Updated: Tuesday July 19, 2016/AthThulatha
Shawwal 14, 1437/Mangalavara
Asadha 28, 1938, at 12:49:45 AM
The SBP Banking Services Corporation Ordinance, 2001
ORDINANCE NO. LXVII OF 2001
[31
To provide for the establishment of SBP Banking
Services Corporation as a subsidiary of the State Bank of
WHEREAS it is expedient to provide for
the establishment, management and control of SBP Banking Services Corporation
as a subsidiary of the State Bank of Pakistan, and for the transfer thereto of
a part of the undertaking and certain employees of the State Bank of Pakistan,
and for matters connected therewith or ancillary thereto;
AND WHEREAS the president is satisfied
that circumstances exist which render it necessary to take immediate action;
Now, THEREFORE, in pursuance of the
Proclamation of Emergency of the fourteenth day of October, 1999, and the
Provisional Constitution (Amendment) Order No.9 of 1999, and in exercise of all
powers enabling him in that behalf, the President of the Islamic Republic of
Pakistan is pleased to make and promulgate the following Ordinance:-
PART I
PRELIMINARY
1. Short title and commencement.-(1) This Ordinance may be called the SBP Banking
Services Corporation Ordinance, 2001.
(2) It shall come into force at once.
2. Definitions.-In this Ordinance, unless there is anything repugnant
in the subject or context,---
(a) “Act”
means the State Bank of Pakistan Act, 1956 (XXXIII of 1956);
(b) “Bank”
means the SBP Banking Services Corporation established under section 3;
(c) “Board”
means the Board of Directors of the Bank;
(d) “Chairman”
means the Chairman of the Board;
(e) “Committee
of Directors” means a Committee of Directors constituted under section11;
(f)
“Director” means a member of the Board;
(g) “Governor” means the Governor and includes an Acting
Governor of the State Bank appointed under the Act;
(h)
“Managing Director” means the Managing Director appointed under section9;
(i)
“Regulations” means regulations made under this Ordinance;
(j) “Rules”
means rules made under this Ordinance;
(k) “Seal”
means the common seal of the Bank;
(l) “State
Bank” means the State Bank of
(m)
“Transfer Date” means the date specified in the Transfer Order;
(n) “Transferred
Order” means Transfer Order made under sub-section (1) of section 15;
(o) “Transferred
Employees” means the employees of the State Bank who shall, as from the
Transfer Date, stand transferred to and become the employees of the Bank, by
virtue of the Transfer Order; and
(p)
“Transferred Undertaking” means a part of the undertaking of the State Bank
specified in sub-section (1) of section 15.
PART II.
ESTABLISHMENT AND OPERATION OF THE BANK.
3. Establishment and incorporation
of the Bank. – (1) As from the date
of promulgation of this Ordinance, there shall be established, a bank to be
called SBP Banking Services Corporation.
(2) The Bank shall be a body corporate
having perpetual succession and a seal and shall, by the name assigned to it by
sub-section (1), sue and be sued.
(3) The head office of the Bank shall
be situated in
4. Bank to be a subsidiary of the
State Bank. -The Bank shall be a
subsidiary of the State Bank, and the State Bank shall exercise control over
the Bank in accordance with the provisions of this Ordinance.
5. Business and functions of the
Bank. -(1) Subject to sub-section
(2), the Bank under the overall supervision and control of the State Bank, may
transact and carry on all or any of the following functions namely:---
(a) The
carrying on of the Transferred Undertaking, statutory and administrative
functions and activities of the State Bank transferred or delegated by the
State Bank to the Bank under this Ordinance;
(b) The
handling of receipt, supply and exchange of bank notes and coins which are
legal tender;
(c) The
issue, supply, sale, encashment and handling of prize bonds, holding draws
thereof and other savings instruments of the Federal Government of or a
Provincial Government;
(d) The
performance of any other activity or business which the State Bank may, by
order in writing, specify; and
(e) The
carrying on of any business and discharging of any functions and power as are
incidental to, or in connection with, the affairs of the Bank, including,
without limiting the generality of the foregoing and, the power to enter into
any contracts or other instruments or any financial or other transactions,
issue guarantees and indemnities, borrow and lend moneys, accept deposits of
money, make investments, purchase and hold any property and assets, and to
provide any services to the State Bank and to others and receive any fee,
commission or other compensation for such services.
