratorium, including extension thereof, shall not exceed six months. \r\n(2) Except as otherwise provided by any directions given by the State Bank in the order \r\nunder sub-section (1) or at any time thereafter, the banking company shall not during the period \r\nof moratorium make any payment to any depositors, or dischar ge any liabilities or obligations to \r\nany other creditors. \r\n42G. Powers of State Bank to prepare scheme of reconstruction or amalgamation .__ \r\n(1) Where an order is made under sub -section (1) of section 42D , the State Bank may prepare a \r\nscheme \r\n(i)  for the reconstruction of the banking company, restoring the capital of the \r\nbanking company to a level compliant with this Ordinance and sufficient \r\nto sustain confidence in the banking company; or \r\n(ii)  for the amalgamation of the banking company fully or in part wit h any \r\nother banking institution (in this section referred to as “the transferee \r\nbank”). \r\n(2) The scheme aforesaid may contain provisions for all or any of the following matters, \r\nnamely:__ \r\n(a)  the constitution, name and registered office, the capital, asset s, powers, \r\nrights, interests, authorities and privileges , the liabilities, duties and \r\nobligations, of the banking company on its reconstruction or, as the case \r\nmay be, of the transferee bank; \r\n \r\n \r\nPage 59 of 109 \r\n \r\n(b)  in the case of amalgamation of the banking company, the tr ansfer to the \r\ntransferee bank of the business, properties , assets and liabilities of the \r\nbanking company on such terms and conditions as may be specified in the \r\nscheme; \r\n(c)  any change in the Board of Directors, or the appointment of a new Board \r\nof Directors, of the banking company on its reconstruction or, as the case \r\nmay be, [of the transferee bank] and the authority by whom, the manner in \r\nwhich and the other terms and conditions on which, such change or \r\nappointment shall be made and in the case of appoin tment of a new Board \r\nof Directors or of any director, the period for which such appointment \r\nshall be made; \r\n(d)  the development of new or alteration of the existing memorandum and \r\narticles of association of the banking company on its reconstruction or, as \r\nthe case may be, of the transferee bank, for the purpose of altering the \r\ncapital thereof or for such other purposes as may be necessary to give \r\neffect to the reconstruction or amalgamation; \r\n(e)  subject to the provisions of the scheme, the continuation by or against the \r\nbanking company on its reconstruction or, as the case may be, the \r\ntransferee bank, of any actions or proceedings pending against the banking \r\ncompany immediately before the date of the order of moratorium or as the \r\ncase may be from the effective date of coming into force of the scheme; \r\n(f)  the cancellation or reduction, in part or whole, of the interest or rights \r\nwhich the members, depositors and other creditors have in or against the \r\nbanking company before its reconstruction or amalgamation to such extent \r\nas the State Bank considers necessary to recognize the accumulated losses  \r\nof the banking company:  \r\nProvided that the State Bank may close out and terminate a \r\nderivative contract to determine the value of interests and rights before a \r\nreduction under this clause.; \r\n(g)  the payment to depositors and other creditors in full satisfaction of their \r\nclaims in cash or otherwise, by converting the claims into shares or debt \r\nthat meets the conditions to qualify as regulatory capital, as specified by \r\nState Bank__ \r\n(i)  in respect of their interest or rights in or against the banking \r\ncompany before its reconstruction or amalgamation; or \r\n(ii)  where their interest or rights aforesaid in or against the banking \r\ncompany has or have been reduced under clause (f ), in respect of \r\nsuch interest or rights as so reduced; \r\n(h)  the allotment to the members of the banking company for shares held by \r\nthem therein before its reconstruction or amalgamation, whether their \r\ninterest in such shares has been reduced under clause (f) or not, of shares \r\n \r\n \r\nPage 60 of 109 \r\n \r\nin the banking company on its reconstruction or, as the case may be, in the \r\ntransferee bank and where any members claim payment in cash and not \r\nallotment of shares, or where it is not possible to allot shares to any \r\nmembers, including if a member fails to meet the fit and proper test of the \r\nState Bank. the payment in cash to those members in full satisfaction of \r\ntheir claim__ \r\n(i)  in respect of their interest in shares in the banking company before \r\nits reconstruction or amalgamation; or \r\n(ii)  where such interest has been reduced under clause ( f) in respect of \r\ntheir interest in shares as so reduced; \r\n(i)  transfer rights and interests of members in shares to such persons on such \r\nterms and conditions and at such consideration as may be spe cified in the \r\nscheme in full satisfaction of their claims__ \r\n(i)  in respect of their interest in shares in the banking company before \r\nits reconstruction or amalgamation; or \r\n(ii)  where such interest has been reduced under clause ( f) in respect of \r\ntheir interest in shares as so reduced; \r\n(j)  cause the banking company concerned to issue new shares without \r\noffering such shares to the members of the banking company or issue debt \r\ninstruments that would meet the conditions to qualify as regulatory capital \r\nas spec ified by the State Bank, or amend or alter the maturity of or the \r\namount of interest payable under such debt instruments issued by the \r\nbanking company before an order made under section 42D on \r\nreconstruction of the banking company; \r\n(k)  the continuation of  the services of all the employees of the banking \r\ncompany, excepting such of them who, not being workmen within the \r\nmeaning of the Industrial Relations Ordinance, 1969 (XXII of 1969), are \r\nspecifically mentioned in the scheme, in the banking company itself on its \r\nreconstruction or, as the case may be, in the transferee bank at the same \r\nremuneration and on the same terms and conditions of service, which they \r\nwere getting or, as the case may be , by which they were being governed \r\nimmediately before an order made under sub-section (1) of section 42D: \r\nProvided that the scheme shall contain a provision that__ \r\n(i)  the banking company shall pay or grant not later than the expiry of \r\nthe period of three years from the date on which the scheme is \r\napproved by the State Bank or sanctioned by Federal Government, \r\nas the case may be, to the said employees the same remuneration \r\nand the same terms and conditions of service as are applicable to \r\nemployees of corresponding rank or status of a comparable \r\nbanking company to be dete rmined for this purpose by the State \r\nBank whose determination in this respect shall be final; \r\n \r\n \r\nPage 61 of 109 \r\n \r\n(ii)  the transferee bank shall pay or grant not later than the expiry of \r\nthe aforesaid period of three years, to the said employees the same \r\nremuneration and the  same terms and conditions of service as are \r\napplicable to the other employees of corresponding rank or status \r\nof the transferee bank subject to the qualifications and experience \r\nof the said employees being the same as or equivalent to those of \r\nsuch other employees of the transferee bank: \r\nProvided further that if in any case under clause (ii) of the \r\nfirst proviso any doubt or difference arises as to whether the \r\nqualification and experience of any of the said employees are the \r\nsame as or equivalent to the qu alifications and experience of the \r\nother employees of corresponding rank or status of the transferee \r\nbank, the doubt or difference shall be referred to the State Bank \r\nwhose decision thereon shall be final; \r\n(1)  notwithstanding anything contained in clause (k) where any of the \r\nemployees of the banking company, not being workman within the \r\nmeaning of the Industrial Relations Ordinance, 1969, are specifically \r\nmentioned in the scheme under clause (k), or where any employees of the \r\nbanking company have by notice in writing given to the banking company \r\nor, as the case may be, the transferee bank, at any time before the expiry of \r\none month next following the date on which the scheme is approved by the \r\nState Bank or sanctioned by the Federal Government, as the case may be, \r\nintimated their intention of not becoming employees of the banking \r\ncompany on its reconstruction or, as the case may be, of the transferee \r\nbank, the payment to such employees of compensation, if any, to which \r\nthey are entitled under the Industrial Disputes Ordinance, 1959, and such \r\npension, gratuity, provident fund and other retirement benefits ordinarily \r\nadmissible to them under the rules or authorizations of the banking \r\ncompany immediately before the date of the order of moratorium; \r\n(m)  any other terms and conditions for the reconstruction of amalgamation of \r\nthe banking company; \r\n(n)  such incidental, consequential and supplemental matters as are necessary \r\nto secure that the reconstruction of amalgamation shall be fully and \r\neffectively carried out. \r\n(3) Notwithstanding anything contained in clauses (f) and (g) of sub -section (2), the \r\nscheme shall not provide for the reduction and conversion of the following: \r\n(i)  protected deposits under the Deposit Protection Corporation Act, 2016 \r\n(XXXVII of 2016); \r\n(ii)  any liabilities owed to tax or social security authorities; \r\n(iii)  liabilities in relation to contributions due to the Deposit Protection \r\nCorporation in accordance with the Deposit Protection Corporation Act , \r\n2016 (XXXVII of 2016); \r\n \r\n \r\nPage 62 of 109 \r\n \r\n(iv)  any liabilit y and obligation to client that arises by virtue of holding or \r\nmanaging the client’s assets as an agent; \r\n(v)  liabilities duly secured by financial, immovable or movable assets; \r\n(vi)  liabilities owed to the employees of the banking company except for the \r\nincentive-based remuneration of the managers of the banking company; \r\n(vii)  liabilities with a remaining maturity of up to seven (7) days owed to \r\npayment, settlement and clearing systems; \r\n(viii)  labilities to banking companies, excluding banking companies that are part \r\nof the same group, with an original maturity of less than seven days; \r\n(ix)  liabilities to a commercial or trade creditor arising from the provision to \r\nthe banking company of goods or services that are critical to the daily \r\nfunctioning of it s operations , including information technology services, \r\nutilities and rental, servicing and maintenance of premises; and \r\n(x)  any other claims that the State Bank has determined that their exclusion, in \r\nwhole or in part, is needed pursuant to sub-section (7) of section 42E. \r\n(4) A copy of the scheme prepared by the State Bank shall be sent in draft to the \r\ntransferee bank and any other banking company concerned in the amalgamation, for suggestions \r\nand objections, if any, within such period as the State Bank may specify for this purpose. \r\n(5) The State Bank may make such modifications, if any, in the dra ft scheme as it may \r\nconsider necessary in the light of the suggestions and objections received from the transferee \r\nbank, and any other banking company concerned in the amalgamation. \r\n(6) Subject to sub -section (5), the scheme as approved by the State Bank shall come into \r\nforce on such date as the State Bank may specify in this behalf: \r\nProvided that the scheme, if it involves use of public funds, shall be placed be fore the \r\nFederal Government for its sanction and the Federal Government may sanction the scheme \r\nwithout any modifications or with such modifications as it, in consultation with the State Bank \r\nand having regard to the resolution objectives stated in section  42B and such safeguards \r\nregarding the use of public funds as specified in section 42 I, may consider necessary ; and the \r\nscheme as sanctioned by the Federal Government shall come into force on such date as the \r\nMinister-in-charge may specify in this behalf: \r\nProvided further that different dates may be specified for different provisions of the \r\nscheme. \r\n(7) Upon the coming into operation of the scheme or any provision thereof, the scheme or \r\nsuch provision shall be binding on the banking company or, as the case m ay be, on the transferee \r\nbank and any other banking company concerned in the amalgamation and also on all the \r\nmembers, depositors and other creditors and employees of cach of those companies and of the \r\ntransferee bank, and on any other person having any ri ght or liability in relation to any of those \r\ncompanies or the transferee bank. \r\n \r\n \r\nPage 63 of 109 \r\n \r\n(8) On such date as may be specified by the State Bank or, as the case may be , the \r\nMinister-in-charge in this behalf, the properties and assets of the banking company shall, by \r\nvirtue of and to the e xtent provided in the scherne, stand transferred to, and vest in , and the \r\nliabilities of the banking company shall, by virtue of and to the extent provided in the scheme, \r\nstand transferred to, and become the liabilities of, the transf eree bank. Rights and interest in the \r\nshares of a banking company, by virtue of and to the estent provided in the scheme, shall stand \r\ntransferred to, and vest in, such persons as specified in the scheme: \r\nProvided that the members, depositors and creditors whose interest and rights remain in \r\nthe banking company under Resolution shall have no rights or claims in respect of the assets and \r\nliabilities transferred to the transferee bank. \r\n(9) Where the scheme provided for the reduction of the rights and interests  under clause \r\n(f) of sub-section (2), any such interest in shares shall extinguish and any liability of the banking \r\ncompany to such depositors and creditors shall be treated as discharged for all purposes to the \r\nextent of such reduction, and these shall no t be provable in any subsequent proceedings in \r\nrelation to the banking company under Resolution or any transferee bank or in any subsequent \r\nwinding up. \r\n(10) If any difficulty arises in giving effect to the provisions of the scheme, the State \r\nBank or, as the case may be, the Federal Government may by order do anything not inconsistent \r\nwith such provisions which appear necessary or expedient for the purpose of removing the \r\ndifficulty. \r\n (11) Copies of the scheme sanctioned by the Federal Government under provi so of sub -\r\nsection (6) or of any order made by the Federal Government under sub -section (10) shall be laid \r\non the table of the Legislature, as soon as may be, after the scheme has been sanctioned by the \r\nFederal Government, or as the case may be, the order has been made \r\n(12) Where the scheme is a scheme for amalgamation of the banking company, any \r\nbusiness acquired by the transferee bank under the scheme or under any provision thereof shall, \r\nafter the coming into operation of the scheme or such provision, be carried on by the transferee \r\nbank in accordance with the law governing the transferee bank , subject to such modifications in \r\nthat law or such exemptions of the transferee bank from the operation of any provisions thereof \r\nas the Federal Government, on the recommendation of the State Bank, may, by notification in the \r\nofficial Gazette, make for the purpose of giving full effect to the scheme: \r\nProvided that no such modification or exemption shall be made so as to have effect for a \r\nperiod of more than seven years from the date of the acquisition of such business. \r\n(13) Nothing in this section shall be deemed to prevent the amalgamation with one or \r\nmore banking institutions by a single scheme of several banking companies. \r\n(14) The provisions of this section and of any scheme made under it shall have effect \r\nnotwithstanding anything to the contrary contained in any other provisions of this Ordinance or \r\nin any other law or any agreement, award or other instrument for the time being in force. \r\n(15) In this section, “banking institution ” and “banking company ” mean any banking \r\ncompany and includes National Bank of Pakistan, investment finance companies. venture capital \r\ncompanies, housing finance companies, leasing companies and any other financial institution \r\ncovered under section 3A. \r\n \r\n \r\nPage 64 of 109 \r\n \r\n42H. Bridge bank. __ (1) The State Bank may, prior to or during the Resolution of a \r\nbanking company, establish a bridge bank as defined in clause (da) of sub -section (1) of section \r\n5, and in exercise of the powers under clause (g) of sub-section (1) of section 42E to: \r\n(a)  transfer those of the assets and liabilities of the banking company \r\nconcerned as determined by the State Bank for orderly Resolution; and \r\n(b)  initiate the process for liquidation of the banking company concerned. \r\n(2) The value of the liabilities transferred to a bridge bank shall not exceed the total value \r\nof the assets transferred from the banking company under resolution or funds provided by the \r\nDeposit Protection Corporation under clause (a) of sub -section (1) of section 22C  of the Deposit \r\nProtection Corporation Act , 2016 (XXXVII of 2016), or otherwise, from temporary public \r\nfunding obtained under section 42I. \r\n(3) Notwithstanding anything contained in the Companies Act, 2017 (XIX of 2017) or \r\nany other law for the time being i n force regarding the incorporation of companies, issuance of \r\nshares of other instruments of ownership , Memorandum and Articles of association of the \r\ncompanies, listing of companies, and payment of any fees, duties and taxes for these purposes, \r\nthe bridge bank shall be incorporated, its share capital issued and allotted, and business \r\ncommenced, by the order of the State Bank. \r\n(4) The bridge bank shall be a member of the Deposit Protection Corporation. \r\n(5) The funding for a bridge bank including its capital shall be secured under section 42 I \r\nfrom, and its shares shall be allotted to, the Federal Government. \r\n(6) The State Bank may prepare a scheme for the establishment of , transfer of all or part \r\nof the assets and liabilities to, and the management of the brid ge bank, and the exit of the bridge \r\nbank from public control and the provisions of section 42G shall apply mutatis mutandis to such \r\na scheme. \r\n(7) The State Bank may exempt the bridge bank from compliance with any regulatory and \r\nsupervisory requirement including capital requirements, as may be necessary, for a period of up \r\nto six months, which can be extended once for up to a further six months if deemed necessary by \r\nthe State Bank, to facilitate business of the bridge bank or to maintain the stability of th e \r\nfinancial system. \r\n(8) The State Bank shall appoint a person meeting its fit and proper test as an \r\nadministrator to manage the bridge bank and shall specify the responsibilities and remuneration \r\nof such person, who shall be subject to the instructions issued to him by the State Bank: \r\nProvided that no State Bank Official can be appointed as an administrator of the bridge \r\nbank. \r\n(9) Within a period of three years from the establishment of a bridge bank under sub -\r\nsection (1), the State Bank shall take all possible measures to utilize one of the following options: \r\n(a)  merger of the bridge bank with another banking company; \r\n(b)  sale of majority shareholding of the bridge bank to one or more persons; \r\n \r\n \r\nPage 65 of 109 \r\n \r\n(c)  transfer whole or substantial part of the assets and liab ilities of the bridge \r\nbank to one or more banking companies: \r\nProvided that the State Bank shall be at liberty to delay utilization \r\nof the op tions provided under this sub -section beyond the said period of \r\nthree years where it is satisfied that the delay _ would be in the interests of \r\nits Resolution objectives, for such period as it thinks fit, in which instance \r\nthe State Bank shall  publish on its website the reasons for such extension; \r\nso however the period of each extension shall not exceed one year; \r\n(10) Where in the opinion of the State Bank, none of the options given under sub -section \r\n(9) is possible, or where no further extension in term of the bridge bank is warranted, the bridge \r\nbank shall be wound up under section 59 or otherwise under section 49. \r\n42I. Temporary Public Funding for Resolution .