{ "schema_version": "qanun-law-text/1", "id": "punjab-code-cc2de27d39efb860", "title": "BANK OF PUNJAB ACT, 1989", "source_collection": "Punjab", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/BjNTYAM2Ajc-", "version": null, "source_snapshot": "2026-08-06T16:18:49Z", "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "0e5b6f5c046fbe5a9cad1424cb3edf70dd41e6e5c27323e70d2962c579ec0eeb", "source_sha256": "0e5b6f5c046fbe5a9cad1424cb3edf70dd41e6e5c27323e70d2962c579ec0eeb", "text_version_id": "law:punjab-code-cc2de27d39efb860:sha256:0e5b6f5c046fbe5a9cad1424cb3edf70dd41e6e5c27323e70d2962c579ec0eeb", "quality_flags": [], "encoding": "UTF-8", "text": "THE BANK OF PUNJAB ACT, 1989 \r\n(XII of 1989) \r\nCONTENTS \r\n1. Short title, extent and commencement \r\n1-A. Act to override other laws \r\n2. Definitions \r\n3. Establishment and incorporation of the Bank \r\n4. Share capital \r\n5. Register of Shareholders \r\n6. Qualifications of shareholder \r\n7. Government to be shareholder \r\n8. Head Office of the Bank \r\n9. Board \r\n10. Constitution of the Board \r\n11. President \r\n12. Qualifications and disqualifications of Directors \r\n13. Removal of Directors \r\n14. Terms of office of Directors \r\n15. Vacancies \r\n16. General and Special Meetings \r\n17. Votes of shareholders \r\n18. Business which the Bank is authorised to transact \r\n19. Business which the Bank is not authorised to transact \r\n20. Exceptions \r\n21. Auditors \r\n22. Government Auditors \r\n23. Rights and Duties of Auditors \r\n24. Liquidation of the Bank \r\n25. Power of the Board to make bye-laws \r\n26. Immunity \r\nTEXT \r\n1\r\nTHE BANK OF PUNJAB ACT, 1989 \r\n(XII of 1989) \r\n[30th July, 1989] \r\nAn \r\nAct \r\nto constitute the Bank of Punjab \r\nPreamble.– WHEREAS it is expedient to provide for the establishment of a Bank for \r\nproviding banking facilities in the Punjab; \r\nIt is hereby enacted as follows:– \r\n1. Short title, extent and commencement. – (1) This Act may be called the \r\nBank of Punjab Act, 1989. \r\n(2) It extends to the whole of the Punjab. \r\n(3) It shall come into force at once. \r\n2\r\n[1-A. Act to override other laws .– This Act shall have effect notwithstanding \r\nanything contained in any other law for the time being in force.] \r\n2. Definitions.– In this Act, unless there is anything repugnant in the subject or \r\ncontext,– \r\n(a) “the Bank” means the Bank of Punjab constituted by the Act; \r\n(b) “the Board” means the Board of Directors of the Bank; \r\n(c) “Director” means a Director for the time being of the Board; \r\n(d) “dividend” includes bonus; \r\n(e) “goods” includes bullion, wares and merchandise; \r\n(f) “general meeting” means the annual meeting of the shareholders of the \r\nBank; \r\n(g) “Government” means Government of the Punjab; \r\n(h) “meeting” includes an adjourned holding of the meeting; \r\n(i) “prescribed” means prescribed by bye-laws made under this Act; \r\n(j) “\r\n3\r\n[President]” means the \r\n4\r\n[President] of the Bank; \r\n \r\n1This Act was passed by the Punjab Assembly on 3rd July, 1989; assented to by the Governor of the Punjab on 26th July, \r\n1989; and, was published in the Punjab Gazette (Extraordinary), dated 30th July, 1989, Pages 41-A to 41-L. \r\n2Added by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab Gazette (Extraordinary), dated: 2 \r\nApril 1991, pp. 849-851, s. 2. \r\n3Substituted for the words “Managing Director” by the Bank of Punjab (Amendment) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 2. \r\n4Substituted for the words “Managing Director” by the Bank of Punjab (Amendmen t) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 2. \r\n(k) “special meeting” means a meeting of the shareholders of the Bank \r\nconvened for transacting some particular business specified in the \r\nnotice convening the meeting; \r\n(l) “special resolution” mea ns a resolution passed at a special meeting; \r\nand \r\n5\r\n[(m) * * * * * * * * * * * ] \r\n3. Establishment and incorporation of the Bank. – (1) As soon as may be \r\nafter the commencement of this Act, there shall be constituted in accordance with \r\nthe provisions of this Act a bank to be called the Bank of Punjab to carry on the \r\nbusiness of banking. \r\n(2) The Bank shall be a body corporate having perpetual succession and a \r\ncommon seal and shall by the said name sue and be sued. \r\n4. Share capital. – \r\n6\r\n[(1) Subject to the provi sions of this Act, the authorized \r\ncapital of the Bank shall be fifty thousand million rupees divided into five thousand \r\nmillion ordinary or preference shares of ten rupees each.] \r\n7\r\n[(2) Out of the authorized capital of the Bank, shares shall, from time to \r\ntime, be divided into such number of ordinary and preference shares and, be issued \r\nin such number and own such terms, including the terms of the brokerage and \r\nunderwriting, as the Board may decide.] \r\n(3) The liability of the shareholders of the Bank shall be limited to the \r\namount not fully paid up on their shares. \r\n(4) The shareholders