(2) The State Bank shall not transfer
or delegate any of the functions specified in section 9A of the Act, including
(i) formulation and monitoring of monetary and credit policies, (ii) regulation
and supervision of the financial sector, (iii) foreign exchange regime and
exchange rate policy, and (iv) payment and settlement system.
6. Share capital and limited
liability.-(1) The authorized share
capital of the Bank shall be one billion rupees or such other amount the State
Bank may, from time to time, determine by order in writing and shall be divided
into shares of one million rupees each.
(2) The paid-up capital of the Bank
shall be such amount as may, from time to time, by order in writing be
determined by the State Bank and held, inter alia, by it, including the fully
paid-up shares issued to it under sub-section (7) of section 15.
(3) The share capital may be divided
into different kinds and classes therein as may be prescribed by regulations.
(4) The liability of shareholders of
the Bank shall be limited to the amount, if any, not fully paid-up on the
shares held by them in the capital of the Bank.
7. Board of Directors. – (1) The general superintendence, direction and
management of the affairs and business of the Bank and overall policy making in
respect of its operations shall vest in the Board of Directors which may
exercise all such powers and do all such acts, deeds and things that may be
exercised or done by the Bank.
(2) In discharging its functions, the
Board shall ensure compliance with the orders and directions that may be issued
by the State Bank from time to time.
(3) The Board shall consist of,---
(a) Members
of the Central Board of the State Bank; and
(b) The
Managing Director.
(4) The meetings of the Board shall be
held at such times and places as may be prescribed by regulations or, until so
prescribed by regulations, as and when convened by the Chairman.
(5) No act or proceedings of the Board
shall be invalid merely on the ground of the existence of any vacancy in, or
defect in the constitution of, the Board.
(6) The quorum of meetings of the
Board, shall be as may be prescribed by regulations or, until so prescribed by
regulation, shall be five Directors.
(7) All decisions of the Board shall be
taken by majority of the Directors present and voting at a meeting duly convened
and held, and in the event of an equality of votes, the Chairman may exercise a
casting vote.
(8) A resolution in writing signed by
all Directors shall be as effective as if such resolution had been passed at a
meeting of the Board.
8. Chairman.-(1) The Governor shall be the Chairman of the Bank.
(2) The Chairman shall, whenever
present, preside over meetings of the Board, but if at any meeting the Governor
is not present, a Deputy Governor of the State Bank, designated for this
purpose by the Governor, shall attend the meeting on behalf of the Governor and
preside over such meeting provided that if the Deputy Governor being present,
is not willing to act, or is also absent, the Directors present shall choose
one of their member to be the Chairman of such meeting.
9. Managing Director. – (1) The Managing Director shall be appointed by the
State Bank.
(2) The Managing Director shall hold
office during the pleasure of the State Bank.
(3) The Managing Director shall be the
chief executive officer of the Bank and shall, subject to the control and
direction of the Board, administer the affairs of the Bank, and shall have such
powers for this purpose as are from time to time delegated to him by the Board.
(4) The salary and other terms and
conditions of service of the Managing Director shall be such as the Board may
determine.
(5) The Managing Director shall devote
his whole time and attention to the affairs of the Bank, provided that the
Managing Director may, in addition to his duties as the Managing Director, be
entrusted with such other duties for such period as the State Bank may, by
order in writing, determine.
10. Disqualification’s of the
Managing Director.-No. person shall
be appointed or hold office as Managing Director,---
(a) Who is a
member of the Senate, National Assembly, any Provincial Assembly, or an elected
member of a local council or local body constituted under any law relating to
local councils or local bodies;
(b) Who is
employed in any capacity in the service of the Federal Government or of a
Provincial Government or holds any office or position for which any salary or
other remuneration is payable out of public funds;
(c) Who is a
director, officer or employee of any other bank or of a financial institution
or has an interest as a shareholder in any other bank or financial institution:
Provided that nothing in this clause shall apply where
the Managing Director is in the employment of the State Bank or where the
Managing Director is, in addition to holding the office of Managing Director of
the Bank, entrusted with additional duties under sub-section (5) of section 9;
(d) who has
been convicted of tax evasion under any law, or has been convicted or
proceedings are pending against him under section 412 of the Companies
Ordinance, 1984 (XLVII of 1984), or section 83 of the Banking Companies
Ordinance, 1962 (LVII of 1962), or has been convicted by a court of law for
an offence involving moral turpitude;
(e) who is
in default of payments due from him to any bank, financial institution,
cooperative society, Government Department, Government controlled or managed
company or corporation and for the purpose of this clause, default in payment
by the spouse, dependent children, and companies, firms and other business concerns
under the control or management of a person shall be considered as the default
of such person; or
(f) who
holds an office in a political party.