__ (1) Where an order has been made \r\nunder section 42D and in the opinion of the State Bank, public funding is required for the orderly \r\nResolution of the banking company or a bridge bank, the Federal Government, upon  a \r\nrecommendation of the State Bank, may provide temporary financing for__ \r\n(a)  contributing to the capital of the banking company or the bridge bank, \r\nwhether in the form of share capital to take a controlling interest or debt \r\nthat meets the conditions to qualify as regulatory capital as per the \r\nrequirements specified by the State Bank; \r\n(b)  paying consideration, if any, to acquire shares of the banking company \r\nunder Resolution; \r\n(e)  making of a loan, advance, or financing to the banking company or the \r\nbridge bank; \r\n(d)  guaranteeing the assets and liabilities of the banking company or the \r\nbridge bank; \r\n(e)  paying for any cost incurred on Resolution of a banking company or \r\nestablishment and operationalization of a bridge bank and any other cost \r\nincidental thereto; \r\n(f)  Paying for the compensation, if any, under sub -section (7) of section 42E ; \r\nor \r\n(g)  any other financing as deemed necessary to support the orderly \r\nResolution: \r\nProvided that, actions referred to in clauses (c) and (d) can also be \r\ntaken with respec t to the transferee bank in the context of a scheme of \r\namalgamation prepared under section 42G of this ordinance. \r\n(2) No financing under sub -section (1) shall be provided by the Federal Government \r\nunless the following conditions are met:__ \r\n \r\n \r\n \r\nPage 66 of 109 \r\n \r\n(a)  the orderl y and timely Resolution of the banking company is necessary for \r\nmaintaining the stability of the financial system; \r\n(b)  the amount of funding available from the Deposit Protection Corporation to \r\nfinance Resolution, as permitted under the Deposit Protection  Corporation \r\nAct, 2016 (XXXVII of 2016), or any private sector funding would be \r\ninsufficient, is not available within a reasonable timeframe; \r\n(c)  at a minimum, holders of all classes of share capital or any sub-ordinated debt \r\nhave absorbed or will absorb any losses that existed immediately before an \r\norder is made under section 42D; and \r\n(d)  the State Bank is of the opinion that the banking company or the bridge bank \r\nwill become viable with the implementation of a restructuring plan to the \r\nsatisfaction of the State Bank. \r\n(3) Where the Federal Government becomes an owner of a controlling interest under sub -\r\nsection (1), the banking company under Resolution or the bridge bank shall be managed on a \r\ncommercial and professional basis and shall be subject to enhanc ed supervision by the State Bank. \r\nThe concerned banking company or, or as the case may be, the bridge bank, shall develop a plan to \r\nthe satisfaction of the State Bank and the Ministry of Finance for its exit from the public control \r\nwithin a reasonable time frame. \r\n(4) Any funding provided under sub -section (1), net of expected recoveries, and any related \r\ncosts, shall be recouped within a reasonable time frame from the institutions for which the State Bank \r\nis the Resolution authority. \r\n(5) The Federal Governme nt may, in consultation with the State Bank, prescribe rules for \r\nprovision of the temporary public funding and the recoupment of such funds from the institutions for \r\nwhich the State Bank is the Resolution authority, and procedures for the utilization of ex it options in \r\na fair and transparent manner having due regard to the timing, market conditions and confidentiality \r\nrequirements.] \r\n43.  Certain provisions of the Ordinance not to apply to certain banking companies. —\r\n(1) The provisions of section 13, sub -section (1) of section 14, and sections 21, 22, 29 and 30 shall \r\nnot apply to a banking company— \r\n(a) which has been refused a licence under section 27, or prohibited from \r\naccepting fresh deposits by a compromise, arrange ment or scheme sanctioned \r\nby a c ourt or b y any order made in any proceeding relating to such \r\ncompromise, arrangement or scheme, or prohibited from accepting deposits \r\nby virtue of any alteration made in its memorandum; or  \r\n(b) whose licence has been cancelled under section 27. \r\n(2)  Where the State Bank is satisfied that any such banking company as is referred to in sub -\r\nsection (1) has repaid, or has made adequate provision for repaying all deposits accepted by the \r\nbanking company, either in full or to the maximum extent possible, the State Bank may , by notice \r\npublished in the official Gazette, notify that the banking company has ceased to be a banking \r\ncompany within the meaning of this Ordinance, and thereupon all the provisions of this  Ordinance \r\napplicable to such banking company shall cease to app ly to it, except as respects things done or \r\nomitted to be done before such notice. \r\n \r\n \r\nPage 67 of 109 \r\n \r\n1[2[PART―IID] \r\n \r\nTRANSACTIONS OF BANKING BUSINESS ILLEGALLY BY COMPANIES, ETC. \r\n43A.  Power to call for certain information, etc. — Where it appears to the State Bank \r\nthat a company 3[,firm] or any other person is transacting in any manner or form whatsoever the \r\nbusiness, of banking in contravention of sub -section (1) of section 27 3[,or is receiving or has \r\nreceived deposits of money in contravention of section 27A] the State Bank may— \r\n \r\n(a) direct the company 3[,firm] or such other person, or any person who is, or \r\nhas at any time been, dealing, doing business or associated in any manner \r\nwith the company 3[,firm] or such other person, to give or furnish to the \r\nState Bank, within su ch time as the State Bank may specify in its \r\nrequisition, such information, documents or records respecting any \r\nbusiness carried on by the company 3[,firm] or such other person as may \r\nbe within its or his knowledge or in or under its or his possession, cus tody \r\nor control;  \r\n(b) authorise any person to enter and search any premises and seize books, \r\naccounts or other documents or records respecting any business carried on \r\nby the company 3[,firm] or such other person as may be in or under the \r\npossession, custod y or control of the company 3[,firm] or such other \r\nperson or a person who is, or has at any time been, dealing, doing business \r\nor associated in any manner with the company 3[,firm] or such other \r\nperson, or any officer or employee of the company 3[,firm] or such other \r\nperson or of the person dealing, doing business or associated with the \r\ncompany 3[,firm] or such other person; \r\n(c) inspect or examine, or cause to be inspected or examined, the company, \r\n3[firm] or such other person, or a person who is, or has at  any time been, \r\ndealing, doing business or associated with it or him as aforesaid , or any \r\nofficer or employee of the company 3[,firm] or such other person or of the \r\nperson dealing, doing business or associated with the company 3[,firm] or \r\nsuch other person, and any of its or his books, accounts or other documents \r\nor records referred to in clause (b); and  \r\n \r\n(d) exercise, as far as may be applicable, in relation to the company 3[,firm] or \r\nsuch other person, or any person who is, or has at any time been, deali ng, \r\ndoing business or associated with it or him as aforesaid, the powers \r\nconferred on the State Bank by sub -sections (1), (2), (4) and (5) of section \r\n40.  \r\n3[43AA.  Special provisions. —(1) Where the State Bank has called  for information \r\nunder section 43A fr om a company, firm or person and it appears to the State Bank that, in the  \r\ninterest of the persons from whom the  deposits of moneys were received, it is necessary  that the \r\nmoneys received and other assets of the company, firm or person, whether held in  the name of \r\nthat company, firm or person or of any other person , are protected and preserved, the State Bank \r\nmay, without prejudice to any other action or proceedings which may be taken against such \r\ncompany, firm or person under any other provisions of this O rdinance or any other law for the  \r\ntime being in force, make an order in writing— \r\n \r\n1New part II-A ins. by the Banking Companies (Amdt.) Ordinance, 1979 (56 of 1979), s. 3. \r\n2Subs. by Act No. XXIX of 2024, s.26. \r\n3Ins. by the Finance Act, 1990 (7 of 1990), s. 4A. \r\n \r\n \r\nPage 68 of 109 \r\n \r\n (a) appointing one or more persons as interim receivers authorising him or, as \r\nthe case may be, each one of them to—  \r\n(i) enter and search any premises and seize books of accounts or other \r\ndocuments or records of such deposits of money; and  \r\n(ii) take in his custody, on behalf of the State Bank, all moneys, cash \r\nsecurities, title deeds, properties, whether moveable or immovable, \r\nbelonging to such company, firm or person, including those being \r\nheld on behalf, or in the name, of any director, manager, o fficer, \r\npartner, employee, agent, beneficiary or transferee of such \r\ncompany, firm or person or their dependants;  \r\n(b) directing any bank, financial institution or person to freeze all moneys \r\ndeposited with it or him on behalf of the company, firm or person  or of \r\nany director, manager, officer, partner or employee, agent, beneficiary or \r\ntransferee of such company, firm or person appointed by it under clause \r\n(a);  \r\n(c) authorising a person appointed under clause (a) to take all necessary steps \r\nand measures for  identifying the assets and properties of the company, \r\nfirm or person and for realisation, protection and preservation thereof;  \r\n(d) restraining any company, firm or person or any director, manager, officer, \r\npartner or employee or agent, beneficiary or tra nsferee of such company, \r\nfirm or person or their dependants or any other person deriving or claiming \r\ntitle through any of them from alienating, transferring, selling, assigning, \r\ndisposing of or parting with possession of any property, movable or \r\nimmovable, or deriving any benefit, rent or income therefrom; and \r\n(e) making such orders for realisation, protection and preservation of deposits \r\nof money and other assets and properties of the company, firm or person \r\nas it may deem fit.  \r\n(2)  An order made under sub-section (1) shall, unless it is earlier withdrawn in pursuance \r\nof the proviso to sub -section (1) of section 43B, remain in force until possession of the moneys, \r\ncash securities, title deeds, properties, books of account, documents or records to which the  order \r\nrelates is taken over by the official liquidator or, as the case may be, the High Court, in pursuance \r\nof an order of the High Court under section 43F: \r\nProvided that any order made under sub-section (1) shall not prevent the High Court from \r\ndetermining the right of a person claiming to have acquired the property or assets from the \r\ncompany, firm or person, bonafide and for valuable and adequate consideration which such \r\nperson shall be required to prove as paid from his own resources. \r\n(3)  An order made  under sub-section (1) may be served on the Registrar of Joint Stock \r\nCompanies or such other officer or authority or person as the State Bank may deem proper.  \r\n(4)  If any person authorised under sub -section (1) require assistance of the police or any \r\nother civil authority in the exercise of his powers or discharge of his functions thereunder, he \r\nmay send a requisition to the officer in charge of a police station or to such authority who shall \r\non such requisition render the assistance required.]  \r\n \r\n \r\nPage 69 of 109 \r\n \r\n43B.  Power to make declaration. —(1) Where the State Bank, after  making such inquiries \r\nas it may deem fit, is of opinion that a company 1[,firm] or person referred to in section 43A is \r\ntransacting in any manner or form whatsoever the business of banking in contravention of sub-section \r\n(1) of section 27, 1[or is receiving or has received deposits of money in contravention of section 27A] \r\nthe State Bank may, after giving the company 1[,firm] or such person an opportunity of showing \r\ncause against the proposed action being taken, make a declaration to that effect [:]1 \r\n1[Provided that, in a case in which the State Bank has made an order under sub -section (1) of \r\nsection 43AA in respect of a company, firm or person, the State Bank shall make a declaration under \r\nthis sub-section in respect of such company, firm or person within three months of the making of \r\nsuch order or within such further time, not exceeding three months in the aggregate, as the High \r\nCourt may allow, or withdraw such order.] \r\n1[(2)  The State bank shall publ ish, or cause to be published, a declaration made under sub -\r\nsection (1) in two newspapers having wide circulation in the area in which the registered office of the \r\ncompany or firm, or the principal office of the person, to which or to whom the declaration relates is \r\nsituated; and, upon such publication, the company, firm or such person or the chief executive, by \r\nwhatever name called, or directors, managers, officers, employees or agents of the company or \r\npartners, managers, officers, employees or agents of the firm, or such person, or any other person \r\nreferred to in sub -sections (1), (3) or (4) of section 43D or section 43E, shall not be heard to plead \r\nignorance of the making of the declaration.] \r\n(3) A declaration under sub -section (1) shall, for the purpose s of this Part, be conclusive \r\nproof of the fact stated therein. \r\n43C.  Consequences of a declaration under section 43B .—(1) A company 1[,firm] or other \r\nperson in respect of which or whom a declaration has been made under sub-section (1) of section 43B \r\nshall, on the publication of such declaration in pursuance of sub -section (2) of that section, cease to \r\nfunction or to transact business and any transaction with such company 1[,firm] or person, or with any \r\nperson acting or purporting to act for and on behalf of such company 1[,firm] or person, on or after \r\nthe publication of the declaration as aforesaid, shall be void. \r\n(2)  The provisions of sub -section (1) and sections 43D, 43E and 43F shall, as far as may be, \r\napply to a company or undertaking which is an asso ciated undertaking of a company 1[,firm] or \r\nperson in respect of which or whom a declaration under sub-section (1) of section 43B is made. \r\nExplanation.—In this sub-section, “undertaking” and “associated undertaking” have the same \r\nmeaning as in the monopoli es and Restrictive Trade Practices (Control and Prevention) Ordinance, \r\n1970 (V of 1970). \r\n43D.  Deposit of cash and preservation of assets, etc. —(1) Notwithstanding anything \r\ncontained in section 43C, where a declaration under sub -section (1) of section 43B has been made in \r\nrespect of a company 1[,firm] or other person, every person who has in his possession or custody, or \r\nunder his control, any moneys, movable properties, shares, securities of any description or title deeds \r\nrelating to property which belong to the company 1[,firm] or such other person shall forthwith \r\ndeposit, or cause to be deposited, such moneys, movable properties, shares, securities and title deeds \r\nwith any of the banks referred to in the Schedule to the Banks (Nationalization) Act, 1974 ( XIX of \r\n1974), or the State Bank or any person authorised by the State Bank in this behalf. \r\n \r\n1Ins., subs. and added by the Finance Act, 1990 (7 of 1990), s. 4A. \r\n \r\n \r\n \r\n \r\nPage 70 of 109 \r\n \r\n(2)  If any person who is required by sub -section (1) to deposit, or to cause to be \r\ndeposited, any moneys, movable properties, shares, securities or title deeds fails to do so within \r\ntwo days of the publication of the declaration under sub -section (1) of section 43B, any person \r\nauthorised by the State Bank in this behalf may enter and search any pr emises and seize such \r\nmoneys, movable properties, shares, securities or title deeds and deposit, or cause to be \r\ndeposited, the same in accordance with sub-section(1). \r\n \r\n \r\n1[(3)   Until such time as an official liquidator, official assignee, interim receiver, receiver \r\nor official receiver, as the case may be appointed by the Court on an application made under \r\nsection 43F takes over the possession, custody or control of any books, documents, records and \r\nassets of a company, firm or person in respect of which or  whom a declaration under sub-section \r\n(1) of section 43B has been made, including any actionable claims to which such company, firm \r\nor person is, or appears to be, entitled, the chief executive, by whatever name called, and a \r\ndirector, manager, officer, em ployee and agent of such company, or a partner, manager, officer, \r\nemployee and agent of such firm or person, and every other person who may have in or under his \r\npossession, custody or control  such books, documents, records, assets or claims, shall preserve , \r\nand aid in preserving, such books, documents, records, assets and claims and shall, without \r\nprejudice to any other liability that he may incur, be jointly and severally liable for any loss or \r\ndamage.] \r\n \r\n(4)  Every person who is, or becomes, indebted in an y manner to a company 2[,firm] or \r\nperson in respect of which or whom a declaration under sub -section (1) of section 43B has been \r\nmade shall, during the period between the date on which such declaration is published and the \r\ndate on which an order for winding up or, as the case may be, an order of adjudication is made by \r\nthe Court, repay the amount of the debt by depositing it in the manner provided for in sub-section \r\n(1) and inform the State Bank in writing of his having done so.  \r\n \r\n(5)  In computing the period prescribed by the Limitation Act, 1908 (IX of 1908), for any \r\nsuit, appeal or application in respect of anything arising from actions which, immediately before \r\nthe commencement of the Banking Companies (Amendment) Ordinance, 1979, were pending \r\nagainst a company or person in respect of which or whom a declaration under sub -section (1) of \r\nsection 43B has been made, or in respect of any action to the filing of which the company or \r\nperson may be entitled, the period commencing on the publication of such declaration and ending \r\non the day on which an order for winding up or, as the case may be, an order of adjudication is \r\nmade by the Court shall be excluded.  \r\n \r\n3[43E.  Statement of assets and liabilities to be submitted to State Bank. —Within \r\nthree days of the publication of a declaration under  sub-section (1) of section 43B in respect of a \r\ncompany, firm or other person  or within such further time as the State Bank may, by order in \r\nwriting, allow, the chief executive, by whatever name called, and every director, ma nager, \r\nofficer, and agent of the company, and every partner of the firm and the manager, officer and \r\nagent of the firm or such person, and every other person having a claim or liability against or \r\ntowards the company, firm or such person shall submit to the State Bank a statement showing the \r\nassets and liabilities of the company, firm or such person so far as may be known to him.] \r\n \r\n43F.  Consequential provisions for winding up, etc. —(1) Where the declaration made \r\nunder sub -section (1) of section 43B is in r espect of a person other than an individual or a \r\ncompany, such person shall, irrespective of the number of members of which it consists, \r\n \r\n1Subs. by the Finance Act, 1990 (7 of 1990, s. 4A, for sub-section (3). \r\n2Ins. by the Finance Act, 1990 (7 of 1990), s. 4A. \r\n3Subs. by the Finance Act, 1990 (7 of 1990), s. 4A, for section 43E. \r\n \r\n \r\n \r\nPage 71 of 109 \r\n \r\nbe deemed to be an unregistered company which may be wound up under Part IX of the \r\n1[Companies Ordinance, 1984 (XLVII of 1984)]. \r\n \r\n(2)  Where the person in respect of which a declara tion has been made under sub -section \r\n(1) of section 43B is a company or an unregistered company, the High Court shall, upon an \r\napplication made by the State Bank within seven days of the publication of the declaration in \r\npursuance of sub -section (2) of Sec tion 43B, or within such further time as the Federal \r\nGovernment may allow, make an order for the winding up of the company or the unregistered \r\ncompany.  \r\n \r\n \r\n(3)  The provisions of Part III, other than those of sections 45 to 49 and 59, and Part IV \r\nshall, in so far as they relate to winding up of a banking company, apply to an application made \r\nunder sub-section (2) and to the winding up proceedings following such application.  \r\n(4)  Notwithstanding anything contained in the Provincial Insolvency Act, 1920 (V of  \r\n1920), and the Insolvency (Karachi Division) Act (III of 1909), a declaration made under sub -\r\nsection (1) of section 43B in respect of an individual shall constitute an effective ground for \r\nadjudging the individual an insolvent and the court competent to a djudge him an insolvent shall, \r\nupon an application made by the State Bank within seven days of the publication of the \r\ndeclaration in pursuance of sub -section (2) of section 43B, or such further time as the Federal \r\nGovernment may allow, pass an order of adj udication against such individual without further \r\nproof and  follow thereafter the provisions of the Provincial Insolvency Act, 1920 (V of 1920) or, \r\nas the case may be, the Insolvency (Karachi Division) Act (III of 1909), for the administration \r\nand distribution of the property of the insolvent:  \r\nProvided that the court shall not have the power to subsequently annul the adjudication or \r\naccept any composition or scheme or arrangement.] \r\n___________ \r\nPART III \r\n \r\nSUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES \r\n \r\n44.  High Court defined. —In this Part and in Part IV “High Court”, in relation to a \r\nbanking company, means the High Court exercising jurisdiction in the place where the registered \r\noffice of the banking company is situated or, in the case of a banki ng company incorporated \r\noutside Pakistan, where its principal place of business in Pakistan is situated.  \r\n \r\n2[45. Restriction on stay order .__ (1) The High Court may, on the application of a \r\nbanking company which is temporarily unable to meet its obligation s, make an order staying for \r\na fixed period on such terms and conditions as it may think fit the commencement or continuance \r\nof all proceedings against the company and may from time to time extend the period, so that the \r\ntotal period shall not exceed six months: \r\nProvided that no order of stay shall be granted by the High Court upon such application \r\nof a banking company unless it is accompanied by a report of the State Bank showing that in the \r\nopinion of the State Bank the banking company will be able to pay  its debts if the application is \r\ngranted. \r\n(2) The registrar of the concerned High Court shall forward a copy of every stay \r\norder to the State Bank of Pakistan, made under sub-section (1) of this Section. \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Subs. by Act No. XXIX of 2024, s.27. \r\n \r\n \r\nPage 72 of 109 \r\n \r\n(3) When an application is made under sub -section (1), the High Court may appoint such \r\na special officer of the banking company as recommended by the State Bank, who shall forthwith \r\ntake into his custody or under his control all the assets, books, documents, effects and actionable \r\nclaims to which the banking company is or appears to be entitled and shall also exercise such \r\nother powers as the High Court may deem fit to confer on him, having rega rd to the interests of \r\nthe depositors of the banking company: \r\nProvided that a special officer appointed under this sub -section shall carry out his \r\nfunctions under the direction and supervision of the State Bank, which direction and supervision \r\nshall be in accordance with the powers conferred on him by the High Court. \r\n(4) Where the State Bank is satisfied that the affairs of a banking company in respect of \r\nwhich an order under sub -section (1) has been made, are being conducted in a manner \r\ndetrimental to the stability of the financial system in Pakistan or the interests of the  depositors, it \r\nmay take a decision under section 42D and exercise any one or more of the Resolution powers \r\nprovided under section 42E or make an application to the High Court for the win ding up of the \r\ncompany, and where any such application is made, the High Court shall not make any order \r\nextending the period for which the commencement or continuance of all actions and proceedings \r\nagainst the company were stayed under that sub-section. \r\n(5) The special officer appointed by the High Court under sub -section (3) of this section \r\nshall continue to hold office until he is removed from office, or until the bank resumes business, \r\nor until a liquidator is duly appointed to wind up the business of the bank.] \r\n46. Restriction on compromise or arrangement between banking companies and \r\ncreditors.— (1)Notwithstanding anything contained in any law for the time being in force, no \r\nHigh Court shall sanction a compromise or arrangement between a banking company  and its \r\ncreditors or any class of them or between such company and its members or any class of them \r\nunless the compromise or arrangement is certified by the State Bank in writing as not being \r\nincapable of being worked and as not being detrimental to the i nterests of the depositors of such \r\nbanking company. \r\n1[(2) Notwithstanding anything contained in section 279 of the Companies Act , 2017 \r\n(XIX of 2017), where an application is made in respect of a compromise or arrangement between \r\na banking company and its c reditors or any class of them or between such company and its \r\nmembers or any class of them before a High Court, the High Court may direct the State Bank to \r\nmake an inquiry in relation to the affairs of the banking company and the conduct of its directors \r\nand when such a direction is given, the State Bank shall make such inquiry and submit its report \r\nto the High Court.] \r\n1[47. [* * * * * * *] \r\n48.  Procedure for amalgamation of banking companies. — (1) Notwithstanding \r\nanything contained in any law for the time  being in force,  no banking company shall be \r\namalgamated with another banking company, unless a scheme containing the terms of such \r\namalgamation has been placed in draft before the shareholders of each of the banking companies \r\nconcerned separately, and approved by a resolution passed by a majority in number representing \r\ntwo thirds in value of the shareholders of each of the said companies, present either in person or \r\nby proxy at a meeting called for the purpose. \r\n \r\n \r\n \r\n1Subs., and omitted by Act No. XXIX of 2024,  ss.28-29. \r\n \r\n \r\nPage 73 of 109 \r\n \r\n(2)  Notice of every such meeting as is referred to in sub -section (1) shall be given to \r\nevery shareholder of each of the banking companies concerned in accordance with the relevant \r\narticles of association, indicating the time, place and obje ct of the meeting, and shall also be \r\npublished at least once a week for three consecutive weeks in not less than two newspapers \r\nwhich circulate in the locality or localities where the registered offices of the banking companies \r\nconcerned are situated, one of such newspapers being in a language commonly understood in the \r\nlocality or localities.  \r\n \r\n(3)  Any shareholder, who has voted against the scheme, of amalgamation at the meeting \r\nor has given notice in writing at or prior to the meeting to the company conc erned or the \r\npresiding officer of the meeting that he dissents from the scheme of amalgamation, shall be \r\nentitled, in the event of the scheme being sanctioned by the State Bank to claim from the banking \r\ncompany concerned, in respect of the shares held by h im in that company, their value as \r\ndetermined by the State Bank when sanctioning the scheme and such determination by the State \r\nBank as to the value of the shares to be paid to dissenting shareholder shall be final for all \r\npurposes.  \r\n \r\n(4)  If the scheme of  amalgamation is approved by the requisite majority of shareholders \r\nin accordance with the provisions of this section, it shall be submitted to the State Bank for \r\nsanction and shall, if sanctioned by the State Bank by an order in writing passed in this beh alf be \r\nbinding on the banking companies concerned and also on all the shareholders thereof [:]1 \r\n \r\n1[Provided that in case of foreign banking companies, notwithstanding the fact that the \r\nscheme of the amalgamation is not approved by the requisite majority of  shareholders, such \r\nsanction may be granted by the State Bank upon a certificate issued by their respective head \r\noffices approving the scheme.] \r\n(5) Where a scheme of amalgamation is sanctioned by the State Bank under the \r\nprovisions of this section, the Sta te Bank shall transmit a copy of the order sanctioning the \r\nscheme to the registrar before whom the banking companies concerned have been registered and \r\nthe registrar shall, on receipt of any such order, strike off the name of the company (hereinafter in \r\nthis section referred to as the amalgamated banking company) which by reason of the \r\namalgamation will cease to function.  \r\n(6)  On the sanctioning of scheme of amalgamation by the State Bank, the property of the \r\namalgamated banking company shall, by virtue of  the order of sanction, be transferred to and \r\nvest in, and the liabilities of the said company shall, by virtue of the said order be transferred to \r\nand become the liabilities of the banking company which under the scheme of amalgamation is to \r\nacquire the business of the amalgamated banking company, subject in all cases to the terms of the \r\norder sanctioning the scheme.  \r\n2[(7)  In this section, “banking company” means any banking company and includes the \r\nNational Bank of Pakistan, the Agricultural Development  Bank of Pakistan, the Industrial \r\nDevelopment Bank of Pakistan, the House Building Finance Corporation, investment finance \r\ncompanies, venture capital companies, housing finance companies, leasing companies, 1[branch \r\nof a foreign banking company doing bus iness in Pakistan ] and any other financial institution \r\ncovered under section 3A.] \r\n \r\n1Subs., added and Ins. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Subs. by Ord. CXI of 2002 s.9. \r\n \r\n \r\n \r\nPage 74 of 109 \r\n \r\n49.  Winding up by High Court. — 1[(1) Notwithstanding anything contained in section 279, \r\nsection 301 and section 428 of the Companies Act, 2017 (XIX of 2017), but without prejudice to its \r\npowers under the sub -section (1) of section 45 or the State Bank ’s powers under section 42E, the High \r\nCourt shall order the winding up of a banking company__ \r\n(a) if the banking company is unable to pay its debts; or  \r\n(b) if an application for its winding up has been made by the State Bank under section \r\n45, this section or section 59.] \r\n \r\n(2)  1[*  * * * * * *] \r\n \r\n(3)  The State Bank may make an application under this section for the winding up of a banking \r\ncompany—  \r\n \r\n(a) if the banking company—  \r\n \r\n(i) has failed to comply with the requirements specified in section 13; or  \r\n \r\n(ii) has by reason of the provisions of section 27 become di sentitled to carry \r\non banking business in Pakistan; or  \r\n \r\n1[(iii) has been prohibited from receiving fresh deposits by an order under sub -\r\nsection (5) of section 26A; or] \r\n (iv)  having failed to comply with any requirement of this Ordinance other than \r\nthe requirements laid down in section 13, has continued such failure, or, \r\nhaving contravened any provision of this Ordinance has continued such \r\ncontravention beyond such period or periods as may be specified in that \r\nbehalf by the State Bank from time to time, af ter notice in writing of such \r\nfailure or contravention has been conveyed to the banking company; or \r\n1[(aa)  if an order has been made under section 42D and the State Bank has determined \r\nthat it is appropriate that the banking company be wound up or part of  the assets \r\nand liabilities of the banking company has been transferred to a transferee bank \r\nunder section 42G or to a bridge bank under section 42H; or] \r\n(b) if in the opinion of the State Bank—  \r\n(i) a compromise or arrangement sanctioned by a Court in res pect of the \r\nbanking company cannot be worked satisfactorily with or without \r\nmodifications; or  \r\n(ii) the returns, statements or information furnished to it under or in pursuance \r\nof the provisions of this Ordinance disclose that the banking company is \r\nunable to pay its debts; or  \r\n \r\n1[(iii) the continuance of the banking company is prejudicial to the  stability \r\nof the financial system in Pakistan or the interest of its depositors.] \r\n \r\n1Subs., omitted  and ins. by Act No. XXIX of 2024, s.30. \r\n \r\nPage 75 of 109 \r\n \r\n(4)  Without prejudice  to the provisions contained in section 1[302 of the Companies Act, \r\n2017 (XIX of 2017)]  a banking company shall be deemed to be unable to pay its debts if it has \r\nrefused to meet any lawful demand made at any of its offices or branches within two working da ys, \r\nif such demand is made at a place where there is an office, branch or agency of the State Bank, or, \r\nwithin five working days, if such demand is made elsewhere, and if the State Bank certifies in \r\nwriting that the banking company is unable to pay its debts.  \r\n(5)  A copy of every application made by the State Bank under sub -section (1) shall be sent \r\nby the State Bank to the registrar.  \r\n(6)  Notwithstanding anything contained in 1[the Companies Act, 2017 (XIX of 2017) ], no \r\nCourt shall entertain an applicati on for winding up of banking company by the Court unless such \r\napplication is accompanied by a certificate in writing from the State Bank certifying that it has no \r\nobjection to the making of such application 1[:]  \r\n 1[Provided that notification shall be made  to the State Bank of a filing for a winding up or an \r\norder made to that effect in relation to a company that controls or owns a substantial interest in a \r\nbanking company or a subsidiary of a company that controls a banking company, or of a banking \r\ncompany. The official liquidator appointed over such an entity shall be under obligation to avoid any \r\naction that may frustrate the achievement of the objectives provided under section 42B and shall be \r\nunder duty to coordinate with the State Bank in this respect.] \r\n   50.  Court Liquidator .—(1) When, having regard to the number of  proceedings for the \r\nwinding up of banking companies or the extent of the work involved in such proceedings, in any \r\nProvince or at any place in any Province, the 2[Federal Government ] is o f the opinion that it is \r\nnecessary or expedient to attach a court Liquidator to the High Court of that province it may, in \r\nconsultation with the State Bank, appoint a Court Liquidator, for the Province or at a place in the \r\nProvince, and for such time as th e 2[Federal Government ] may think fit, for the purpose of \r\nconducting all proceedings for the winding up of banking companies and performing such duties in \r\nreference thereto as the High Court may impose. \r\n(2)  Where there is a court liquidator attached to a High Court and an order is passed by the \r\nHigh Court for the winding up of any banking company, then, notwithstanding anything contained in \r\nsection 171A or section l75 of the 3[Companies Ordinance, 19 84 (XL VII of 19 84)], the court \r\nliquidator shall become the official liquidator of the banking company.  \r\n(3)  Where there is a court liquidator attached to a High Court and any proceeding, for the \r\nwinding up of a banking company in which any person other than the State Bank or the court \r\nliquidator  has been  appointed  as  official  liquidator,  is pending before the High Court immediately  \r\nbefore the commencement of this Ordinance or the date on which the court liquidator is so attached \r\nto the High Court, whichever is later, then, notwithstanding anything contain ed in section 176 of the \r\n3[Companies Ordinance, 1984 (XLVII of 1984)], the person appointed as official liquidator shall, on \r\nsuch commencement or, as the case may be, on the aforesaid date, be deemed to have vacated his \r\noffice as such and the vacancy so ca used shall be deemed to be filled up by the appointment of the \r\ncourt liquidator as the official liquidator: \r\nProvided that where the High Court, after giving the court liquidator and the State Bank an \r\nopportunity of being heard, is of opinion that the appoi ntment of the court liquidator would be \r\ndetrimental to the interests of the depositors of the banking company, it may direct the person \r\nappointed as the official liquidator to continue to act as such. \r\n1Subs., and Ins. by Act XXIX of 2024, s.30. \r\n2Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23 (w.e.f. 13-10-1972), for “Central Government”. \r\n3Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\nPage 76 of 109 \r\n \r\n1[51. State Bank to be official liquidator .__ “(1) Notwithstanding anything  contained in \r\nsection 50, or in the Companies Act, 2017 (XIX of 2017), where the High Court has ordered the \r\nwinding up of a banking company under section 49, the State Bank may apply for an order \r\nappointing the State Bank or any individual as the official liquidator of the banking company in that \r\nproceeding, and the High Court shall grant the application for appointing the State Bank or such \r\nperson as specified by the State Bank as liquidator. Where a person specified by the State Bank is \r\nappointed as liquidator, the remuneration of such liquidator shall be determined by the State Bank. \r\n(2) Further, the High Court, on an application made by the State Bank for appointment of \r\nofficial liquidator, shall appoint such person as liquidator as specified by the Stat e Bank in its \r\napplication either to fill a vacancy, or to dismiss and replace a liquidator appointed under sub -section \r\n(1). \r\n(3) Subject to an order of the High Court, a liquidator appointed under sub -section (1) or sub-\r\nsection (2) shall carry out its functions under the direction and supervision of the State Bank. \r\n(4) Further, any liquidator appointed under sub-section (1) and sub- section (2), shall have the \r\npower to transfer the assets and liabilities of the banking company to protect the interest of \r\ndepositors or maximize the value for all creditors as a whole.] \r\n52.  Application of Companies Act to Liquidators .__ (1) All the  provisions of 1[the \r\nCompanies Act, 2017 (XIX of 2017)] , relating to a liquidator, and so far as they are not inconsistent \r\nwith this Ordinance, shall apply to or in relation to a liquidator appointed under section 50 or section \r\n51 1[:] \r\n1[Provided that such a liquidator shall provide any assistance as the Deposit Protection \r\nCorporation may seek for the re -imbursement of protected deposit s and its other claims in a timely \r\nmanner.] \r\n \r\n (2)  Any  reference to the “official liquidator” in this Part and Part  IV shall be construed as \r\nincluding a reference to any liquidator of a banking company. \r\n53.  Stay of proceedings .—Notwithstanding anything t o the  contrary contained in section \r\n173 of the 2[Companies Ordinance, 1984 (XLVII of 1984)], the High Court shall not make any order \r\nstaying the proceedings in relation to the winding up of a banking company, unless the High Court is \r\nsatisfied that an arra ngement has been made whereby the company can pay its depositors in full as \r\ntheir claims accrue. \r\n3[54.  Preliminary report by the official liquidator .