of the Bank may, subject to the sanction of the \r\nGovernment, by special resolution, increase or reduce the capital of the Bank. \r\n(5) The shares of the Bank shall be movable property and each share shall \r\nbe distinguished by its appropriate number. \r\n5. Register of Shareholders. – The Bank shall maintain at its Head Office \r\nestablished under section 8 a register, to be called the Register of the Shareholders \r\nof the Bank, and shall enter therein such particulars as may be prescribed. \r\n6. Qualifications of shareholder. – (1) No person shall be qualified to be \r\nregistered as shareholder who by reason of anything contained in any law for the \r\ntime being in force is not competent to enter into any contract. \r\n(2) A person who subsequent to his registration, is discovered to have \r\nbeen not qualified as aforesaid at the time of registration shall not be entitled to \r\nexercise any of the rights of a shareholder otherwise than for the purpose of the sal e \r\nof his shares under the orders of a competent Court. \r\n \r\n5Omitted by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991), published in the Punjab Gazette (Extraordinary), dated: 2 \r\nApril 1991, pp. 849-851, s. 3. \r\n6Substituted by the Punjab Finance Act 2010 (VI of 2010), published in the Punjab Gazette (Extraordinary), dated : 28 June \r\n2010, pp. 3145-3150, s.4: it came into force w.e.f. 1 July 2010. \r\n7Substituted by the Punjab Finance Act 2010 (VI of 2010), published in the Punjab Gazette (Extraordinary), dated : 28 June \r\n2010, pp. 3145-3150, s.4: it came into force w.e.f. 1 July 2010. \r\n8\r\n[7. Government to be share -holder.– Notwithstanding anything contained in \r\nsection 6, the Government shall be the share -holder of the Bank and may hold upto \r\neighty percent of the shares issued by the Bank.] \r\n8. Head Office of the Bank.– The Head Office of the Bank shall be at Lahore. \r\n9. Board.– The general superintendence and direction of the affairs and \r\nbusiness of the Bank shall be entrusted to a Board which may exercise all powers \r\nand do all such ac ts and things as may be exercised or done by the Bank and are \r\nnot by this Act expressly directed or required to be done by the Bank in general \r\nmeeting. \r\n10. Constitution of the Board. – (1) The Board shall consist of the following \r\nDirectors, namely:– \r\n(a) the \r\n9\r\n[President] appointed by the Government under section 11; \r\n(b) four Directors elected in special meeting by the shareholders for a term \r\nof three years; and \r\n(c) six Directors appointed by the Government: \r\nProvided that a Director under clause (b), shall not be eligible to seek \r\nelection after a second consecutive term without a break of one term. \r\n10\r\n[(2) The Chairman of the Board shall be nominated by \r\n11\r\n[Government] from \r\namongst official Directors. \r\n(3) The Chairman shall preside over the meetings of the Board an d shall \r\nhave a casting vote, but he shall not exercise any executive authority or powers.] \r\n11. \r\n12\r\n[President].– (1) The \r\n13\r\n[President] shall be appointed by the Government for \r\na period \r\n14\r\n[of] five years and on such salary and terms and conditions of service as \r\nthe Government may determine: \r\nProvided that neither the salary nor the terms and conditions of service shall \r\nbe varied to his disadvantage during his tenure of office: \r\n \r\n8Substituted by the Bank of Punjab (Amendment) Act 2012 (XXXII of 2012) , published in the Punjab Gazette (Extraordina ry), \r\ndated: 16 March 2012, p. 40707, s. 2. It was earlier substituted by the Punjab Finance Act 2010 (VI of 2010), published in the \r\nPunjab Gazette (Extraordinary), dated: 28 June 2010, pp. 3145-3150, s.4: it came into force w.e.f. 1 July 2010. \r\n9Substituted for the words “Managing Director” by the Bank of Punjab (Amendment) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 4. \r\n10Substituted by the Bank of Punjab (Amendment) Ordinance 2002 (LVII of 2002), published in the Punjab Gazette \r\n(Extraordinary), dated: 26 September 2002, pp. 2817-2818, s. 2. Under Article 5A of the Provisional Constitution Order 1999 (I \r\nof 1999), as amended, read with Article 270AA of the Constitution of the Islamic Republic of Pakistan, 1973, it shall not be \r\nsubject to any limitation as to duration prescribed in the Constitution. \r\n11Substituted for the word “Governor” by the Bank of Punjab (First Amendment) Act 2003 (II of 2003), published in the Punjab \r\nGazette (Extraordinary), dated: 8 February 2003, p. 281, s. 2. \r\n12Substituted for the words “Managing Director” by the Bank of Punjab (Amendment) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 5. \r\n13Substituted for t he words “Managing Director” by the Bank of Punjab (Amendment) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 5. \r\n14Substituted for the words “not less than three years and not exceeding” by the Bank of Punjab (Amendment) Ordinance \r\n2002 (LVII of 2002 ), published in the Punjab Gazette (Extraordinary), dated : 26 