11. Committees of Directors. – (1) The Board may constitute one or more Committees
consisting of such number of Directors as it may determine. (2) The powers,
functions, duties and other terms of appointment of a Committee of Directors
shall be such as the Board may determine.
(3) The members of a Committee of
Directors shall hold office for such period as the Board may determine.
(4) The minutes of every meeting of a
Committee of Directors shall be laid before the Board at its next meeting
following the meeting of the Committee.
(5) Subject to the general and any
special directions of the Board, a Committee of Directors shall deal with any
matter entrusted to it by the Board.
12. Delegation of
powers and appointment of attorneys. – (1)
The Board may, for the purpose of ensuring smooth and efficient functioning of
the Bank and facilitating transactions of its daily business, by resolution,
delegate to the Managing Director or any other executive of the Bank, subject
to such conditions and limitations, if any, as may be specified therein, such
of its powers and duties under this Ordinance as it may deem necessary.
(2) The Board may, from time to time,
by resolution appoint any company, firm or person to be the attorney of the
Bank for such purposes and with such powers, authorities and discretions, not
exceeding those vested in or exercisable by the Board under this Ordinance and
for such period and subject to such conditions as the Board may think fit, and
any such resolution may contain such provisions for the protection and
convenience of persons dealing with any such attorney as the Board may think
fit.
13. Accounts and audit. – (1) The accounting year of the Bank shall commence on
the first day of July and end on the thirtieth day of June.
(2) The Bank shall maintain proper
accounts and other records to reflect true and fair view of its state of
affairs and prepare annual statement of accounts, including the profit and loss
accounts and balance sheet.
(3) The accounts of the Bank shall be
audited by one or more auditors who shall be chartered accountants within the
meaning of the Chartered Accountants Ordinance, 1961 (XII of 1961), to be appointed by the State Bank.
(4) Every auditor shall be supplied with
a copy of the annual statement of accounts and it shall be the duty of the
auditor to examine the same together with the accounts and vouchers relating
thereto, and every auditor shall have a list delivered to him of all books kept
by the Bank and shall, at all reasonable times, have access to books, accounts
and other documents of the Bank and may employ accountants or other persons to
assist him in auditing such accounts and may, in relation to such accounts,
examine the Managing Director, and Director and executive of the Bank.
(5) The auditors shall submit a report
to the Board and to the State Bank regarding the annual statement of accounts,
and in any such report they shall state whether in their opinion the statement
of accounts is a full and fair statement of accounts containing all necessary
particulars and is properly drawn up so as to exhibit a true and correct view
of the state of affairs of the Bank and, in case they have called for any
explanation or information from the Managing Director or the Board, whether it
has been given and whether it is satisfactory.
(6) The Board may, in addition to the
audit under sub-sections (3) and (4), cause to be carried out internal audit of
the Bank’s accounts and the internal auditors’ reports shall be submitted to
the Board.
14. Liquidation of the Bank. – The Bank shall not be placed in liquidation save by
order of the State Bank and in such manner and on such terms and conditions as
the State Bank may direct.
TRANSFER OF THE UNDERTAKING BY THE STATE BANK.
15. Transfer of undertaking to the
Bank. – (1) Subject to the powers
under section 5, the State Bank may direct, by Transfer Order and as
particularly described in such Order, that (i) the operational functions and
activities of the State Bank; (ii) all related offices and departments; (iii)
all related assets and liabilities; and (iv) certain employees of the State
Bank shall transfer to and vest in the Bank as of the Transfer Date.
(2) On the making of the Transfer Order
by the State Bank under sub- section (1), the Transferred Undertaking and the
Transferred Employees shall stand transferred to and vest in the Bank as on the
Transfer Date and shall be operated, managed and regulated by the Bank as the
undertaking and employees of the Bank, provided that the rules and relations of
the State Bank applicable to the operation of the Transferred Undertaking and
to the employment of the Transferred Employees as of immediately before the
Transfer Date shall continue to be applied by the Bank unless altered by the
Board with the approval of the State Bank.