— Notwithstanding anything to the \r\ncontrary contained in section 329 of the Companies Ordinance, 19 84 (XL VII of 19 84), where a \r\nwinding-up order has been made in respect of a banking company, the official liquidator shall submit \r\na preliminary report to the High Court within ninety days from the date of the winding -up order or \r\nwhere the winding -up order has been made before the 1 st day of August , 2001, within ninety days \r\ntherefrom, giving the information required by section 329 ibid so far as it is available to the official \r\nliquidator and also stating the amount of assets of the banking company in cash which are i n his \r\ncustody or under his control on the date of the report and the amount of its assets which are likely to \r\nbe collected in cash before the expiry of that period of ninety days in order that such assets may be \r\napplied speedily towards making priority pay ments under section 58 and in the discharge, as far as \r\npossible, of the liabilities and obligations of the banking company in accordance with the provisions \r\nof the section 58, and the official liquidator shall make for the purposes aforesaid every endeavou r to \r\ncollect in cash as much of the assets of the banking company as practicable: \r\n1Subs., and added by Act No. XXIX of 2024, ss.31-32 \r\n2Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n3Subs. by Ord. 47 of 2001, s. 5. \r\n \r\nPage 77 of 109 \r\n \r\nProvided that  the High Court may, if it deems fit in any particular case, extend the period of \r\nninety days, referred to in this section, for a further period of sixty days.] \r\n55.  Notice to preferential claimants and secured and unsecured creditors .__ (1) Within \r\nfifteen days from the date of the winding -up order of a banking company or where the winding -up order  \r\nhas  been  made  before  the  commencement  of  this  Ordinance, within one month from  such \r\ncommencement, the official liquidator shall, for the purpose of maki ng an estimate of the debts and \r\nliabilities of the banking company (other than its liabilities and obligations to its depositors), by notice \r\nserved in such manner as the State Bank may direct, call upon— \r\n(a) every claimant entitled to preferential payment under section 230 of the \r\n1[Companies Ordinance, 1984 (XLVII of 1984)], and  \r\n(b) every secured and every unsecured creditor, to send to the official liquidator \r\nwithin one month from the date of the service of the notice a statement of the \r\namount claimed by him.  \r\n(2)  Every notice under sub -section (1) sent to a claimant having a claim under section 230 the \r\n1[Companies Ordinance, 1984 (XLVII of 1984)],  shall state that if a statement of the claim is not sent to \r\nthe official liquidator before the expiry of the  period of one month from the date of the service, the claim \r\nshall not be treated as a claim entitled to be paid under that section in priority to all other debts but shall \r\nbe treated as an ordinary debt due by the banking company. \r\n(3)  Every notice under sub-section (1) sent to a secured creditor shall require him to value his \r\nsecurity before the expiry of the period of one month from the date of the service of the notice and shall \r\nstate that if a statement of the claim together with the valuation of the s ecurity is not sent to the official \r\nliquidator before the expiry of the said period, then the official liquidator shall himself value the security \r\nand such valuation shall be binding on the creditor.  \r\n(4)  If a claimant fails to comply with the notice sent  to him under sub-section (1), his claim will \r\nnot be entitled to be paid under section 230 of the 1[Companies Ordinance, 1984 (XLVII of 1984)],  in \r\npriority to all other debts but shall be treated as an ordinary debt due by the banking company; and if a \r\nsecured creditor fails to comply with the notice sent to him under sub -section (1), the official liquidator \r\nshall himself value the security and such valuation shall be binding on the creditor.  \r\n56.  Power  to  dispense  with  meetings  of  creditors,  etc. — Notwithstanding anything to the \r\ncontrary contained in sections 178A and 183 of the 1[Companies Ordinance, 1984 (XLVII of 1984)],  the \r\nHigh Court may, in the proceedings for winding -up a banking company, dispense with any meetings of \r\ncreditors or contributor ies or with the appointment of a committee of inspection if it considers that no \r\nobject will be secured thereby sufficient to justify the delay and expense. \r\n57.  Booked depositors’ credits to be deemed proved .— In any proceeding for the winding-up \r\nof a banking company, every depositor of the banking company shall be deemed to have filed his claim \r\nfor the amount shown in the books of the banking company as standing to his credit and notwithstanding \r\nanything to the contrary contained in section 191 of the 1[Companies Ordinance, 1984 (XLVII of 1984)], \r\nthe High Court shall presume such claim to have been proved, unless the official liquidator shows that \r\nthere is reason for doubting its correctness. \r\n2[58.  Priority payments to depositors .— (1) In every proceeding  for winding-up of a banking \r\ncompany where a winding -up order has been made, within ninety days from the date of the winding -up \r\norder or where the winding -up order has been made before 1 st day of August , 2001, within ninety days \r\ntherefrom, the payments referred to in sub-section (2) shall be made by the official liquidator or adequate \r\nprovision for such payments shall be made by him. \r\n1Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Subs. by Ord. 47 of 01, s. 6. \r\n \r\nPage 78 of 109 \r\n \r\n1[(2) Subject to s ub-section (3), there shall be paid within the period of ninety days as \r\nspecified in sub -section (1), in the first place, to each eligible depositor of the banking company, a \r\nsum up to the amount prescribed by the Deposit Protection Corporation under secti on 7 of the \r\nDeposit Protection Corporation Act, 2016 (XXXVII of 2016) or the balance at his credit whichever \r\nis less and any other liabilities owed to the Deposit Protection Corporation under sub -sections (1) \r\nand (2) of section 22 of the Deposit Protection Corporation Act, 2016 (XXXVII of 2016). \r\n(3) The total amount paid to each eligible depositor under sub-section (2) shall not exceed the \r\namount prescribed by the Corporation under section 7 of the Deposit Protection Corporation Act, \r\n2016 (XXXVII of 2016)__ \r\n(i)  where a depositor is maintaining more than one deposit account with a \r\nbanking company; and \r\n(ii)  in the case of joint account holders of a deposit account.] \r\n(4)  Where within the period of ninety days as specified in sub -section (1), full payments \r\ncannot be made of the amounts required to be paid under sub -section (2) with the assets in cash, the \r\nofficial liquidator shall pay within that period to every  1[eligible] depositor on a pro rata basis so \r\nmuch of the amount due to every  1[eligible] depositor as the official liquidator is able to pay with \r\nthose assets, and shall pay the rest of that amount to every  1[eligible] depositor as and when \r\nsufficient assets are collected by the official liquidator in cash.  \r\n(5)  After payments have been made first to d epositors in accordance with the foregoing \r\nprovisions, the remaining assets of the banking company available for payment shall be utilised \r\naccording to the following order of priority, namely:__ \r\n(a) firstly, for payment of balance due to depositors in acco rdance with a scheme \r\nto be prepared by the State Bank;  \r\n1[(aa) after payments have been made to dopositors in accordance with clause (a), \r\nsecondly, for payment of Resolution funding support provided by the Federal \r\nGovernment under sub-section (1) of section 42I;] \r\n1[(b)  after payments have been made in accordance with clause (a) and (aa), thirdly, \r\nfor payment on a pro rata basis to every claimant entitled to preferential \r\npayment under section 390 of the Companies Act , 2017 (XIX of 2017) or any \r\nother law for the time being in force; \r\n(c)  after payments have been made in full in accordance with clauses (a), (aa) and \r\n(b), fourthly, for payment on a pro rata basis of the debts of the general \r\ncreditors;] \r\n1[(d)  after payments have been made in full in accordance with clauses (a), (aa) and \r\n(b) and (c) , fifthly, for payment on a pro rata basis of debts owed to sub -\r\nordinated creditors; and \r\n(e)  after payments have been made in full in accordance with clauses (a), (aa), (b), \r\n(c) and (d), finally, for payment on a pro rata basis of equity to shareholders.] \r\n \r\n1Subs., Ins. and added by Act XXIX of 2024, s.33. \r\n \r\nPage 79 of 109 \r\n \r\n(6)  For the purposes of this section, banking companies, financial institutions specified in \r\n1[section 3A and financial institutions as defined in clause 31 of sub -section (1) of section 2 of the \r\nCompanies Act, 2017 (XIX of 2017)] shall be treated as general creditors and not depositors.  \r\n(7)  Subject to sub-section (8), in order to enable the official liquidator to have in his custody \r\nor under his control in cash as much of the assets of a banking company as possible, the securities \r\ngiven to every secured creditor may be redeemed by the official liquidator—  \r\n \r\n(a) where the amount due to a creditor is more than the value of the securities as \r\nassessed by him or, as the case may be, as assessed by the official liquidator, \r\non payment of such value; and  \r\n \r\n(b) where the amount due to the creditor is equal to or less than the value of the \r\nsecurities as so assessed, on payment of the amount due. \r\n \r\n(8)  Where the official liquid ator is not satisfied with the valuation made by the creditor, he \r\nmay apply to the High Court for making a valuation.  \r\n(9)  When any depositor, claimant or creditor to whom any payment is to be made in \r\naccordance with the foregoing provisions, cannot be fo und or is not readily traceable, adequate \r\nmeasures shall be taken by the official liquidator for such payment.  \r\n \r\n(10)  For the purposes of this section, the payments specified in each of the following clauses \r\nshall be treated as payments of a different class, namely:—  \r\n \r\n(a) payments to depositors  1[and the Deposit Protection Corporation]pursuant to \r\nsub-sections (2) and (4);  \r\n \r\n(b) payments to depositors pursuant to clause (a) of sub-section (5);  \r\n1[(bb) payments to Federal Government pursuant to clause (aa) of sub-section (5);] \r\n \r\n(c) payments to preferential claimants pursuant to  clause (b) of sub -section (5); \r\n1[*]  \r\n \r\n(d) payments to the general creditors pursuant to clause (c) of sub-section (5).  \r\n1[(e) payments to the sub -ordinated creditors pursuant to clau se (d) of sub -section \r\n(5); and  \r\n(f)  payments to the shareholders pursuant to clause (e) of sub-section (5).] \r\n(11)  The payments to persons in each different class specified in sub -section (10) shall rank \r\nequally among themselves and be paid in full unless  the assets are insufficient to meet them, in \r\nwhich case they shall abate in equal proportion 1[:]] \r\n1[Provided that in the application of clause (e) of sub -section (10), sub-classes can be created \r\nbased on the contractual terms contemplating payments to be  made to some sub -ordinated creditors \r\nafter such other creditors.] \r\n \r\n1Subs., Added, Ins. and omitted by Act No. XXIX of 2024, s.33. \r\n \r\nPage 80 of 109 \r\n \r\n1[(12) The provisions of this section shall also apply to a banking company under winding up \r\nthat is not a member of the Dep osit Protection Corporation and in its application to such a banking \r\ncompany, shall have effect as if the word “eligible” has been omitted from sub -sections (2), (3) and \r\n(4).] \r\n59.  Restriction on voluntary winding up. — Notwithstanding anything to the contr ary \r\ncontained in section 1[347 of the Companies Act, 2017 (XIX of 2017)] , no banking company which \r\nholds a licence granted under section 27 may be voluntarily wound up unless the State Bank certifies \r\nin writing that the company is able to pay in full all i ts debts to its creditors as they accrue, and \r\nwithout prejudice to the provisions contained in sections 1[379 and 380] of that Act, the High Court \r\nshall, on application of the State Bank, order the winding up of the company by the High Court if at \r\nany stage during the voluntary winding up proceedings the company is not able to meet such debts as \r\nthey accrue. \r\n_______ \r\n \r\nPART  IV \r\n \r\nSPECIAL PROVISIONS FOR SPEEDY DISPOSAL OF WINDING UP PROCEEDINGS \r\n \r\n60.  Part IV to override other Laws .— The provisions of this Part  and the rules made \r\nthereunder shall have effect notwithstanding anything inconsistent therewith contained in the \r\n2[Companies Ordinance, 1984 (XLVII of 19 84)],  or the code of Civil Procedure, 1908 (Act V of \r\n1908), or the Code of Criminal Procedure, 1898 (A ct V of 1898), or any other law for the time being \r\nin force or any instrument having effect by virtue of any such law; but the provisions of any such law \r\nor instrument in so far as the same are not varied by, or inconsistent with, the provisions of this Pa rt \r\nor rules made thereunder shall apply to all proceedings under this Part.  \r\n \r\n61.  Power of High Court to decide all claims in respect of banking companies. — The \r\nHigh Court shall, save as otherwise expressly  provided in section 62, have exclusive jurisdict ion to \r\nentertain and decide any claim made by or against a banking company which is being wound up \r\n(including claims by or against any of its branches in Pakistan) or any application made under \r\nsection 153 of the 2[Companies Ordinance, 1984 (XLVII of 19 84)],  by or in respect of a banking \r\ncompany or any question of priorities or any other question whatsoever, whether of law or fact, \r\nwhich may relate to or arise in the course of the winding up of a banking company, whether such \r\nclaim or question has arisen o r arises or such application has been made or is made before or after \r\nthe date of the order for the winding up of the banking company or before or after the \r\ncommencement of this Ordinance. \r\n62.  Transfer of pending proceedings.— (1) Where a winding up order is made or has been \r\nmade in respect of a banking company, no suit or other legal proceedings, whether civil or criminal, \r\nin respect of which the High Court has jurisdiction under this Ordinance and which is pending in any \r\nother court immediately before th e commencement of this Ordinance or the date of the order for the \r\nwinding up of the banking company, whichever is later, shall be proceeded with except in the \r\nmanner hereinafter provided. \r\n \r\n(2)  The official liquidator shall, within three months from the date of the winding up order or \r\nthe commencement of this Ordinance whichever is later or such further time as the High Court may \r\nallow, submit to the High Court a report containing a list of all such pending proceedings together \r\nwith particulars thereof.  \r\n \r\n1Ins., and Subs. by Act No. XXIX of 2024, ss.33-34. \r\n2Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\nPage 81 of 109 \r\n \r\n(3)  On receipt of a report under sub -section (2), the High Court may, if it so thinks fit, give \r\nthe parties concerned an opportunity to show cause why the proceedings should not be transferred to \r\nitself and after making an inquiry in such manner as may be provided by rules made under section \r\n79, it shall make such order as it deems fit transferring to itself all or such of the pending proceedings \r\nas may be specified in the order and such proceedings shall thereafter be disposed of by the High \r\nCourt.  \r\n \r\n(4)  If any proceeding pending in a court is not so transferred to the High Court under sub -\r\nsection (3), such proceeding shall be continued in the court in which the proceeding was pending.  \r\n \r\n(5)  Nothing in this section shall apply to any proceeding pending in appeal before the \r\nSupreme Court or a High Court.  \r\n   63. Settlement of list of debtors. — (1) Notwithstanding anything  to the con trary contained \r\nin any law for the time being in force, the High Court may settle in the manner hereinafter provided a \r\nlist of debtors of a banking company which is being wound up. \r\n(2)  Subject to any rules that may be made under section 92, the official l iquidator shall, \r\nwithin six months from the date of the winding up order or the commencement of this Ordinance, \r\nwhichever is later, from time to time, file to the High Court lists of debtors containing such \r\nparticulars as are specified in the Third Schedule: \r\nProvided that such lists may, with the leave of the High Court, be filed after the expiry of the \r\nsaid period of six months. \r\n(3)  On receipt of any list under sub -section (2), the High Court shall, wherever necessary, \r\ncause notices to be issued on all persons affected and after making an inquiry in such manner as may \r\nbe provided by rules made under section 79, it shall make an order settling the list of debtors: \r\nProvided that nothing in this section shall debar the High Court from settling any such list i n \r\npart as against such of the persons whose debts have been settled without settling the debts of all the \r\npersons placed on the list. \r\n \r\n(4)  At the time of the settlement of any such list,  the High Court shall pass an order for the \r\npayment of the amount due  by each debtor and make such further orders as may be necessary in \r\nrespect of the relief claimed, including reliefs against any guarantor or in respect of the realisation of \r\nany security.  \r\n \r\n(5)  Every such order shall, subject to the provisions for appeal , be final and binding for all \r\npurposes as between the banking company on the one hand and the person against whom the order is \r\npassed and all persons claiming through or under him on the other hand, and shall be deemed to be a \r\ndecree in a suit.  \r\n(6)  In respect of every such order, the High Court shall issue a certificate specifying clearly \r\nthe reliefs granted and names and descriptions of the parties against whom such reliefs have been \r\ngranted, the amount of costs awarded and by whom, and out of what fund s and in what proportions, \r\nsuch costs are to be paid; and every such certificate shall be deemed to be a certified copy of the \r\ndecree for all purposes including execution.  \r\n \r\n(7)  At the time of settling the list of debtors or at any other time prior or sub sequent thereto, \r\nthe High Court shall have power to pass any order in respect of a debtor on the application of the \r\nofficial liquidator for the realisation, management, protection, preservation or sale of any property \r\ngiven as security to the banking compa ny and to give such powers to the official liquidator to carry \r\nout the aforesaid directions as the High Court thinks fit. \r\n \r\n \r\nPage 82 of 109 \r\n \r\n(8)  The High Court shall have power to sanction a compromise in respect of any debt and to \r\norder the payment of any debt by installments.  \r\n \r\n(9)  In any case in which any such lists, settl ed exparte as against any person, such person \r\nmay, within thirty days from the date of the order settling the list, apply to the High Court for an \r\norder to vary such list, so far as it concerns him, an d if the High Court is satisfied that he was \r\nprevented by any sufficient cause from appearing on the date fixed for the settlement of such list and \r\nthat he has a good defence to the claim of the banking company on merits, the High Court may vary \r\nthe list and pass such orders in relation thereto as it thinks fit: \r\nProvided that the High Court may, if it so thinks fit, entertain the application after the expiry \r\nof the said period of thirty days. \r\n(10)  Nothing in this section shall— \r\n(a) apply to debt which has been secured by a mortgage of immovable property, if \r\na third party has any interest in such immovable property; or  \r\n \r\n(b) prejudice  the rights of the official liquidator to recover any debt  due to a \r\nbanking company under any other law for the being in force. \r\n \r\n64.  