September 2002, pp. 2817-2818,s.3: it came \r\ninto force w.e.f. 11 March 2000. Under Article 5A of the Provisional Constitution Order 1999 (I of 1999), as amended, read with \r\nArticle 270AA of the Constitution of the Islamic Republic of Pakistan, 1973, it shall not be subject to any limitation as to duration \r\nprescribed in the Constitution. \r\nProvided further that the appointment may be terminated in the manner \r\nprescribed on the ground of physical or mental incapacity or gross misconduct. \r\n(2) The \r\n15\r\n[President] shall on the expiry of his term of office be eligible for \r\nre-appointment. \r\n(3) The \r\n16\r\n[President] shall be the chief executive officer of the Bank and \r\nshall, subject to any bye-laws made in this behalf, direct and control, on behalf of the \r\nBoard, the affairs of the Bank. \r\n12. Qualifications and disqualifications of Directors. – (1) No person not \r\nappointed by the Government to serve as a Director shall be qualified to serve as \r\nDirector unless he is a holder in his own right of unencumbered shares of the Bank \r\nto the nominal amount of \r\n17\r\n[twenty-five] thousand rupees at the least. \r\n(2) No person shall be qualified to serve as a Director– \r\n(a) if he is a salaried officer of any Government w hether within or without \r\nPakistan and is not authorised by the Government to serve as a \r\nDirector; \r\n(b) if he has been convicted of an offence involving moral turpitude; \r\n(c) if he was at any time in the service of the Bank and was dismissed or \r\nhis services had been terminated by the Bank; \r\n(d) if he is a Director of any commercial bank other than a bank sponsored \r\nor established by or under the authority of the Government or the State \r\nBank of Pakistan for the development of industry or agriculture in the \r\ncountry, or a bank which is a society registered under the Co -operative \r\nSocieties Act, 1925 or any other law for the time being in force in \r\nPakistan relating to co-operative societies; \r\n(e) if he is in the employment of any banking company, whether on salary \r\nor o n commission, and is engaged in the performance of any \r\ncontinuous service for remuneration for any such company; \r\n(f) if he is for the time being disqualified for membership of any body \r\nestablished by or under any law for the time being in force of which th e \r\nconstituent members are wholly or partly chosen by means of election \r\n18\r\n[;] \r\n19\r\n[or] \r\n \r\n15Substituted for the words “Managing Director” by the Bank of Punjab (Amendment) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 5. \r\n16Substituted for the words “Managing Director” by the Bank of Punjab (Amendment) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 5. \r\n17Substituted for the word “hundred” by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab \r\nGazette (Extraordinary), dated: 2 April 1991, pp. 849-851, s. 4. \r\n18The “full-stop” was replaced by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab Gazette \r\n(Extraordinary), dated: 2 April 1991, pp. 849-851, s. 4. \r\n19Added by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991), published in the Punjab Gazette (Extraordinary), dated: 2 \r\nApril 1991, pp. 849-851, s. 4. \r\n20\r\n[(g) if he has been found by a competent court under any law to have \r\nacted against the interest of a person with whom he had a fiduciary \r\nrelationship;] \r\n(3) The office of a Director shall be vacated– \r\n(a) if the person holding it resigns his office or dies; \r\n(b) if he accepts or holds any other office of profit under the Bank; \r\n(c) if he is, or at any time has been, adjudicated an insolvent, or \r\ncompounds with his creditors or suspends payment; \r\n21\r\n[(d) if he is declared to be a lunatic or of unsound mind by a competent \r\ncourt;] \r\n(e) if he has absented himself from three consecutive meetings of the \r\nBoard or from all such meetings for a continuous period of six months, \r\nwhichever is longer, without leave of absence from the Board; \r\n(f) if he ceases to hold in his own right the amount of shares required to \r\nqualify him for the office; \r\n(g) if he incurs any of the disqualifications mentioned in sub-section (2); \r\n(h) if, in relation of the Bank, he has failed to pay any advance, loan or credit \r\nlimit or any installment thereof or interest thereon, or any amount due on \r\nany guarantee or to do or perform any act agreed or undertaken in writing \r\nto be done or performed by him, and such failure continues for a period of \r\none month after notice in writing has been served on him by the Bank \r\ncalling upon him to make the payment or to do or perform the act; or \r\n(i) if he has been a Director for a continuous period of six years from the \r\ndate when he was first elected as such Director or, as the case may \r\nbe, was appointed by name and otherwise than by designation of \r\noffice, as such Director. \r\n(4) No two persons who are partners of the same mercantile firm, or who \r\nare Directors of the same private company, or