Special  provisions  to  make  calls  on  contributories. — Notwithstanding that the list of \r\ncontributories has not been settled under section 184 , of the 1[Companies Ordinance, 1984 (XLVII of \r\n1984)], the High Court may, if it appears to it necess ary or expedient so to do, at any time after making a \r\nwinding up order, make a call on and order payment thereof by any contributory under sub -section (1) of \r\nsection 187 of the 1[Companies Ordinance, 1984 (XLVII of 1984)],  if such contributory has been pla ced \r\non the list of contributories by the official liquidator and has not appeared to dispute his liability. \r\n65.  Documents of banking company to be evidence. — (1) Entries in the books of account or \r\nother documents of a banking company which is being wound up shall be admitted in evidence in all \r\nproceedings by or against the banking company; and all such entries may be proved either by the \r\nproduction of the books of account or other documents of the banking company containing such entries \r\nor by the productio n of a copy of the entries, certified by the official liquidator under his signature and \r\nstating that it is a true copy of the original entries and that such original entries are contained in the books \r\nof account or other documents of the banking company in his possession. \r\n(2)  Notwithstanding anything to the contrary contained in the Evidence Act, 1872, all such \r\nentries in the books of account or other documents of a banking company shall as against the directors of \r\nthe banking company in respect of which the winding up order has been made before the commencement \r\nof this Ordinance, be prima facie evidence of the truth of all matters purporting to be therein recorded. \r\n66.  Public examination of directors and auditors.— (1) Where an order has been made for \r\nthe winding up of a banking company, the official liquidator shall submit a report whether in his \r\nopinion any loss has been caused to the banking company since its formation by any act or omission \r\n(whether or not a fraud has been committed by such act or omi ssion) of any person in the promotion \r\nor formation of the banking company or of any director or auditor of the banking company. \r\n(2)  If, on consideration of the report submitted under sub -section (1), the High Court is of \r\nopinion that any person who has taken part in the promotion or formation of the banking company or \r\nhas been a director or an auditor of the banking company should be publicly examined, it shall hold a \r\npublic sitting on a date to be appointed for that purpose and direct that such person, di rector or \r\nauditor shall attend thereat and shall be publicly examined as to the promotion or formation or the \r\nconduct of the business of the banking company, or as to his conduct and dealings, in so far as they \r\nrelate to the affairs of the banking company: \r\n \r\n1Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\nPage 83 of 109 \r\n \r\nProvided that no such person shall be publicly examined unless he has been given an opportunity to \r\nshow cause why he should not be so examined. \r\n \r\n(3)  The official liquidator shall  take part in the examination and for that purpose may, if \r\nspecially authorized by the High Court in that behalf, employ such legal assistance as may be \r\nsanctioned by the High Court.  \r\n \r\n(4)  Any creditor or contributory may also take part in the examination either personally or by \r\nany person entitled to appear before the High Court.  \r\n \r\n(5)  The High Court may put such questions to the person examined as it thinks fit.  \r\n \r\n(6)  The person examined shall be examined on oath and shall answer all such questions as \r\nthe High Court may put or allow to be put to him.  \r\n \r\n(7)  A person ordered to be examined under this section may, at his own cost, employ any \r\nperson entitled to appear before the High Court who shall be at liberty to put to him such questions \r\nas the High Co urt may deem just for the purpose of enabling him to explain or qualify any answer \r\ngiven by him:  \r\nProvided that if he is, in the opinion of the High Court, exculpated from any charges made or \r\nsuggested against him, the High Court may allow him such costs in its discretion as it may deem fit. \r\n(8)  Notes of the examination shall be taken down in writing, and shall be read over to or by, \r\nand signed by, the person examined and may thereafter be used in evidence against him in any \r\nproceeding, civil or criminal, and shall be open to the inspection of any creditor or contributory at all \r\nreasonable times.  \r\n \r\n(9)  Where on such  examination, the High Court is of opinion (whether a fraud has been \r\ncommitted or not)—  \r\n \r\n(a) that a person who has been a director of the bank ing company is not fit to be a \r\ndirector of a company, or  \r\n \r\n(b) that a person who has been an auditor of the banking company or a partner of \r\na firm acting as such auditor is not fit to act as an auditor of a company or to \r\nbe a partner of a firm acting as such auditor,  \r\n \r\nthe High Court may make an order that that person shall not, without the leave of the High Court, be \r\na director of, or in any way, whether directly or indirectly, be concerned or take part in the \r\nmanagement of any company or, as the case may be, act as an auditor of, or be a partner of a firm \r\nacting as auditors of, any company for such period not exceeding five years as may be specified in \r\nthe order. \r\n67. Special provisions for assessing damages against delinquent directors, etc. —(1) \r\nWhere an a pplication is made to the High Court under  section 235 of the 1[Companies Ordinance, \r\n1984 (XLVII of 19 84)], against any promoter, director, manager, liquidator or officer of a banking \r\ncompany for repayment or restoration of any money or property and the ap plicant makes out a prima \r\nfacie case against such person, the High Court shall make an order against such person to repay and \r\nrestore the money or property unless he proves that he is not liable to make the repayment or \r\nrestoration either wholly or in part: \r\n \r\n1Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\nPage 84 of 109 \r\n \r\nProvided that where such an order is made jointly against two or more such persons, they shall be \r\njointly and severally liable to make the repayment or restoration of the money or property. \r\n(2)  Where an application is made to the High Court under section 235 of the 1[Companies \r\nOrdinance, 1984 (XLVII of 1984)], and the High Court has reason to believe that a property belongs \r\nto any promoter, director, manager, liquidator or offic er of the banking company, whether the \r\nproperty stands in the name of such person or of any other person as the ostensible owner, the High \r\nCourt may, at any time, whether before or after making an order under sub -section (1), direct the \r\nattachment of such property or of such portion thereof as the High Court may think fit, and when the \r\nproperty so attached stands in the name of an ostensible owner, it shall remain subject to attachment \r\nunless the ostensible owner can prove to the satisfaction of the High Co urt that he is the real owner \r\nand the provisions of the Code of Civil Procedure, 1908 (Act V of 1908), relating to attachment of \r\nproperty shall, as far as may be, apply to such attachment.  \r\n2[(3)  For the purposes of this section and section 70 of this Ord inance and section 235 of the \r\n1[Companies Ordinance, 19 84 (XL VII of 19 84)], “property” includes property transferred or \r\notherwise disposed of by the person referred to in sub -section (1) or any other person as ostensible \r\nowner of such property within two y ears preceding the commencement of proceedings under section \r\n235 of the 1[Companies Ordinance, 19 84 (XL VII of 19 84)], or during the currency of such \r\nproceedings, if the High Court is satisfied by affidavit or otherwise that the transfer was otherwise \r\nthan in good faith and for sufficient consideration.] \r\n68.  Duty of directors and officers of banking company to assist in the realisation of \r\nproperty.—Every director or other officer of a banking  company which is being wound up shall \r\ngive such assistance to the  official liquidator as he may reasonably require in connection with the \r\nrealisation and distribution of the property of the banking company. \r\n69.  Special provisions for punishing offences in relation to banking companies being \r\nwound up.— (1) The High Court may, if it thinks fit, take cognizance of and try in a summary way \r\nany offence punishable under this Ordinance or under the 1[Companies Ordinance, 1984 (XLVII of \r\n1984)], alleged to have been committed by any person who has taken part in the promotion or \r\nformation of the banking company which is being wound up or by any director, manager or officer \r\nthereof. \r\n(2)  When trying any such offence as aforesaid, the High Court may also try any other \r\noffence not referred to in sub -section (1) which is an offence wi th which the accused may, under the \r\nCode of Criminal Procedure, 1898 (Act V of 1898), be charged at the same trial.  \r\n(3)  In any case tried summarily under sub-section (1), the High Court—  \r\n(a) need not summon any witness, if it is satisfied that the evide nce of such \r\nwitness will not be material;  \r\n(b) shall not be bound to adjourn a trial for any purpose unless such adjournment \r\nis, in the opinion of the High Court, necessary in the interest of justice;  \r\n \r\n_________________________________________________________________________________________________________________________ \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Sub-section (3) added by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 15 (w.e.f. 13-10-1972). \r\n \r\n \r\n \r\nPage 85 of 109 \r\n \r\n(c) shall, before passing any sentence, record judgement embodying the substance \r\nof the evidence and also the particulars specified in section 263 of the Code of \r\nCriminal Procedure, 1898 (Act V of 1898), so far as that section may be \r\napplicable;  \r\nand nothing contained in sub -section (2) of section 262 of the Code of Criminal Procedure, 1898 \r\n(Act V of 1898), shall apply to any such trial. \r\n(4)  All offences in relation to winding up alleged to have been committed by any person \r\nspecified in sub -section (1) which  are punishable under this Ordinance or under the 1[Companies \r\nOrdinance, 1984 (XLVII of 1984)], and which are not tried in a summary way under sub -section (1) \r\nshall, notwithstanding anything to the contrary contained in that Act or the Code of Criminal \r\nProcedure, 1898 (Act V of 1898), or in any other law for the time being in force, be taken cognizance \r\nof and tried by a Judge of the High Court other than the Judge for the time being dealing with the \r\nproceeding for the winding up of the banking company.  \r\n(5)  Notwithstanding anything to the contrary contained in the Code of Criminal Procedure, \r\n1898 (Act V of 1898), the High Court may take cognizance of any offence under this section without \r\nthe accused being committed to it for trial and all such trials shall be without the aid of a jury.  \r\n70.  Public examination of directors and auditors  etc., in respect of a banking company \r\nunder scheme of arrangement .— (1) Where an  application for sanctioning a compromise or \r\narrangement in respect of a banking company is ma de under section 153 of the 1[Companies \r\nOrdinance, 1984 (XLVII of 1984)], or where such sanction has been given and the High Court is of \r\nopinion, whether on a report of the State Bank or otherwise, that any person who has taken part in \r\nthe promotion or formation of that banking company or has been a director or auditor thereof should \r\nbe publicly examined, it may direct such examination of such person and the provisions of section 66 \r\nshall, as far as may be, apply to such banking company as they apply to a b anking company which is \r\nbeing wound up. \r\n(2)  Where a compromise or arrangement is sanctioned under section 153 of the 1[Companies \r\nOrdinance, 1984 (XLVII of 19 84)], in respect of a banking company, the provisions of section 235 \r\nof that Act and of section 67 shall, as far as may be, apply to such banking company as they apply to \r\na banking company which is being wound up as if the order sanctioning the compromise or \r\narrangement were an order for the winding up of that banking company.  \r\n(3)  Where a scheme of r econstruction or amalgamation of a banking company has been \r\nsanctioned by the 2[Federal Government] under section 47 and the 2[Federal Government] is of \r\nopinion that any person who has taken part in the promotion or formation of that banking company \r\nor has been a director or auditor thereof should be publicly examined, that Government may apply to \r\nthe High Court for the examination of such person and if on such examination the High Court finds \r\n(whether a fraud has been committed or not) that that person is not fit to be a director of a company \r\nor to act as an auditor of a company or to be a partner of a firm acting as such auditors, the 2[Federal \r\nGovernment] shall make an order that that person shall not, without the leave of the 2[Federal \r\nGovernment], be a director of , or in any way, whether directly or indirectly, be concerned or take \r\npart in the management of any company or, as the case may be, act as an auditor of, or be a partner \r\nof a firm acting as auditors of, any company for such period not exceeding  five years as may be \r\nspecified in the order. \r\n1Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23 (w.e.f. 13-10-1972), for “Central Government”. \r\n \r\nPage 86 of 109 \r\n \r\n(4)  Where a schem e of reconstruction or amalgamation of a banking company has been \r\nsanctioned by the 1[Federal Government] under section 47, the provision of section 235 of the \r\n2[Companies Ordinance, 19 84 (XLVII of 19 84)], and those of section 67 shall, as far as may be, \r\napply to the banking company as they apply to a banking company which is being wound up as if the \r\norder sanctioning the scheme of reconstruction or amalgamation, as the case may be, were an order \r\nfor the winding -up of the banking company; and any reference in the said section 235 to the \r\napplication of the official liquidator shall be construed as a reference to the application of the \r\n1[Federal Government.] \r\n3[(5)  The provisions of sub -sections (3) and (4) shall apply to a banking company in respect \r\nof which a scheme of amalgamation has been sanctioned by the State Bank under section 48, and in \r\ntheir application to such a banking company shall have effect as if— \r\n \r\n(a) the word “reconstruction or” wherever occurring were omitted; and  \r\n(b) for the words 4[Federal Government] wherever occurring the words “State \r\nBank” were substituted.  \r\n(6)  The provisions of sub-sections (3) and (4) shall apply to a banking company other than a \r\nbanking company in relation to which provision has been made in the preceding sub -sections and, in \r\ntheir application to such a banking company, shall have effect as if— \r\n \r\n(a) in sub-section (3),—  \r\n \r\n(i) for the words and figure “where a scheme of reconstruction or \r\namalgamation of a banking company has been sanctioned by the \r\n4[Federal Government] un der section 47 and ” the word “If” were \r\nsubstituted; and  \r\n \r\n(ii) for the words 4[Federal Government] wherever occurring the words \r\n“State Bank” were substituted; and   \r\n \r\n(b) in sub-section (4),—  \r\n \r\n \r\n(i) the words, figure and comma “Where a scheme of reconstruct ion or \r\namalgamation of a banking company has been sanctioned by the \r\n4[Federal Government] under Section 47,” were omitted; \r\n(ii) for the words and commas “order sanctioning the scheme of \r\nreconstruction or amalgamation, as the case may be, ” the words and \r\nfigure “making of the application by the State Bank under the said \r\nsection 235” were substituted; and  \r\n(iii) for the words 4[Federal Government] twice occurring the words “State \r\nBank” were substituted.]  \r\n \r\n71.  Special provisions for banking companies working under schemes of arrangement \r\nat the commencement of the Ordinance. — Where any compromise or arrangement sanctioned in \r\nrespect of a banking company under section 153 of the 2[Companies Ordinance, 1984 (XLVII of \r\n1Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23 (w.e.f. 13-10-1972), for “Central Government”. \r\n2Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n3Sub-section (5) and (6) added by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 16 (w.e.f. 13-10-1972). \r\n4Subs. by F.A.O. 1975, Art. 2 and Table, for “Central Government” (w.e.f. 28-7-1975).  \r\n \r\n \r\nPage 87 of 109 \r\n \r\n1984)], is being worked at the commencement of this Ordinance, the High Court may, if it so thinks \r\nfit, on the application of such banking company— \r\n \r\n(a) excuse any delay in carrying out any of the provisions of  the compromise or \r\narrangement; or \r\n \r\n(b) allow the banking company to settle the list of its debtors in accordance with \r\nthe provisions of section 63 and in such a case, the provisions of the said \r\nsection shall, as far as may be, apply to the banking company as they apply to \r\na banking company which is being wound up as if the order sanctioning the \r\ncompromise or arrangement were an order for the winding up of the banking \r\ncompany.  \r\n72.  Appeals.— (1) An appeal shall lie from any order or decision of the High Court in a civil \r\nproceeding under this Ordinance when the amount or value of the subject -matter of the claim \r\nexceeds five thousand rupees. \r\n(2)  The High Court may by rules provide for an appeal against any order  made under section \r\n69 and the conditions subject to which any such appeal would lie.  \r\n(3)  Subject to the provisions of sub -section (1) and sub -section (2) and notwithstanding \r\nanything contained in any other law for the time being in force, every order or  decision of the High \r\nCourt shall be final and binding for all purposes as between the banking company on the one hand, \r\nand all persons who are parties thereto and all persons claiming through or under them or any of \r\nthem, on the other hand.  \r\n73. Special   period   of  limitation.— (1) Notwithstanding anything to the contrary  \r\ncontained in the Limitation Act, 1908 (IX of 1908), or in any other law for the time being in force, in \r\ncomputing the period of limitation prescribed for a suit or application by a bank ing company which \r\nis being wound up, the period commencing from the date of the presentation of the petition for the \r\nwinding up of the banking company shall be excluded. \r\n(2)  Notwithstanding anything to the contrary contained in the Limitation Act, 1908 (I X of \r\n1908), or section 235 of the 1[Companies Ordinance, 1984 (XLVII of 1984)], or in any other law for \r\nthe time being in force, there shall be no period of limitation for the recovery of arrears of calls from \r\nany director of a banking company which is bei ng wound up or for the enforcement by the banking \r\ncompany against any of its directors of any claim based on a contract, express or implied; and in \r\nrespect of all other claims by the banking company against its directors, the period of limitation shall \r\nbe twelve years from the date of the accrual of such claims or five years from the date of the first \r\nappointment of the liquidator, whichever is longer. \r\n(3)  The provisions of this section, in so far as they relate to banking companies being wound \r\nup, shall also apply to a banking company in respect of which a petition for the winding up has been \r\npresented before the commencement of this Ordinance. \r\n74.  State Bank to tender advice in winding up proceedings. — where in any proceeding \r\nfor the winding up of a bank ing company in which any person other than the State Bank has been \r\nappointed as the official liquidator and the High Court has directed the official liquidator to obtain \r\nthe advice of the State Bank on any matter (which it is hereby empowered to do), it sh all be lawful \r\nfor the State Bank to examine the record of any such proceeding and tender such advice on the \r\nmatter as it may think fit.  \r\n1Subs. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\n \r\nPage 88 of 109 \r\n \r\n75.  Power to inspect.— (1) The State Bank shall, on being directed so to do by the 1[Federal \r\nGovernment] or by the High Court, cause an inspection to be made one or more of its officers of a \r\nbanking company which is being wound up and its books and accounts.  \r\n \r\n(2)  On such inspection, the State B ank shall submit its report to the 1[Federal Government] \r\nand the High Court.  \r\n \r\n(3)  If the 1[Federal Government ], on consideration of the report of the State Bank, is of \r\nopinion that there has been a substantial irregularity in the winding up proceedings, it may bring such \r\nirregularity to the notice of the High Court for such action as the High Court may think fit.  \r\n \r\n(4)  On receipt of the report of the State Bank under sub -section (2) or on any irregularity \r\nbeing brought to its notice by the 1[Federal Government], under sub-section (3) the High Court may, \r\nif it deems fit, after giving notice to and hearing the 1[Federal Government] in regard to the report, \r\ngive such directions as it may consider necessary.  \r\n76.  Power to call for returns and information. — The State Bank  may, at any time by \r\nnotice in writing, require the liquidator of a banking company to furnish it, within such time as may \r\nbe specified in the notice or  such further time as the State Bank may allow, any statement or \r\ninformation relating to or connected with the winding up of the banking company; and it shall be the \r\nduty of every liquidator to comply with such requirements. \r\nExplanation.— For the purpose of this section and section 75, a  banking company working \r\nunder a compromise or arrangement but prohibited from receiving fresh deposits, shall, as far as may \r\nbe, be deemed to be a banking company which is being wound up. \r\n77.  District Magistrate to assist official liquidator in taking charge of property of \r\nbanking company being wound up .—(1) For the purpose of enabling the official liquidator or the \r\nspecial officer appointed under sub -section (4) of section 45 to take into    his  custody or  under his \r\ncontrol  all  property,  effect and  actionable  claims  to  which  a  banking  company, which has been \r\nordered to be wound up, is or appears to be entitled, the official liquidator or the special officer as the \r\ncase may be, may if he deems it necessary in the interest of speedy liquidation, request in writing the \r\nDistrict Magistrate, within whose ju risdiction any property, books of account or other documents of \r\nsuch banking company may be situated or be found, to take possession thereof, and the District \r\nMagistrate shall, on such request being made to him, take possession of such property, books of \r\naccount or other documents and forward them to the official liquidator or the special officer. \r\n(2)  For the purpose of securing compliance with the provisions of sub -section (1), the \r\nDistrict Magistrate may take or cause to be taken such steps and use or cause to be used such force as \r\nmay, in his opinion, be necessary. \r\n78.  Enforcement of orders and decisions of High Court. — (1) All orders made in any \r\ncivil proceeding by a High Court may be enforced in the same manner in which decrees of such court \r\nmade in any suit pending therein may be enforced. \r\n(2)  Notwithstanding anything to the contrary contained in the Code of Civil Procedure, 1908 \r\n(V of 1908), a liquidator may apply for the execution of a decree by a court, other than the one which \r\nmade it, on product ion of a certificate granted under sub -section (6) of section 63 and on his \r\ncertifying in writing the amount remaining due or relief remaining unenforced under the decree. \r\n (3)  Without prejudice to the provisions of sub-section (1) or sub-section (2), any amount \r\n  \r\n1Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23 (w.e.f. 13-10-1972), for “Central Government”. \r\n \r\nPage 89 of 109 \r\n \r\nfound due to the banking company by an order or decision of the High Court may, with the leave of \r\nthe High Court, be recovered in the same manner as an arrears of land revenue. \r\n79.  Power of High Court to make rules.— The High Court may make rules consistent with \r\nthis Ordinance and the rules made under Section 92 prescribing:  \r\n(a) the manner in which inquiries and proceedings under Part III or Part IV may be held;  \r\n(b) the offences which may be tried summarily;  \r\n(c) the authority to which, and the conditions subject to which, appeals may be preferred \r\nand the manner in which such appeals may be filed and heard; and  \r\n(d) any other mat ter for which provision has to be made for enabling the High Court to \r\neffectively exercise its functions under this Ordinance.  \r\n80. References to directors, etc., shall be construed as including references to past \r\ndirectors, etc.—For the removal of doubts it is hereby  declared that any reference in this Part to a \r\ndirector, manager, liquidator, officer or auditor of a banking company shall be construed as including \r\na reference to any past or present director, manager, liquidator, officer or auditor of the ba nking \r\ncompany.  \r\n81.  Part II not to apply to banking companies being wound up. Nothing contained in Part \r\nII shall apply to a banking company which is being wound up.  \r\n82.  Validation of certain proceedings. Notwithstanding anything contained in section 61 or \r\nany other provision of this Part, no proceeding held, judgement delivered or decree or order made \r\nbefore the commencement of this Ordinance, by any Court other than the High Court in respect of \r\nany matter over which the High Court has jurisdiction unde r this Ordinance shall be invalid or be \r\ndeemed ever to have been invalid merely by reason of the fact that such proceeding, judgement, \r\ndecree or order was held, delivered or made by a court other than the High Court.  \r\n______ \r\n1[PART IVA \r\nBANKING MOHTASIB \r\n82A. Appointment of Mohtasib .—There shall be a Banking  Mohtasib who shall be \r\nappointed by the President in consultation with the Governor of the State Bank of Pakistan. \r\n(2)  The Banking Mohtasib shall be a person of high integrity and unimpeachable banking or  \r\nlegal credentials who is not a share -holder of a banking company or financial institution and is not, \r\nand has not, been a bank defaulter.  \r\n(3)  The jurisdiction of the Banking Mohtasib in relation to banking transactions shall be to—  \r\n(a) enquire into complaints of banking malpractices;  \r\n(b) perverse, arbitrary or discriminatory actions;  \r\n(c) violations of banking laws, rules, regulations or guidelines;  \r\n \r\n1Ins. by Act XIV of 1997, s. 15. \r\n \r\nPage 90 of 109 \r\n \r\n(d) inordinate delays or inefficiency; and  \r\n(e) corruption, nepotism or other forms of maladministration.  \r\n(4)  The Banking Mohtasib shall hold office  for a period of three years and shall not be \r\neligible for any extension of tenure or for re-appointment under any circumstances whatsoever. \r\n  \r\n(5)  The Banking Mohtasib shall not hold any other office of profit in the service of Pakistan \r\nor occupy any other position carrying the right to remuneration for the rendering of services. \r\n82B.  Terms and conditions of the Banking Mohtasib .—(1) The Banking Mohtasib shall \r\nbe entitled to the same salary and allowances as a Judge of a High Court. \r\n(2)  The Banking Mohtasib may be removed from office on the ground that he has been \r\nguilty of misconduct or that he is incapable of properly performing the duties of his office by reason \r\nof physical or mental incapacity. \r\nProvided that he shall have the right to file an appeal before the Federal Services Tribunal. \r\n \r\n(3)  The Banking Mohtasib shall be provided with a secretariat to be appointed in \r\nconsultation with the State Bank. Appointments to the Secretariat may be made on deputation from \r\nthe State Bank of Pakistan or other banks or otherwise on the basis of professional qualifications and \r\nthe costs of the Secretariat shall be shared by banks in such proportions as may be determined by the \r\nState Bank of Pakistan.  \r\n(4)  The Banking Mohtasib shall have the power and responsibility—  \r\n \r\n(a) to entertain complaints from customers, borrowers, banks or from any \r\nconcerned body or organization;  \r\n \r\n(b) to facilitate the amicable resolution of complaints after giving hearings to the \r\ncomplainant and the concerned bank; 1[*] \r\n \r\n1[(c) to receive evidence on affidavit; \r\n \r\n(d) to issue commission for the examination of witnesses; and]  \r\n \r\n1[(e)] in the event that complaints cannot be resolved by consent, to give finding \r\nwhich shall be acted upon in the manner set out herein.  \r\n \r\n   (5)  The Banking Mohtasib shall exercise his powers and authority in the following \r\nmanner:— \r\n \r\n(a) In relation to all banks operating in Pakistan.— The Banking Mohtasib shall \r\nbe authorised to entertain complaints of the nature set out herein below:— \r\n \r\n(i) failure to act in accordance with banking laws and regulations \r\nincluding policy directives or guidelines issued by t he State bank from \r\ntime to time;  \r\n Provided that if there is a dispute as to the proper inter pretation \r\nof any regulations, directions or guidelines, the same shall be referred \r\nto the State Bank for clarification. \r\n \r\n1Omitted, reletterd, and Ins. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\nPage 91 of 109 \r\n \r\n \r\n(ii) delays or fraud in relation to the payment or collection of cheques, \r\ndrafts or other banking instruments or the transfer of funds;  \r\n \r\n(iii) fraudulent or unauthorised withdrawals or debit entries in accounts;  \r\n \r\n(iv) complaints from exporters or importers relating to banking services \r\nand obligations including letter of credits; \r\n \r\n(v) complaints from holders of foreign currency accounts, whether \r\nmaintained by residents or non-residents;  \r\n \r\n(vi) complaints relating to remittances to or from abroad;  \r\n \r\n(vii) complaints relating to mark-up or interest rates based on the ground of \r\na violation of an agreement or of State Bank directives; and  \r\n \r\n(viii) complaints relating to the payment of utility bills.  \r\n \r\n(b) In relation to banks in the public sector. — The Banking Mohtasib shall be \r\nauthorized to entertain complaints against such  banks on the following \r\nadditional grounds as well—  \r\n \r\n (i) corrupt or malafide practices by bank officers;  \r\n \r\n(ii) gross dereliction of duty in dealing with customers; and  \r\n \r\n \r\n(iii) inordinate delays in taking decisions1[; and]  \r\n \r\n \r\n1[(c) The Banking Mohtasib shall not entertain any complaint or application which \r\nhas already been disposed of by the State Bank, or any court in Pakistan.] \r\n 82C.  Reference to Banking Mohtasib by Court .— If at any time during the pendency of a \r\ncase, a court trying a case relating t o recovery of loan by a banking company is of the opinion that \r\nthe management of the banking company has prima facie acted in a malafide manner, or in violation \r\nof banking rules and regulations, it  may make reference to the Banking Mohtasib  for inquiring i nto \r\nthe matter and passing such order in accordance with the provisions hereof as may deem fit: \r\nProvided that the making of a reference shall not prevent the court from deciding the claim \r\nbefore it on merits. \r\n82D. Procedure for making complaints .— (1) A co mplaint shall  be made on solemn \r\naffirmation or oath in writing addressed to the Banking Mohtasib. The complaint shall set out the full \r\nparticulars of the transaction complained of and the name and address of the complainant. \r\n2[(2) Prior to making a complai nt, the complainant shall request the concerned banking \r\ncompany to redress the complainant ’s grievances and if the banking company either fails to respond \r\nor makes a reply which is un -satisfactory to the complainant within a period of thirty days, the \r\ncomplainant may file a complaint at any time thereafter within a further period of thirty days: \r\nProvided that the Banking Mohtasib may, if satisfied that there were grounds for the delay in \r\nfiling the complaint, condone the delay and entertain the complaint.] \r\n(3)  The Banking Mohtasib may adopt any procedure as he considers appropriate for \r\ninvestigating a complaint: \r\n_________________________________________________________________________________ \r\n1Subs., and Added by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\n2Subs. by Act No. XXIX of 2024, s.35. \r\n \r\nPage 92 of 109 \r\n \r\n Provided that he shall not pass any order against a bank without first giving it a notice and an \r\nopportunity of a hearing. \r\n(4)  Subject to section 82C, the Banking Mohtasib shall not have any po wer to issue an order \r\nin the nature of a stay order or to entertain any complaints if the matter is pending before a court or \r\nother legal forum.  \r\n(5)  The Banking Mohtasib may reject a complaint summarily or he may accept the same or \r\npass any other order he deems fit:  \r\nProvided that in each case he shall pass a reasoned order for his decision. \r\n82E. Recommendations for implementation .—(1) In the event  the Banking Mohtasib \r\ncomes to the conclusion that the complaint is justified, in part or in whole, he shall try and facilitate \r\nan amicable resolution or settlement by resort to mediation and failing that communicate his findings \r\nto the concerned bank with the direction— \r\n \r\n(a) to reconsider the matter;  \r\n \r\n(b) to modify or cancel the earlier decision, action or fail ure to take the \r\nappropriate action;  \r\n \r\n(c) to pay reasonable compensation to the complainant as fixed by the Banking \r\nMohtasib;  \r\n \r\n(d) to take the requisite steps to improve the functioning or efficiency of the bank; \r\nand  \r\n \r\n(e) to take such other remedial step s or actions as may be specified by the \r\nBanking Mohtasib.  \r\n \r\n(2)  The Banking Mohtasib may, in any case, he deems fit or proper, forward a report to the \r\nState Bank recommending— \r\n(a) an inquiry, or the taking of the requisite steps or legal proceedings against a  \r\nbank which has acted in violation of banking laws, procedure, regulations or \r\ndirectives of the State Bank; and  \r\n(b) in the case of a bank in the public sector in cases of banking malpractices or \r\ncorruption, nepotism or gross, and flagrant dereliction by bank officers of their \r\nduties and responsibilities, the initiation of such action including a criminal \r\nprosecution or disciplinary proceedings as the State Bank may deem fit, either \r\nby itself, or through filing a report with the Government of Pakistan.  \r\n(3)  In no case whatsoever shall be Banking Mohtasib have the power to direct that loans, \r\nadvances or finances be given to a complainant.  \r\n1[(4)  Any bank, or official of a bank, or a complainant aggrieved by any order passed by the \r\nBanking Mohtasib may, with in thirty days of the order, prefer an app eal to the Governor State Bank \r\nwho shall decide the appeal within sixty days.] \r\n1[(5)  The findings of Banking Mohtasib shall be implemented by the concerned bank or \r\nfinancial institution within forty days and compliance thereof shall be submitted accordingly. In case  \r\n1Sub., and Ins. by by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\n \r\nPage 93 of 109 \r\n \r\nan appeal against the decision of the Banking Mohtasib is preferred to the Governor State Bank the \r\naforesaid period of forty days shall be reckoned from the date of decision of appeal.] \r\n \r\n1[(6)]  Any order passed by the Banking Mohtasib which has not been appealed against \r\n1[within a period of thirty days from the date of order ], or any order passed by the State Bank  in \r\nappeal, as the case may be, shall become final and operative and if not implemented shall render the \r\nbank concerned to such action including the imposition of a fine or penalty as the State bank may \r\ndeem fit, and in relation to a bank officer, to the appropriate disciplinary or other proceedings.  \r\n \r\n1[(7)]  Nothing contained herein shall prevent a complainant from filing a suit against a bank \r\nin the event his complaint is rejected.  \r\n 82F. Power to call for information. — The Banking Mohtasib  shall have th e power \r\nfor purposes of disposing a case, to require a bank to disclose to him any information subje ct to the \r\nfollowing conditions:— \r\n \r\n(a) The Banking Mohtasib shall make every endeavour to ensure that banking \r\nconfidentiality is maintained as required by bankin g law and procedure and \r\nshall take no action which is violative there of.  \r\n \r\n(b) The Banking Mohtasib may call for any or all such documents which are \r\nrelevant or pertinent for purposes of deciding a complaint:  \r\n \r\nProvided that he shall not be entitled to ca ll for unrelated documents or \r\ndocuments which may compromise the bank‘s position in relation to other \r\ncustomers : \r\n \r\nProvided further that in  cases where the Banking Mohtasib is \r\ninvestigating case of corruption, he shall have a greater latitude in relation t o \r\nthe inspection of documents. \r\n \r\n(c) In the event of a bank refusing to furnish information, or copies of relevant \r\ndocuments, the Banking Mohtasib shall not be authorised to compel the bank \r\nto comply with his order but he may draw an adverse inference and c omment \r\non the same in his findings.  \r\n82G. Report of Banking Mohtasib. —(1) The Banking Mohtasib  shall send to the State \r\nBank of Pakistan on or before the 31 st March in every succeeding year a report setting out a review \r\nof the activities of his office during the preceding year. \r\n(2)  The Banking Mohtasib shall also submit a report or reports to the State Bank of Pakistan \r\ncontaining the results of such inquiries as he may be directed to conduct by the State Bank from time \r\nto time.  \r\n(3)  All reports submitted by the Banking Mohtasib shall be published and released to the \r\npublic unless he directs otherwise for reasons to be recorded.]  \r\nPART V \r\nMISCELLANEOUS \r\n83. Penalties. — (1) Whoever in any return balance-sheet or other  document or in any \r\ninformation required or furnished by or under or for the purposes of any provision of this Ordinance, \r\n1Renumberd and Ins. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n \r\n  \r\n \r\nPage 94 of 109 \r\n \r\nwilfully makes a statement which is false in any material particular, knowing it to be  false, or \r\nwilfully omits to make a material statement, shall be punishable with imprisonment for a term which \r\nmay extend to three years and shall also be liable to 1[penalty of an amount as specified in the Fourth \r\nSchedule.] \r\n \r\n2[(1A)  If any person, being the chairman, director, chief executive, by whatever name called, \r\nor official liquidator or an officer of a banking company, mismanages the affairs of the banking \r\ncompany or misuses his position for gaining direct or indirect benefit for himself or any of his family \r\nmembers, he shall be punishable with imprisonment for a term which may extend to three years and \r\nshall also be liable to 1[penalty of an amount as specified in the Fourth Schedule ], and shall be \r\nordered by the court trying the offence, to delive r up or refund within a time to be fixed by the court \r\nany property acquired or gained by him in his own name or in name of his family members by so \r\nmismanaging the affairs of the banking company or misusing his position or, in default, to suffer \r\nimprisonment for a term which may extend to three years.] \r\n \r\n   3[(1AA)  Any executive officer, director or chief executive of a banking company which is \r\neither directly or indirectly owned, controlled or managed by the Federal Government or a Provincial \r\nGovernment wh o extends, or aids in extending, a loan, advance, or any financial facility to a \r\nborrower or customer on the verbal instructions of a holder of a public office without reducing the \r\nterms of the instructions into writing and drawing them to the attention of  his superior officer, or the \r\nboard of directors, shall be guilty of an offence punishable with imprisonment of either description \r\nwhich may extend to one year, or with fine 4[not exceeding the amount of loan, advance or financing \r\nfacility so extended], or with both, in addition to such other action which may be taken against him \r\nin accordance with law; and] \r\n \r\n5[(1B)  If any company which is not a banking company, or a banking company which does \r\nnot hold a licence under section 27 or the licence granted to w hich has been cancelled, or any \r\nindividual or association or body of individuals, transacts the business of banking in Pakistan, the \r\nchief executive, by whatever name called, of the company and every director, manager, and other \r\nofficer of the company, and  the individual and every member of the association or body of \r\nindividuals, shall be deemed to be  guilty of such contravention and shall be punishable with \r\nimprisonment of either description for a term which may extend to seven years and with fine the \r\namount of which shall not be less than twice the amount of deposits received by the company or, as \r\nthe case may be, the individual or the association or body of individuals in transacting the business of \r\nbanking, and shall be ordered by the Court trying the offence to pay the fine within a time to be fixed \r\nby the Court or in default to suffer further imprisonment for a term which may extend to five years.] \r\n6[(1C)  Whoever contravenes, or attempts to contravene, or abets the contravention of, the \r\nprovisions of section 7[27A or section 43A] 7[or obstructs or hinders any person in the exercise of his \r\npowers or discharge of his functions under section 43AA ] or section 43C or sub -section (1) or sub -\r\nsection (3) or sub-section (4) of section 43D or section 43E shall be punishable with imprisonment of \r\neither description for a term which may extend to five years and with 1[penalty of an amount as \r\nspecified in the Fourth Schedule].)] \r\n7[(1D)  If any company, firm or person contravenes the provisions of section 27A, the chie f \r\nexecutive of the company and its directors, every partner of the firm and such person shall be guilty \r\nof an offence punishable with imprisonment of either description for a term which may extend to ten \r\n \r\n1Subs. by Act No. XXIX of 2024, s.36. \r\n2Sub-section (1A) ins. by the Banking Companies (Amdt) Act, 1972(30 of 1972),s.17(w.e.f 13.10.1972). \r\n3Ins. by Banking Company (Admt.) Act, 1997 (Act No XIV of 1997), s.16. \r\n4Ins. by the Finance Act, 2007 (Act No. IV of 2007), s.4 (w.e.f. 01-07-2007). \r\n5New sub-section (1B) Ins. by the Banking Companies (Admt)Ordinance,1979 (6 of 1979),s.4. \r\n6New sub-section(1C)ins by the Banking Companies (Amedt) Ordinance,1979. \r\n7Subs. and Ins. by the Finance Act, 1990 (Act No. VII of 1990), s.4A. \r\n \r\n \r\nPage 95 of 109 \r\n \r\nyears and with fine the amount of which shall not be less than twice the amount of deposits received in \r\ncontravention of the said section and forfeiture of whole or part of the property of such company, firm or \r\nperson and the chief executive of the company and its directors, every partner of the firm and person.] \r\n(2)  If advances are made by a banking company in contravention of the provisions of sub-section \r\n(1) and (2) of section 24, every director or other officer of the banking company who is knowingly a \r\nparty to the contravention shall be pun ishable with imprisonment which may extend to three years and \r\nwith a 1[penalty] 2[which may extend to the amount of loan so extended and with a further 1[penalty of an \r\namount as specified in the Fourth Schedule.] \r\n(3)  If any person fails to produce any boo k, account or other document or to furnish any \r\nstatement or information which under sub-section (4) of section 40 it is his duty to produce or furnish, or \r\nto answer any question relating to the business of a banking company which he is asked by  an officer  \r\nmaking an inspection under that section, he shall be punishable with a 1[penalty of an amount as specified \r\nin the Fourth Schedule].  \r\n(4)  If any deposits are received by a banking company in contravention of an order under 1[sub-\r\nsection (5) of section 26A ], every director or other officer of the banking company unless he proves that \r\nthe contravention took place without his knowledge or that he exercised all due diligence to prevent it, \r\nshall be deemed to be guilty of such contravention and shall be punisha ble with a fine which may extend \r\nto twice the amount of the deposits so received.  \r\n1[(5) if any other provision of this Ordinance is contravened or circumvented, or if any default is \r\nmade in complying with any requirement of this Ordinance or of any order,  rule, regulation, instruction, \r\ncircular, notification, guideline or direction made or condition imposed thereunder, every person who is \r\nknowingly a party to the contravention or default or circumvention shall be punishable with penalty of an \r\namount as specified in the Fourth Schedule.] \r\n1[(5A) where any person recklessly or deliberately engages in any un -safe or un -sound practice, \r\ncircumvention of supervisory instructions or deliberate breach of fiduciary duty causing knowingly a \r\nsubstantial loss to a banking company or a substantial pecuniary gain or other benefit to himself or to any \r\nother person, by reason of regulatory violation or circumvention, deviation from or breach of established \r\nbanking practices, such person shall be liable to penalty of an amount as specified in the Fourth Schedule. \r\n(5B) Any person aggrieved by imposition of a penalty under sub -sections (3), (4), (5) and (5A) \r\nmay, within thirty days from the date of intimation of the penalty, prefer an appeal to such officer of the \r\nState Bank sup erior in rank to the officer by whom the decision appealed against was given as may be \r\nauthorized in this behalf by the Governor State Bank and any order passed by such authorised officer \r\nafter providing an opportunity of being heard shall be final. \r\nExplanation.__ For the purpose of this section, the term ‘knowingly’ shall have the same meaning \r\nas given under section 41D.] \r\n3[(6)  Without prejudice to the provisions of sub -section (5), a banking company which makes \r\ndefault in complying with the requirements of sub-section (1) of section 29 shall, in respect of every day \r\nof default, pay to the State Bank on demand a penalty 1[as determined by the State Bank from time to \r\ntime in accordance with clause (a) and (b) below],— \r\n(a) if no amount is maintained, of the mini mum amount required to be maintained \r\nunder that sub-section, and  \r\n \r\n \r\n1Subs., and ins. by Act No. XXIX of 2024, s.36. \r\n2Sub., by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n3Sub-section(6)added by the Banking Companies(Amdt) Act,1968(15 of 1968), s.2(w.e.f 23.12.1968) \r\n \r\nPage 96 of 109 \r\n \r\n(b) if  any  amount  below  such  minimum  is  maintained,  of  the amount by \r\nwhich the amount maintained falls short of the required minimum1[.] \r\n1[* * * * * * *] \r\n2[(7) Without prejudice to the provisions of sub -section (5), if a banking company fails or refuses \r\nto pay or make whole or part of the amount of deposit or special deposits or penalty referred to \r\nrespectively in 3[* * *] section 13, sub-section (4) of section 25 and sub -section (6), the State Bank may, \r\nwithout not ice to the banking company, debit the amount of default to any account of the defaulting \r\nbanking company held with the State Bank.] \r\n4[(8) Without prejudice to the provisions of sub -section (5) the pecuniary fines prescribed under \r\nthis Ordinance shall be imposed and recovered by State Bank: \r\nProvided that if a banking company fails or refuses to pay the fines or penalties imposed by State \r\nBank under this Ordinance, the State Bank may, without notice to the banking company, debit the \r\namount of default to any account of the banking company held with the State Bank.] \r\n1[(9) The  Central Board of Directors of the State Bank may, alter or add to, the Fourth \r\nSchedule.] \r\n5[83A. Dishonest removal of pledged goods .— Whoever, dishonestly removes or disposes of \r\nany goods pledged with any banking company as security for the payment of any debt, loan, finance or \r\nother similar facility or removes or disposes of any such goods without the prior approval in writing of \r\nthe banking company, shall be punishable with imprisonment for a term which may extend to three years, \r\nand shall also be liable to fine which may extend to the value of the goods removed or disposed of.] \r\n6[84. Cognizance of offences, etc. —7[(1) No court shall take  cognizance of any offence \r\npunishable under sub -sections (1), (1A), 1[(1AA), (1B), (1C), (1D) and (2)]  of section 83 except on a \r\ncomplaint in writing made by an officer of the State Bank generally or specially authorised in writing in \r\nthis behalf by the State Bank and no court other than the High Court shall try any such offence.] \r\n(2)  The High Court shall have , in respect of the trial of an offence referred to in sub -section (1), \r\nall the powers which it has in relation to a trial before it under the Code of Criminal Procedure, 1898 (Act \r\nV of 1898), hereafter  in this section referred to as the Code, and shall follow the procedure provided in \r\nthe Code for such trial except as hereinafter provided, namely:— \r\n(a) the trial shall be without a jury and the provisions of the Code shall have effect as \r\nif all references therein to jury or jurymen and to commitment proceedings and to \r\nany statement or documents made or prepared in the course of such proceedings \r\nhad been omitted;  \r\n(b) section 297 of the Code shall have effect as if it required the High Court, upon the \r\ncase for the  defence and the prosecutor's reply, if any being concluded, to \r\nproceed, with all reasonable speed, to pronounce its judgment; and  \r\n(c) section 352 of the Code shall have effect as if it required the High Court, upon an \r\napplication being submitted to it by the  State Bank stating that it is in the interest \r\nof the banking companies in general or a banking company in particular that any \r\nproceedings are not held in open court, to order that the public generally shall not \r\nhave access to, or be or remain in, the room or building used by the Court.] \r\n \r\n1Subs., omitted and ins. by Act No. XXIX of 2024, ss.36-37. \r\n2Sub-section (7) added by the Banking companies (Amdt) Act, 1972 (30 of 1972), s.17 (w.e.f  13-10-1972). \r\n3Omitted by Ord. 48 of  2000, s.7. \r\n4Added by by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n5Ins by Act XIV of 1997, s.17. \r\n6Subs by the Banking Companies (Amdt) Act, 1972 (30 of 1972), s.18 (w.e.f 13-10-1972). \r\n7Subs by the Finance Act, 1990 (7 of 1990), s.4A, for sub-section(1) \r\n \r\nPage 97 of 109 \r\n \r\n1[85. Application of fines.—A Court imposing any fine under this Ordinance may direct that \r\nthe whole or any part thereof shall be applied in or towards— \r\n \r\n(a) payment of the costs of the proceedings;  \r\n \r\n(b) the rewarding of the person on whose information the fine is recovered; or  \r\n \r\n(c) payment to a banking company of compensation for any loss caused by the \r\noffence.] \r\n  \r\n86. Special provisions for private banking companies. —The exemptions, whether express \r\nor implied, in favour of a private company in sections 17, 77, 83B, 86H, 91B  and 91D, and sub -\r\nsection (5) of Section 144 of the 2[Companies Ordinance, 1984 (XLVII of 19 84)], shall not operate \r\nin favour of a private company which is a banking company.  \r\n \r\n87. Restriction on acceptance of deposits withdrawable by cheques. — No person o ther \r\nthan a banking company, the State Bank, the  National Bank of Pakistan or any other banking \r\ninstitution notified by the 3[Federal Government] in this behalf shall accept from the public deposits \r\nof money withdrawable by cheque: \r\n Provided that nothing c ontained in this Section shall apply to any savings bank \r\nscheme run by the Government. \r\n88. Change of name by a banking company. — Notwithstanding anything contained in \r\nsection 11 of the 2[Companies Ordinance, 1984 (XLVII of 19 84)], the 3[Federal Government] shall \r\nnot signify its approval to the change of name of any banking company unless the State Bank \r\ncertifies in writing that it has no objection to such change. \r\n89. Alteration  of  memorandum  of  a  banking  company .—Notwithstanding anything \r\ncontained in the 2[Companies Ordinance, 19 84 (XL VII of 19 84)], no application for the \r\nconfirmation of the alteration of the memorandum of a banking company shall be maintainable \r\nunless the State Bank certifies that there is no objection to such alteration.  \r\n \r\n90. Certain claims for compensation barred. —No person shall  have any right, whether in \r\ncontract or otherwise, to any compensation for any loss incurred by reason of the operation of any of \r\nthe provisions contained in sections 11, 15, 4[15A, 15B, 15C, 20, 25A, 5[27], 35, 41, 41A, 41B, 41C,] \r\n42, 6[43A, 5[43AA], 43B, 43C, 43D, 43E, 43F ], 47 and 58 or by reason of the compliance by a \r\nbanking company with any order or direction given to it under this Ordinance. \r\n \r\n91. Application of certain provisions to banking company inc orporated by special \r\nenactments of the 3[Federal Legislature].— In the case of a banking company incorporated by a \r\n10[Federal] Act 7[or an Act of Parliament]  and not liable to be wound up under the 2[companies \r\nOrdinance, 1984 (XLVII of 1984) ], the provisions of sections 11, 8[15A, 15C, 16 to 19, 21, 23 to \r\n25B], 28 to 33, 34 [excluding sub-section (3)] , 36, 39, 40, 9[41, 41A, 41B, 41C, 41D ], 42, 45, 46, \r\n83, 84, 85, 90, 92 and 93 shall, without prejudice to the provisions of such 10[Federal] Act apply so \r\nfar as may be, to and in relation to such banking company. \r\n \r\n \r\n1Subs. by the Banking  Companies (Amdt.) Act, 19972 (30 of 1972), s.19, (w.e.f 13-10-1972) for the originl section 85. \r\n2Subs. by Act IV of 2007, s. 4 (xiii) (w.e.f. 1-7-07). \r\n3Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23, for “Central Governmant”. \r\n4Subs. ibid, 20 (w.e.f 13-10-1972), for “20,41”. \r\n5Ins. by the Finance Act, 1990 (7 of 1990), s. 4A. \r\n6Ins. by the Banking Companies (Amdt.) Ordinance, 1979 (56 of 1979), ss. 5 and 6. \r\n7Ins. by F.A.O, 1975, Art  2 & sch. (w.e.f 01-08-1975). \r\n8Subs. by Act 30 of 1972, s.21, for “16 to 19, 21, 23 to 25”. \r\n9Ins. by Act XIV of 1997, s. 18. \r\n10Subs. by P.o. No. 4 of 1975, by S.2. for central. \r\n \r\nPage 98 of 109 \r\n \r\n1[91A.  Application of other laws barred. —The provisions of 2[clauses (dd), (ee) and (gg) \r\nof section 5, section 13, 15A, 15B, 15 C, 21, 24, 25, 25A, 25B, 26A ], 3[27], 35, 41, 41A, 41B, 41C, \r\n42, 4[43A, 3[43AA], 43B, 43C, 43D, 43E, 43F ] and 84 shall have effect not withstanding any thing \r\ncontained in any other provision of this Ordinance except section 91, or in any other law for the time \r\nbeing in force or in any contract, agreement, award, memorandum or articles of association or other \r\ninstrument.] \r\n5[91B.  Removal of difficulties. —If any difficulty arises in giv ing effect to any of the \r\nprovisions of this Ordinance, the Federal Government may make such order as may appear to it to be \r\nnecessary for the purpose of removing the difficulty.] \r\n92.  Power of 6[Federal Government ] to make rules. —(1) The  6[Federal Governme nt] \r\nmay, after consultation with the State Bank, make rules to provide for all matters for which provision \r\nis necessary or expedient for the purpose of giving effect to the provisions of this Ordinance and all \r\nsuch rules shall be published in the Official Gazette. \r\n \r\n(2)  In particular, and without prejudice to the generality of the foregoing power, such rules \r\nmay provide for the details to be included in the returns required by this Ordinance and the manner in \r\nwhich such returns shall be submitted and the fo rm in which the official liquidator may file lists of \r\ndebtors to the Court having jurisdiction under Part III or Part IV and the particulars which such lists \r\nmay contain and any other matter which has to be, or may be prescribed.  \r\n \r\n(3)  All rules made under this section shall be subject to the condition of previous publication, \r\nand the date to be specified under clause (3) of Section 23 of the General Clauses Act, 1897 (X of \r\n1897), shall not be less than six months from the date on which the draft of the pr oposed rules was \r\npublished :  \r\n Provided that in respect of first occasion on which rules are made under this section, \r\nthe provisions of this sub-section shall not apply. \r\n \r\n(4)  The 6[Federal Government] may, by rules made under this section, annul, alter or add to, \r\nall or any of the provisions of the Third Schedule. \r\n93. Power to exempt in certain cases. — The 6[Federal Government ] may, on the \r\nrecommendation of the State Bank, declare, 7[by notification] in the official Gazette, that any or all \r\nof the provisio ns of this Ordinance shall not apply to any banking company or to any class of \r\nbanking companies either generally or for such period as may be specified. \r\n   8[93A.  Exemption of Officers,  etc., from liability.— A banking company and its officers \r\nand employees shall be exempted from criminal or civil liability of every description provided for in \r\nany law in respect of any property, movable or immovable, owned by the banking company, \r\nexclusively or jointly with another person or persons so long as the propert y remains in the custody, \r\npower and cont rol of such person or persons on  account of licence, lease, hi re-purchase, forward \r\nsale, rent-sharing agreement or in any other arrangement within the purview of clauses (ee) and (gg) \r\nor section 5. \r\n      93B.  Exemption from requirement of licence . Any requirement of a licence or permit to \r\nimport or expert any commodity or article or its purchase or sale shall not apply to a banking \r\ncompany undertaking such transaction in the normal course of its banking business. \r\n \r\n1S.91A Ins by the Banking Companies (amdt) Act,1972(30 of 1972), s.22. \r\n2Subs by the Banking Companies(third Amdt) Ordinacne,1980 (58 of 1980), s.12. \r\n3Ins by the Finance Act,1990(7 of 1990), s.4A. \r\n4Ins by the Banking Companies (admt)Ordinacen, 1979 (56 of 1979), ss.  And 6. \r\n5New section 91B ins. by Ord 58 of 1980, s.13. \r\n6Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972). S. 23 (w.e.f 13-10-1972), for “Central Governement”. \r\n7For such notifin. Sec Gaz. Of P., 1965, Ext., P.754. \r\n8New sections 93A, 93B, 93C, and 93D ins. by the Banking and Financial services (Amendement of Laws) Ordinance, 1984 (57 of 1984), s.2 and sch. \r\n \r\nPage 99 of 109 \r\n \r\nExplanation.— In this section, a transaction undertaken by a banking  company shall be \r\ndeemed to be in the normal course of its bankin g business, only if it is based on an agreement for \r\nsale or purchase, lease, or hire -purchase of the said commodity or article by the banking company \r\nwith its customer to whom finance is provided by it and who is in possession of a valid licence or has \r\notherwise complied with the requirements of law governing the import or export or sale or purchase \r\nof such commodity or article.  \r\n93C.  Exchange of information. — (1) Banking companies may  exchange on confidential \r\nbasis amongst themselves, either directly or t hrough 1[any other person providing credit information \r\nservices], information about their respective clients. \r\n(2)  No suit or other legal proceeding shall lie against the 1[any credit information provider] \r\nor any banking company or any officer of the Pakistan 1[such credit information provider] or banking \r\ncompany for anything which is in good faith done in pursuance of this section or for any damage \r\ncaused or likely to be caused by anything done or intended to be done as aforesaid. \r\n2[93CA. Co-operation with other authorities.