one of whom is the general agent of, \r\nor holds a power of procuration from the other or from a mercantile firm of which the \r\nother is a partner, shall be eligible or qualified to serve as Directors of the Board. \r\n13. Removal of Directors. – (1) The shareholders ma y, by a special resolution \r\npassed by the votes of shareholders holding in the aggregate more than one half of \r\nthe paid -up capital for the time being remove any Director, other than a Director \r\nappointed by the Government, before the expiration of his period of office, and \r\nappoint in his stead a qualified person who shall hold office subject to sub -section \r\n(2)of section 15. \r\n(2) Directors appointed by the Government may be removed and replaced \r\nby other Directors at the discretion of the Government. \r\n \r\n20Added by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991), published in the Punjab Gazette (Extraordinary), dated: 2 \r\nApril 1991, pp. 849-851, s. 4. \r\n21Substituted by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab Gazette (Extraordinary), \r\ndated: 2 April 1991, pp. 849-851, s. 4. \r\n14. Terms o f office of Directors. – A Director appointed by the Government, \r\nother than \r\n22\r\n[President], shall hold office during the pleasure of the Government. \r\n15. Vacancies.– (1) Any vacancy occurring on the Board by the death, \r\nresignation, removal or disqualification of any Director shall be filled by the remaining \r\nDirectors, who shall co-opt a duly qualified person to fill the vacancy: \r\nProvided that where a vacancy occurs in the office of a Director appointed by \r\nthe Government, the vacancy shall be filled only by appointment by the Government. \r\n(2) Any Director so appointed shall be deemed to have held office from the \r\ndate on which the Director in whose place he is appointed was appointed, or, when \r\nsuch Director was co -opted or appointed under sub -section (1), from the date on \r\nwhich his immediate predecessor was appointed, as the case may be. \r\n(3) Any Director co-opted under sub-section (1) shall retire at the next \r\ngeneral meeting, as the case may be and the vacancy so occurring on the Board \r\nshall be filled by election as provided under this Act. \r\n16. General and Special Meetings.– (1) In the first week of March in every year, \r\nor as soon thereafter as is convenient, a general meeting shall be held annually at \r\nthe head office at Lahore, at such time as may be determined by t he Board and at \r\nthe meeting the shareholders present shall be entitled to discuss the annual account, \r\nthe report of the Board on the working of the Bank throughout the year, and the \r\nauditors’ report on the annual balance sheet and accounts, made up to the \r\npreceding thirty-first day of December. \r\n(2) Special meetings shall be convened and held in such manner and at \r\nsuch time and place as may be prescribed. \r\n17. Votes of shareholders. – \r\n23\r\n[(1) Every shareholder shall be entitled to attend \r\nany meeting and each sha reholder who has been registered as such for a period of \r\nnot less than three months prior to the date of such meeting shall when present in \r\nperson and on a show of hands, have one vote and on a poll each shareholder so \r\nregistered, shall have one vote for each share held by such shareholder: \r\nProvided that any shareholder shall be entitled to vote at any meeting unless \r\nall calls or other sums presently payable by him in respect of shares of the Bank \r\nhave been paid.] \r\n(2) On a poll votes may be given either per sonally or by proxy, but the \r\nGovernment as a shareholder may appoint any person to be present at any general \r\nmeeting and to vote on its behalf. \r\n18. Business which the Bank is authorised to transact. – The Bank is \r\nauthorised to carry on and transact the seve ral kinds of business hereinafter \r\nspecified, namely:– \r\n \r\n22Substituted for the words “Managing Director” by the Bank of Punjab (Amendment) Act 2005 (XIV of 2005 , published in the \r\nPunjab Gazette (Extraordinary), dated: 8 November 2005, pp. 1657-1658, s. 6. \r\n23Substituted by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab Gazette (Extraordinary), \r\ndated: 2 April 1991, pp. 849-851, s. 5. \r\n(1) \r\n24\r\n[the] advancing and lending of money, and opening of cash -credits \r\nupon the security of– \r\n(a) stocks, funds and securities in which a trustee is authorised to \r\ninvest trust money by any law for the ti me being in force in \r\nPunjab and shares of the State Bank of Pakistan; \r\n(b) participation term certificates or other securities for money \r\nissued under the authority of any law for the time being in force \r\nin Punjab by, or on behalf of, a local Authority; \r\n(c) goods which or the documents of title to which are deposited \r\nwith, or assigned to, the Bank as security for such advances, \r\nloans or credits; \r\n(d) subject to such directions as may be issued by the Board, \r\nparticipation term certificates of companies with limited liability; \r\n(e) shares of companies with limited liability, in accordance with \r\nsuch directions in this regard as may be issued from time to \r\ntime, by the State Bank of Pakistan; \r\n(f) goods which are hypothecated to the Bank as security for such \r\nadvances, loans or credits; \r\n(g) accepted bills of exchange and promissory notes endorsed by \r\nthe payees and joint and several promissory notes of two or \r\nmore persons or firms unconnected with each other in general \r\npartnership; \r\n(h) immovable property or documents of title relating thereto, \r\nsubject to such directions as may be issued by the Board; \r\n(i) subject to such directions as may be issued by the Board, crops: \r\nProvided that any advances or loans which are guaranteed by the \r\nGovernment may be made without any specific security \r\n25\r\n[;] \r\n(2) \r\n26\r\n[the] selling and realisation of proceeds of sale of any such promissory \r\nnotes, participation term certificates, stock receipts, bonds, annuities, \r\nstocks, shares, securities or goods which, or the documents of title to \r\nwhich, have be en deposited with, or pledged, hypothecated, assigned \r\nor transferred to, the Bank as security for such advances, loans or \r\ncredits or which are held by the Bank or over which the Bank is entitled \r\nto any lien or charge in respect of any such advance of loan or credit or \r\nany debt or claim of the Bank, and which have not been redeemed in \r\ndue time in accordance with the terms and conditions (if any) of such \r\ndeposit, pledge, hypothecation, assignment or transfer; \r\n(3) the advancing and lending of money to Courts o f Wards upon the \r\nsecurity of estates in their charge or under their superintendence and \r\nthe realisation of such advances or loans and any interest due thereon: \r\n \r\n24Misprinted in the gazette as “The”. \r\n25Misprinted in the gazette as “full-stop”. \r\n26Misprinted in the gazette as “The”. \r\nProvided that no such advance or loan shall be made without previous \r\nsanction of the Government; \r\n(4) the drawing, accepting, discounting, buying and selling of bills of \r\nexchange and other negotiable securities; \r\n(5) The investing of the funds of the Bank in, or the underwriting of, any \r\nstocks, funds, shares, securities, participation term certificates , bonds \r\nor \r\n27\r\n[scrips] or other securities for money issued by a public limited \r\ncompany or any corporation established by or under any law for the \r\ntime being in force or under the authority of the Government or the \r\nState Bank of Pakistan, converting and cove ring the same into money \r\nwhen required, and altering and transposing any such investment for or \r\ninto any other of such investments; \r\n(6) the issuing of letters of credit; \r\n(7) the buying and selling of gold and silver whether coined or uncoined; \r\n(8) the receiving of deposits and keeping cash accounts on such terms as \r\nmay be agreed on; \r\n(9) the acceptance of the charge of plate, jewels, title -deeds or other \r\nvaluable goods on such terms as may be agreed on; \r\n(10) the managing, selling and realising of all propert y whether movable or \r\nimmovable which may in any way come into the possession of the \r\nBank in satisfaction or part satisfaction of any of its claims, and \r\nacquisition and holding, and generally the dealing with, any right, title \r\nor interest in any property movable or immovable which may be Bank’s \r\nsecurity for any advance or loan or may be connected with any such \r\nsecurity: \r\nProvided that the Bank shall not take over the management of any \r\nsuch property except in pursuance of any agreement with the debtor or \r\nof an order, judgement or decree of a court of competent jurisdiction; \r\n(11) the transaction of pecuniary agency business on commission and the \r\nentering into of contracts of indemnity, suretyship or guarantee with \r\nspecific security or otherwise, and the underwriting, participating in, and \r\ncarrying out of the issue of any stock, shares, participation term \r\ncertificates and other securities; \r\n(12) the administration of estates for any purpose whether as an executor, \r\ntrustee or otherwise and the acting as agent on com mission in the \r\ntransaction of the following kinds of business, namely:– \r\n(a) the buying, selling, transferring and taking charge of any \r\nsecurities or any shares in any public company; \r\n28\r\n[(b) the receiving of the proceeds whether principal interest or \r\ndividends of any securities or shares;] \r\n \r\n27Substituted for the word “scripts” by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab \r\nGazette (Extraordinary), dated: 2 April 1991, pp. 849-851, s. 6. \r\n28Substituted by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab Gazette (Extraordinary), \r\ndated: 2 April 1991, pp. 849-851, s. 6. \r\n(c) the remittance of such proceeds by public or private bills of \r\nexchange, payable either in Pakistan or elsewhere; \r\n(13) the drawing of bills of exchange and the granting of letters of credit \r\npayable out