__ (1) Notwithstanding anything contained in \r\nany other law for the time being in force, the State Bank may enter into any agreement or \r\nmemorandum of understanding or any reciprocal arrangement with other central banks, domestic or \r\nforeign regulatory, supervisory or Resolution authority for the purpose of sharing and obtaining \r\npublic or non- public confidential information or cooperating and coordinating actions relevant to the \r\nsupervisory and Resolution objectives as provided in this Ordi nance, subject to such measures that \r\nthe State Bank may consider appropriate to protect the confidentiality of any non-public information: \r\nProvided that any agreement or memorandum of understanding or any reciprocal \r\narrangement, with any foreign regulatory , supervisory or Resolution authority shall be carried out \r\nsubject to the prior approval of the Federal Government. \r\n(2) Subject to sub-section (1) the State Bank may, upon a request from the foreign Resolution \r\nauthority, make an order that the effects of a  Resolution measure taken by a foreign Resolution \r\nauthority be fully or partially applicable to the banking company concerned: \r\nProvided that, no such order shall be made, unless the State Bank is satisfied that__ \r\n(i)  in terms of its objective and anticipa ted results, the foreign measure is \r\ncomparable to the exercise of Resolution powers under this Ordinance; \r\n(ii)  the relevant foreign authority ’s laws allow for the recognition of State Bank \r\nResolution actions, if requested; and \r\n(iii)  recognizing a foreign  measure would contribute to the achievement of \r\nResolution objectives under this Ordinance, or creditors of the bank or branch \r\nin Pakistan would be treated equitably under the foreign Resolution \r\nproceedings, or such recognition would have no fiscal implica tions in \r\nPakistan, or not contravene the public policy of Pakistan.] \r\n93D.  Continuance of charge and priority.— Where a charge over any property has been or \r\nis created by any person in favour of a banking company to secure any interest -based facility \r\nextended by the banking company to such person and such facility is at any time converted into or \r\nsubstituted by any facility not based on interest, such charge shall continue to remain valid and shall \r\nmaintain its priority in favour of the banking company against all charges created by such person in  \r\n1Sub. by Finance Act, 2007 (Act No. IV of 2007), s.4, (w.e.f. 01-07-2007). \r\n2Ins. by Act No. XXIX of 2024, s.38. \r\n \r\nPage 100 of 109 \r\n \r\nfavour of any other person subsequent to the original date of registration of such charge. \r\nExplanation:— For the purposes of section 93A, 93B, 93C and 93D,  “banking company” \r\nshall have the same meaning as in the Banking Tribunals Ordinance, 1984.] \r\n1[94. Protection of action taken in good faith and indemnity .__ (1) No suit, prosecution or \r\nother legal proceedings including for damages shall lie against the Federal Government, a Provincial \r\nGovernment, any officer of such Government, the State Bank , Board of Directors or a member \r\nthereof, Governor. Deputy Governors, member of any Board committee and officers and employees \r\nof the State Bank, for any act of commission or omission done in exercise or performance of any \r\nfunctions, power or duty conferred or imposed by or under this Ordinance upon such persons or any \r\nrules and regulations made thereunder , unless such act of commission or omission is proven beyond \r\nreasonable doubt to have been done in bad faith and with mala-fide intent. \r\n(2) The Governor, Deputy Governors, Directors, members of any Board committee, officers \r\nand employees of the State Bank shall not b e liable in their personal capacity for any act of \r\ncommission or omission undertaken in their official capacity in good faith. In case of any such \r\nproceedings as mentioned in sub-section (1), they shall be indemnified by the State Bank which shall \r\nbear all the expenses thereof, unless an act or omission has been subsequently determined to have \r\nbeen undertaken in bad faith and with mala-fide intent.] \r\n95.  Repeals.—(1) Omitted by the Federal Laws (Revisions and Declaration ) ordinance, \r\n1981 (XXVII of 1981), s. 3 and Sch., II.___________ \r\n[THE FIRST SCHEDULE]  Omitted by the Federal Laws (Revisions and Declaration ) \r\nordinance, 1981 (XXVII of 1981), s. 3 and Sch., II. \r\n \r\n___________ \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n1Subs. by Act No. XXIX of 2024, s.39. \r\n \r\nPage 101 of 109 \r\n \r\nTHE SECOND SCHEDULE \r\n(See section 34) \r\nFORM A \r\n \r\nForm of Balance-Sheet \r\n                         Capital and Liabilities Property and Assets  \r\n  Rs.        Ps.  Rs.       Ps.   Rs.      Ps.   Rs.       Ps. \r\n1. \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n   \r\n2. \r\nCAPITAL : (a) \r\nAuthorised Capital…………share of \r\nRs……...each……………………….. \r\n \r\nIssued Capital …………. share of  \r\nRs……………………………each \r\n \r\n \r\nSubscribed Capital………………share of \r\nRs………………….. each ………………. \r\nAmount called up at Rs………… per share \r\n……………………………………………. \r\n \r\nLess calls un-paid       ..   ..    ..     .. \r\nAdd forfeited shares     ..    ..     .. \r\n \r\n  RESERVE FUND AND OTHER RESERVES        \r\n \r\n \r\n \r\n \r\n \r\n—— \r\n \r\n—— \r\n \r\n \r\n—— \r\n \r\n \r\n—— \r\n—— \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n1. \r\n \r\n \r\n2. \r\n \r\n \r\n \r\n \r\n3. \r\n4. \r\n \r\nCASH : \r\nIn hand with State Bank and National  Bank of \r\nPakistan (including foreign currency notes) \r\nBALANCES WITH OTHER BANKS \r\n(showing whether on deposit or current \r\naccount): \r\n(i)     In Pakistan            ..   ..   ..   .. \r\n(ii)    Outside Pakistan   ..    ..  ..   ..  \r\nMONEY AT CALL AND SHORT NOTICE \r\nINVESTMENTS (stating mode of valuation,  \r\ne.g., cost or market value) : (d) \r\n(i) Securties of the 1[Federal] and Provincial \r\nGovernments and other Trustee S ecurities, \r\nincluding Treasury Bills of the 1[Federal] and \r\nProvincial Governments. \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n—— \r\n \r\n \r\n \r\n \r\n—— \r\n \r\n \r\n \r\n \r\n—— \r\n—— \r\n \r\n \r\n1Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23, for “Central” \r\n \r\n \r\nPage 102 of 109 \r\n \r\n \r\n1Subs. by the Banking Companies (Amdt.) Act, 1972 (30 of 1972), s. 23, for “Central”  \r\n3. DEPOSITS AND OTHER ACCOUNTS : \r\nFixed Deposits........ \r\n ——  (ii) Shares (classifying into preference,  ordinary, \r\ndeferred and other classes of shares and showing \r\nseparately share fully paid-up and partly paid-up) \r\n(iii) Debentures or Bonds  ..  ..  ..  .. \r\n(iv) Other investments (to be classified under \r\nproper heads)    ..  ..  ..  .. \r\n(v) Gold  ..  ..  ..  .. \r\n  \r\n \r\n \r\n—— \r\n \r\n \r\n \r\n—— \r\n \r\n Savings Bank Deposits...... \r\nCurrent Accounts, Contingency Accounts, \r\n etc. .. .. .. .. .. \r\n \r\n—— \r\n \r\n—— \r\n \r\n4. BORROWINGS FROM OTHER BANKING \r\nCOMPANIES,AGENTS ETC: \r\n \r\n(i)     In Pakistan    .. .. .. .. \r\n(ii)   Outside Pakistan .. .. .. \r\n        Particulars : \r\n(i)    Secured (stating the nature of securities) \r\n (ii)   Unsecured  ..  ..  ..  .. \r\n—— \r\n—— \r\n \r\n—— \r\n \r\n5 \r\n \r\n(I) \r\nADVANCES : (Other than bad and doubtfull \r\ndebts for which provisio n has been made to the \r\nsatisfaction of the auditors) \r\nLoans, Cash Credits, Overdrafts, etc. \r\n(i)    In Pakistan  ..  ..  .. .. \r\n (ii)   Outside Pakistan  .. .. .. .. \r\n  \r\n5. BILLS PAYABLE .. .. ..  —— \r\n \r\n (II) Bills Discounted and purchased:  \r\n(excluding Treasury Bills of the \r\n1[Federal] and Provincial Governments) : \r\n  \r\n6. BILLS FOR COLLECTION BEING BILLS \r\nRECEIVABLE AS PER CONTRA: \r\n(i) Payable in Pakistan .. .. \r\n(ii) Payable outside Pakistan .. .. \r\n—— \r\n \r\n—— \r\n \r\n (i)     Payable in Pakistan . . . . \r\n(ii)    Payable outside Pakistan .. .. \r\n \r\n  \r\n \r\nPage 103 of 109 \r\n \r\n \r\n7. \r\n \r\nOTHER LIABILITIES : (b) \r\n  \r\n—— \r\n \r\n  \r\nParticulars of ADVANCES : \r\n(i)    Debts considered good in respect of whi ch \r\nthe banking company is fully secured.. .. .. \r\n  \r\n8. ACCEPTANCES, ENDORSEMENTS AND \r\nOTHER OBLIGATIONS PER CONTRA: \r\n—— \r\n \r\n—— \r\n \r\n (ii)  Debts considered good for which the banking    \r\ncompany holds no other security than the \r\ndebtors' personal security. \r\n  \r\n9. PROFIT AND LOSS: \r\nProfit as per last balance sheet.. .. .. \r\nLess appropriations.. .. .. .. .. \r\nAdd profit for the year brought from the Profit \r\n& Loss Account .. ... .. .. \r\n \r\n \r\n \r\n—— \r\n \r\n \r\n \r\n—— \r\n (iii)Debts considered good secured by the     \r\npersonal liabilities of one or more parties in \r\naddition to the personal securi ty of the \r\ndebtors.. .. .. \r\n(iv)Debts considered doubtful or bad, not \r\nprovided for .. .. .. .. . . \r\n  \r\n10. CONTINGENT LIABILITIES : (c)  (v) Debts due by directors or officers of the \r\nbanking company or any of them  either \r\nseverally or jointly with any other persons.. .. \r\n(vi)  Debts due by companies or firms in  which \r\nthe directors of the banking company are \r\ninterested as directors,  partners or ma naging \r\nagents or in the case of private com panies, as \r\nmembers. \r\n(vii)Maximum total amount of advances, \r\nincluding tempor ary advances made at any \r\ntime during the year to directors or managers \r\nor officers of the banking co mpany or any of \r\nthem either severally or jointly with any other \r\npersons :(e) \r\n(viii)Maximum total amount of advances, \r\nincluding temporary advances granted du ring \r\nthe year to the companies or firms in, which \r\nthe directors of the banking company are \r\ninterested as directors, partners or managing \r\nagents or, in the case of private companies, as \r\nmembers : (e) \r\n \r\n \r\n  \r\n \r\nPage 104 of 109 \r\n \r\n(ix)   Due from banking companies .. \r\n  6. BILLS RECE IVABLE BEING BILLS FOR \r\nCOLLECTION AS PER CONTRA: \r\n(I)   Payable in Pakistan .. .. ..  \r\n (ii)   Payable outside Pakistan .. .. .. \r\n \r\n \r\n \r\n—— \r\n \r\n \r\n \r\n—— \r\n  7. CONSTITUENTS' LIABILITIES FOR \r\nACCEPTANCES, ENDORSEMENTS AND \r\nOTHER OBLIGATIONS PER CONTRA: \r\n —— \r\n  8. PREMISES LESS DEPRECIATION : (f)  —— \r\n  9. FURNITURE AND FIXTURES LESS \r\nDEPRECIATION : (f) \r\n —— \r\n  10. OTHER ASSETS, INCLUDING SILVER (to be \r\nspecified) : (g) .. .. .. . .. .. .. .. .. .. . .. .. .. .. ….. \r\n —— \r\n  11. \r\n \r\nNONBANKING ASSETS ACQUIRED IN \r\nSATISFACTION OF CLAIMS  (stating mode \r\nof valuation) : (h) .. .. .. .. .. .. . .. .. .. .. .. .. . ..  \r\n —— \r\n \r\n  12. PROFIT AND LOSS  .. .. .. . .. .. .. .. .. .. . .. .. .. .. ..    \r\n \r\n                                                                                         Total ..      \r\n  \r\n_____ \r\n_____ \r\n  \r\n \r\nTotal ..   \r\n \r\n_____ \r\n_____ \r\n \r\n \r\n \r\n \r\n \r\nPage 105 of 109 \r\n \r\nNOTES \r\n \r\n(a) capital.—(i) the various classes of capital, if any, should be distinguished. \r\n \r\n(ii) Shares issued as fully paid -up pursuant to any contract without payments being received \r\nin cash should be stated separately. \r\n \r\n(iii) Where circumstances permit, issued and subscribed capital and amount called up may be \r\nshown, as one item, e.g., Issued and Subscribed Capital  ……………………………....….. Shares of \r\nRs. ……………..……………… paid-up. \r\n \r\n(iv) In the case of banking companies incorporated outside Pakistan the amount  of deposit \r\nkept with the State Bank of Pakistan under subsection (3) of sec tion 13 of the Banking Companies \r\nOrdinance, 1962, should be shown under this head; the amount, however, should not be extended to \r\nthe outer column. \r\n \r\n(b) Under this heading may be included such items as the following: pension  or insurance \r\nfunds, unclaimed dividends, advance payments and unexpired dis counts, liabilities to subsidiary \r\ncompanies and any other liabilities. \r\n \r\n(c) These should be classified under the following categories :— \r\n \r\n(i)  Claims against the banking company not acknowledged as debts. \r\n \r\n(ii)  Money for which the banking company is contingently liable showing \r\nseparately the amount of any guarantee given by th e bank ing company on \r\nbehalf of directors or officers. \r\n \r\n(iii)  Arrears of cumulative preference dividends. \r\n \r\n(iv) Liability on Bills of Exchange rediscounted. \r\n \r\n(v)  Liability on account of outstanding Forward Exchange Contracts. \r\n \r\n(d) Where the value of the investmen ts shown in the outer column  of the balance sheet is \r\nhigher than the market value, the market value shall be shown separate ly in brackets. \r\n \r\n(e) Maximum total outstanding balance in all such accounts as a unit on any day during the \r\nyear should be given under this heading. \r\n \r\n(f) Premises wholly or partially occupied by the banking compa ny for the purposes of \r\nbusiness should be shown against \"Premises less depreciation\". In the case of fixed capital \r\nexpenditure, the original cost, and additions thereto and deductions therefrom during the year should \r\nbe stated, as also the total depreciation written off. Where sums have been written off on a reduction \r\nof capital or revaluation of assets, every balance sheet after the first balance sheet subsequent to the  \r\nreduction or revaluation should show the reduced figures with t he date and amount of the reduc tion \r\nmade. Furniture, fixtures and other assets which have been completely written off need not be shown \r\nin the balance sheet. \r\n \r\n \r\n \r\n \r\nPage 106 of 109 \r\n \r\n(g) Under this heading may be included such items as the follo wing, which must be shown \r\nunder headings suitably described ; preliminary, formation and organ isation expenses, development \r\nexpenditure, commission and brokerage on shares, interest accrued on investments but not collected, \r\ninvestments in shares of subsidiary companies and any other assets. \r\n \r\n(h) Value shown shall not exceed the market value and in cases where the market value is not \r\nascertainable, the estimated realisable value. \r\n \r\nGeneral Instructions.—The corresponding figures (to the nearest rupee, if so desired) for the \r\nyear, immediately preceding the year to which the profit and loss account relates should be shown \r\nin separate columns. \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\nPage 107 of 109 \r\n \r\nFORM B \r\nFORM OF PROFIT AND LOSS ACCOUNT \r\n                 Profit and Loss Account for the year ended     December, \r\n \r\n \r\n* Net loss on sale or revaluation of investments, gold and silver, land premises and other assets, if any, may be deducted from income. \r\n* 'Return' means income from, or as case may be, paid on, noninterest bearing accounts. \r\n1Subs. by the Notifin. No. BCD. 2/81, dt. 13-12-1981,for \"1. Interest paid on deposits, borrowings etc.”, See Gaz. of P.. Ext., Pt.I11, dt. 19-12-1981, P.446. \r\n2Subs. ibid., for “1. Interest and Discount”. \r\nExpenditure \r\nINCOME* (LESS PROVISIONS MADE DURING THE YEAR FOR BAD & DOUBTFUL \r\nDEBTS AND OTHER USUAL OR NECESSARY PROVISIONS) \r\n \r\n1[1.  \r\nInterest on deposits, borrowing etc. and or \r\n*Return]. \r\nRs.              Ps.  \r\n2[1. \r\n \r\nInterest and Discount and or Return *] ..       ..   ..    ..   .. \r\nRs.                  Ps. \r\n2. Salaries and Allowances and provident \r\nFund (showing separately salaries and \r\nallowances to managing director, manager \r\nor chief executive officer)   ..    ..     ..    .. \r\n 2. Commission, Exchange and Brokerage ..       ..   ..    ..     ..  \r\n3. Directors' and Local Committee Members' fees and  \r\nallowances    ..         ..          ..        ..          .. \r\n 3. Rents       ..        ..          ..         ..        ..       ..       ..         ..        ..  \r\n4. Rent, Taxes, Insurance, Lighting, etc.  ..  ..  .. ..  4. Net profit on sale of investments, gold and silver, land, \r\npremises and other asset s (not credited to Reserves or any \r\nparticular Fund or Account) . . \r\n \r\n5. Law Charges   ..    ..   ..   ..   ..   ..     ..   ..    ..   ..  5. Net profit on revaluation of investments, gold and silver, land, \r\npremises and other assets (not credited to Reserves or any \r\nparticular Fund or Account)   ..      ..        ..       ..        ..       ..       \r\n \r\n6. Postage, Telegrams and Stamps  ..  ..  ..  ..   ..    ..  6. Income from nonbanking assets, and profit from sale of or \r\ndealing with such assets .. .. \r\n \r\n7. Auditors' Fees        ..      ..       ..         ..          ..       ..   7. Other receipts              ..      ..        ..       ..        ..       ..       ..     ..  \r\n8. Depreciation on and repairs to the banking company’s  \r\nProperty      ..      ..       ..      ..      ..      ..      ..       ..       ..       \r\n   \r\n 8. Loss (if any)         ..      ..        ..       ..        ..       ..       ..       ..   ..  \r\n9. Stationery, Printing, Advertisement, etc,  ..   ..    ..  .. \r\n \r\n    \r\n10. Loss from sale of or dealing with nonbanking assets  .. .. ..     \r\n11. Other Expenditure  ..     ..      ..      ..      ..     ..       ..       ..         \r\n12 Balance of Profit      ..      ..        ..       ..        ..       ..       ..     \r\n \r\nTotal . . \r\n______ \r\n______ \r\n \r\nTotal . . \r\n______ \r\n______ \r\n \r\nPage 108 of 109 \r\n \r\nTHE THIRD SCHEDULE \r\n[See section 63(2)] \r\n \r\nList of Debtors \r\n \r\n1. The official liquidator shall, from time to time, submit lists of debtors to the High Court, \r\neach list being verified by an affi davit. \r\n \r\n2. Every such list shall contain the following particulars :— \r\n \r\n(a) names and addresses of the debtors ; \r\n \r\n(b) amount of debt due to the banking company by each debtor; \r\n \r\n(c) rate of interest, if any, and the date up to which such interest has been \r\ncalculated in the case    of each debtor; \r\n \r\n(d) description of papers, writings and documents, if any, relating to each debt; \r\n \r\n(e) relief or relief's claimed against each debtor. \r\n \r\n3.—(a) In every such list, the o fficial liquidator shall disti guish between the debts for which \r\nthe banking company holds any security other than a personal security and the  debts for which no \r\nsecurity or only a personal security is given ; \r\n \r\n(b) In the case of secured debts, particulars of the securities claimed by the banking company, \r\nand whenever possible their esti mated value, and the names and addresse s of person or persons , if \r\nany, having an interest in the securities or the right of redemption therein ; \r\n \r\n(c) In case the debt is guaranteed by any person or persons, the name and address of the \r\nguarantor or guarantors with particulars as to the extent to which the debt i s gua ranteed and \r\ndescription of documents, papers or writings, in support of such guarantee. \r\n \r\n4. If the debtor is adjudged insolvent either before or after he has been included in any such \r\nlist, but before such list is settled, the name and address of the assig nee or the receiver of his estate, \r\nas the case may be, should be stated in, or added to the list. \r\n \r\n5. If the original debtor dies either before or after he has been included in any such list, but \r\nbefore such list is settled, there shall be substituted in h is place the names and addresses of legal \r\nrepresentatives as far as the official liquidator is able to ascertain. \r\n \r\n____________ \r\n \r\n \r\nPage 109 of 109 \r\n \r\n1THE FOURTH SCHEDULE \r\nTHE BANKING COMPANIES ORDINANCE, 1962 \r\n[See Section 25(3),831 \r\n \r\nSection Limit of Penalty Per day during which the default \r\ncontinues \r\n25(3) Upto Rs. 200,000/- Upto Rs. 10,000 \r\n83(1) Upto Rs. 5,000,000/- - \r\n83(1A) Upto Rs. 100,000,000/- - \r\n83(1C) Upto Rs. 50,000,000/- Upto Rs. 100,000 \r\n83(2) - Upto Rs. 1,000,000 \r\n83(3) Upto Rs. 2,000,000/- Upto Rs. 100,000 \r\n83(5) Upto Rs. 2,000,000/- Upto Rs. 1,00,000 \r\n83(5A) For individual Upto  \r\nRs. 20,000,000/- \r\nUpto Rs. 1,000,000 \r\n \r\n \r\n \r\nFor financial institution Upto Rs. \r\n20,000,000/- or Upto 0.5% of \r\ntotal assets of such institution \r\nwhichever is higher \r\nUpto Rs. 1,000,000] \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n________ \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n10851491          RGN Date: 12-05-2026 \r\n1Added by Act No. XXIX of 2024, s.40.",
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