of Pakistan; \r\n(14) the buying of bills of exchange payable out of Pakistan; \r\n(15) the borrowing of money for the purpose of the Bank’s business, and \r\nthe giving of security for money so borrowed by pledging assets or \r\notherwise; \r\n(16) the paying, receiving, collecting and remitt ing money, bullion and \r\nsecurities under any agreement with the State Bank of Pakistan as its \r\nagent on behalf of Government undertaking and transacting any \r\nbusiness which the State Bank of Pakistan may from time to time \r\nentrust to it; \r\n(17) the establishing and discontinuing of branches and agencies; \r\n(18) the acquiring, maintaining and transferring of the Bank’s residential and \r\nbusiness premises; \r\n(19) the taking over of the business, including the capital assets and liabilities \r\nof any other bank, with the sanction of the Government; \r\n(20) the granting of advances or loans to any other bank for the purpose of \r\naverting or facilitating its winding up; \r\n(21) with the previous permission in writing of the Government and the \r\nState Bank of Pakistan:– \r\n(a) the investing of the funds of the Bank in any bank incorporated \r\noutside Pakistan; and \r\n(b) participating in the management and administration of any such \r\nbank in which the funds of the Bank have been invested; \r\n29\r\n[(22) the advancing of money on non -interest basis and accor ding to the \r\nvarious common modes of financing;] \r\n(23) the undertaking of lease financing; and \r\n(24) generally, the doing of all such matters and things as may be incidental \r\nor subsidiary to the transacting of the various kinds of business \r\nincluding foreign exchange business hereinbefore specified. \r\n30\r\n[Explanation.– The expressions, “granting of advances or loans” or “advancing and \r\nlending of money” and their cognate expressions shall include financing on the basis \r\nof various approved modes of common interest ba sed financing like financing by \r\nlending, trade related modes of financing, and investment type modes of financing.] \r\n \r\n29Substituted by the Bank of Punjab (Amendment) Act 1 991 (VIII of 1991) , published in the Punjab Gazette (Extraordinary), \r\ndated: 2 April 1991, pp. 849-851, s. 6. \r\n30Added by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991), published in the Punjab Gazette (Extraordinary), dated: 2 \r\nApril 1991, pp. 849-851, s. 6. \r\n19. Business which the Bank is not authorised to transact. – The Bank shall \r\nnot transact any kind of banking business other than those specif ied in section 18, \r\nand in particular– \r\n(1) the Bank shall not make any advance or loan upon the security of its \r\nshares; \r\n(2) the Bank shall not discount or buy or advance or lend to any individual \r\nor partnership-firm an amount exceeding in the whole at any o ne time \r\nsuch sum as may be prescribed; \r\n(3) the Bank shall not discount or buy or advance or lend or open cash \r\ncredits on the security of any negotiable instrument of any individual or \r\npartnership-firm, payable in the town or at the place where it is \r\npresented for discount, which does not carry on it the several \r\nresponsibilities of at least two persons or firms unconnected with each \r\nother in general partnership: \r\nProvided that nothing in this section shall be deemed to prevent the \r\nBank from granting overdraft s and loans without security, to such \r\nextent as may be prescribed. \r\n31\r\n[(4) the Bank shall not grant any advance, loan, credit, limit, guarantee or \r\nother facility or advantageously alter the terms and conditions of any \r\nsuch existing facility to– \r\n(i) a person who is elected or appointed as the Director; or \r\n(ii) a connected person or undertaking of the Director. \r\nExplanation.– In this clause: \r\n(a) a person or undertaking shall be deemed to be connected to a Director \r\nif: \r\n(i) the person is a spouse, lineal ascendant or descendant of the \r\nDirector; \r\n(ii) the undertaking is a company other than a listed public limited \r\ncompany, firm, association or persons or other entity, in which the \r\nDirector or a connected person is a shareholder, member, partner \r\nor holder of a position in the management; or \r\n(iii) a listed public limited company in which the Director or the \r\nconnected person holds more than ten percent of its equity or is \r\nentitled to more than ten percent of the distributable profits of the \r\ncompany or is a Director of the company or holds a position in the \r\nmanagement of the company; and \r\n(b) nothing shall prevent the Bank from continuing or renewing any \r\nadvance, loan, credit, limit, guarantee or other facility as may have \r\nalready been granted before the election or appointment of a Director.] \r\n \r\n31Substituted by the Bank of Punjab (Amendment) Act 2009 (XI of 2009), published in the Punjab Gazette (Extraordinary), \r\ndated: 17 November 2009, pp. 1609-1610, s. 2. \r\n20. Exceptions.– Notwithstanding anything contained in this Act, the Bank is \r\nauthorised to– \r\n(1) grant advances or loans to its officers and staff for the purpose of \r\nbuilding residential houses, including the cost of land, on such secur ity, \r\nincluding immovable property, and on such terms and conditions and \r\nfor such periods as may be prescribed; \r\n(2) grant advances or loans, \r\n32\r\n[for] any period exceeding one year but not \r\nexceeding five years, to such small and medium industries as may, \r\nfrom time to time, be specified by the Board on such terms and \r\nconditions as may be prescribed: \r\nProvided that the amount of advances and loans outstanding at any \r\ntime under this clause shall not exceed five percent of the total amount \r\nof bank deposits at such time; \r\n(3) grant or subsidise, from time to time, pensions, gratuities, bonuses or \r\nother funds created for the benefit of its officers and staff or their \r\ndependents; \r\n(4) contribute to the promotion of research in banking and allied subjects; \r\nand \r\n(5) donate funds for any charitable objects or to any charitable institutions \r\nor societies. \r\n21. Auditors.– (1) Not more than two auditors who shall be \r\n33\r\n[Chartered] \r\nAccountants shall be elected and their remuneration fixed at the general meeting. \r\nThe auditors may be sh areholders, but no Director or other officer of the Bank shall \r\nbe eligible during his continuance in office. Any auditor shall be eligible on quitting \r\noffice for re-election. \r\n(2) The first auditors of the Bank may be appointed and their remuneration \r\nfixed by the Board before the general meeting and if so appointed shall hold office \r\nonly until the first general meeting. All auditors elected under this section shall \r\nseverally be and continue to act as auditors until the first general meeting after their \r\nrespective elections: \r\nProvided that if any casual vacancy occurs in the office of any auditor elected \r\nunder this section, the vacancy may be filled by the Board. \r\n22. Government Auditors. – Without prejudice to anything contained in the \r\nforegoing provisions, the Government may appoint such auditors as it thinks fit to \r\nexamine and report upon the accounts of the Bank. \r\n23. Rights and Duties of Auditors. – (1) Every auditor shall be supplied with a \r\ncopy of the annual balance sheet and statement of profit and loss acco unts and it \r\nshall be his duty to examine the same, with the accounts and vouchers relating \r\nthereto. Every auditor shall have a list delivered to him of all books kept by the Bank, \r\n \r\n32Substituted for the words “or” by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991), published in the Punjab Gazette \r\n(Extraordinary), dated: 2 April 1991, pp. 849-851, s. 8. \r\n33Substituted for the word “Registered” by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab \r\nGazette (Extraordinary), dated: 2 April 1991, pp. 849-851, s. 9. \r\nand shall at all reasonable times have access to the books, accounts and oth er \r\ndocuments of the Bank, and may, at the expense of the Bank if appointed by it, and \r\nat the expense of the Government if appointed by it, employ accountants or other \r\npersons to assist him in investigating such accounts, and may, in relation to such \r\naccounts, examine any Director, or any other officer of the Bank. \r\n(2) The auditors shall make a report to the shareholders or to the \r\nGovernment as the case may be, upon the annual balance sheet, and the statement \r\nof profit and loss accounts and in every such rep ort they shall state whether, in their \r\nopinion, the balance sheet and the statement of profit and loss accounts are full and \r\nfair statements containing the prescribed particulars and properly drawn up so as to \r\nexhibit a true and correct view of the state of the Bank’s affairs, and in case they have \r\ncalled for any explanation or information from the Board whether it has been given and \r\nwhether it is satisfactory. Any such report made to the shareholders shall be read \r\ntogether with the report of the Board at the general meeting. \r\n24. Liquidation of the Bank. – Nothing in the Companies Ordinance, 1984, shall \r\napply to the Bank and the Bank shall not be placed in liquidation save by the order of \r\nthe Government, and in such manner and under such terms and conditions, including \r\nthe terms as to calls on and forfeiture of shares, as the Government may by its order \r\nof liquidation direct. \r\n25. Power of the Board to make bye-laws.– (1) The Board may \r\n34\r\n[* * * * * * * * * * * * \r\n*] make bye -laws not inconsistent with this Act to provide for all matters for which \r\nprovision is necessary or convenient for the purpose of giving effect to the provisions of \r\nthis Act. \r\n(2) In particular and without prejudice to the generality of the foregoing \r\nprovisions, such bye -laws may provide for all or any of the following matters, \r\nnamely:– \r\n(i) the maximum amounts which may be advanced or lent to, or for which \r\nbills may be discounted for or purchased from, any individual or \r\npartnership-firm with or without security; \r\n(ii) the conditions subject to whi ch loan advances may be made to \r\nDirectors, or officers or other staff of the Bank, or the relatives of such \r\nDirectors, or officers, or other staff or to companies, firms or individuals \r\nwith which or with whom such Directors, officers or other staff or \r\nrelatives are connected as partners, Directors, managers, servants, \r\nshareholders or otherwise; \r\n(iii) the manner in which and the conditions subject to which the Bank may \r\ntake over the business, including the capital, assets and liabilities, of \r\nany other bank; \r\n(iv) the granting of advances or loans to any other bank for the purpose of \r\naverting or facilitating its winding up; \r\n \r\n34Deleted the words and commas “, with the previous approval of the Government,” by the Bank of Punjab (Amendment) \r\nOrdinance2002 (LVII of 2002), published in the Punjab Gazette (Extraordinary), dated : 26 September 2002, pp. 2817-2818, s. \r\n4. Under Article 5A of the Provisional Constitution Order 1999 (I of 1999), as amended, read with Article 270AA of the \r\nConstitution of the Islamic Republic of Pakistan, 1973, it shall not be subject to any limitation as to duration prescribed i n the \r\nConstitution. \r\n(v) the procedure and manner in which the capital of the Bank may be \r\nincreased or reduced; \r\n(vi) the acquisition, maintenance and transfer o f the Bank’s residential and \r\nbusiness premises; \r\n(vii) the contents, maintenance, inspection and closure of the register of \r\nshareholders; \r\n(viii) the books and accounts to be kept at the various offices of the Bank; \r\n(ix) the balancing of accounts and ascertainment of profit and loss; \r\n(x) the form and manner in which the balance sheet and the statement of \r\nprofit and loss shall be drawn up; \r\n(xi) the determination and payment of dividend and transfer of profits to \r\nreserves; \r\n35\r\n[(xii) the preparation and transmission of returns to the Government;] \r\n(xiii) the evidential value, form, issue and renewal of certificates of shares; \r\n(xiv) the calls on shares, the payment of such calls, joint and several \r\nliabilities of shareholders in respect of such calls, the Bank’s lien on \r\nshares, the manner of its enforcement, forfeiture and the application of \r\nproceeds of sale; \r\n(xv) the manner in which and the conditions subject to which shares may be \r\nallotted, held, transferred and transmitted and generally all matters \r\nrelating to the rights and duties of shareholders; \r\n(xvi) the manner in which general and special meetings shall be convened \r\nand held, the quorum thereat, the procedure to be followed at such \r\nmeetings, the manner in which votes may be exercised and the \r\nappointment and election of Chairman of such meetings; \r\n(xvii) the holding and conduct of elections under this Act; \r\n(xviii) the final decisions on doubts and of disputes regarding the \r\nqualifications of candidates or the validity of elections; \r\n(xix) the manner in which meetings of the Board shall be convened and held, \r\ntheir quorum, the procedure to be followed at such meetings, votes of \r\nDirectors, and ex-officio Members and the manner in which they may be \r\nexercised, and the appointment or/and election of Chairman of such \r\nBoard; \r\n(xx) the effect of vacancies in the Board and of subsequent discovery of \r\ndisqualifications of a Director; \r\n(xxi) the obligations and immunities of Directors; \r\n(xxii) the distribution of business amongst the Directors and their \r\nremuneration, if any; \r\n \r\n35Substituted by the Bank of Punjab (Amendment) Act 1991 (VIII of 1991) , published in the Punjab Gazette (Extraordinary), \r\ndated: 2 April 1991, pp. 849-851, s.10. \r\n(xxiii) the delegation of any powers of the Board to committees consisting of \r\nDirectors, as the case may be, and the conduct of business in such \r\ncommittees; \r\n(xxiv) the establishment and discontinuance of branches and agencies in \r\nPunjab or elsewhere and the nature an d extent of the business any \r\nbranch or agency may transact; \r\n(xxv) the recruitment of officers and staff of the Bank including the terms and \r\nconditions of their service, and the constitution and management of \r\nstaff and superannuation funds for the officers and servants of the \r\nBank; \r\n(xxvi) the authority to draw, accept, endorse and execute documents on \r\nbehalf of the bank; \r\n(xxvii) the provision of common and official seals of the Bank and the manner \r\nand effect of their use; \r\n(xxviii) the manner and form in whic h contracts binding on the Bank may be \r\nexecuted; \r\n(xxix) the conduct, institution and defence of legal proceedings and the \r\nmanner of signing pleadings; \r\n(xxx) the addresses of shareholders and the issue and service of notices; \r\n(xxxi) the service of notice on the Bank; and \r\n(xxxii) generally, for the efficient conduct of the business, discharge of \r\nfunctions and management of the Bank. \r\n36\r\n[26. 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