(3) For the purposes of sub-section
(1),---
(a) “assets”
include properties whether tangible or intangible, rights, benefits and
entitlements of every description and nature (other than immovable property) of
the State Bank and relating to, as of the Transfer Date, the operational
functions and activities of the State Bank and to the related offices and
departments;
(b)
“employees” means the employees of the State Bank as are specified in the
Transfer Order;
(c) “liabilities”
include debts, obligations, commitments, loans, encumbrances, claims and
charges of every description and nature, actual or contingent of the State Bank
and related to, as on the Transfer Date, the operational functions and
activities of the State Bank and to the related offices and departments;
(d) “related
offices and departments” include all field offices of the State Bank and
certain other offices and departments, in full or in part, as are specified in
the Transfer Order; and
(h) “operational
functions and activities” shall consist of the following, namely:---
(i) revenue
collection and payments for an on behalf of the Federal Government, a
Provincial Government, local Governments, local bodies or any other Government
body, authority, institution, company or corporation;
(ii)
maintenance of the accounts of the Federal Government, a Provincial Government,
local Governments, local bodies, other Governmental bodies, authorities,
institutions, companies, corporations and of other banks and financial
institutions;
(iii) operational work relating to management of debt;
(iv)
operational work relating to foreign exchange;
(v) prize
bonds and Government savings scheme;
(vi) cash and
other business as provided for in agreements between the State Bank and the
Federal Government and between the State Bank and the Provincial Governments or
in the Act, the Foreign Exchange Regulation Act, 1947 (VII of 1947), the Banking Companies Ordinance, 1962 (L VII of 1962), the Public Debt Act, 1944 (XVIII of 1944), the Securities Act, 1920 (X of 1920), or in any other applicable laws, rules,
regulations, orders and notifications made or issued thereunder; and
(vii) any
other business, offices or departments, and functions, in full or in part, as
may be set out in or authorized or delegated by the Transfer Order.
(4) As and after the Transfer Date, the
Bank shall undertake, pay satisfy discharge, perform fulfils all debts,
liabilities, contracts, engagements, commitments and obligations whatsoever of
the State Bank existing immediately before the Transfer Date and comprised in
or exclusively relating to the Transferred Undertaking, and as on the Transfer
Date, the State Bank shall stand released and discharged from all such debts,
liabilities, contracts, engagements, commitments and obligations.
(5) All agreements, contracts deeds,
bonds, securities, powers of attorney, grants of legal representations,
guarantees, letters of credit, negotiable instruments and other instruments of
whatever kind subsisting or having effect as at immediately before the Transfer
Date to which the State Bank may be a party or which shall be in favour of the
State Bank and which are comprised in the Transferred Undertaking or
exclusively relate thereto shall be of full force and effect, on the Transfer
Date, against or in favour of the Bank and be enforced or acted upon by or
against the Bank, as if instead of the State Bank, the Bank had been a party
thereto or as if the same had been issued by or in favour of the Bank.
(6) All suits, appeals or other legal
proceedings, including arbitration proceedings, of whatsoever nature by, or
against, the State Bank which exclusively relate to the Transferred Undertaking
and which shall be pending immediately before the Transfer Date in any court,
tribunal, other competent authority or before any arbitrator shall be continued
exclusively by, or against, the Bank and the State Bank shall cease to be a
party to such suits, appeals or other legal proceedings.
(7) In consideration of the transfer to
the Bank of the Transferred undertaking under sub-section (1), the Bank shall
issue such number of fully paid-up shares in its share capital to the State
Bank as shall be specified in the Transfer Order.
(8) Notwithstanding anything in the
Stamp Act, 1899 (II of 1899) or any other law for the time being in force no
stamp duty, registration or any other similar tax or levy shall be payable
under any law for the time being in force on or in relation to the vesting and
transfer made by the Transfer Order.
(9) The State Bank
may take all such further, supplemental, incidental and consequential actions,
and steps as may be necessary to give full effect to the provisions of this
section.
16. Employees transferred to the Bank.
– (1) The Transfer Order shall specify by category or by name the employees of
the State Bank who shall, as from the Transfer Date, stand transferred to, and
become the employees of, the Bank by virtue of the Transfer Order.
(2) The Transferred Employee shall not
be entitled to any compensation or any other payments whatsoever as a
consequence of transfer to the Bank.
(3) The existing terms and conditions
of service and the benefits to which the Transferred Employees are entitled to
in the State Bank, including pension, gratuity, Provident and benevolent funds
benefits and benefits of the existing staff regulations shall be assured to the
Transferred Employees upon their transfer to the Bank except where altered with
the consent of the Transferred Employees.
(4) As from the Transfer Date, the
benefits accrued to the Transferred Employees under the State Bank’s pension,
gratuity, provident fund, benevolent fund and any other employees benefit
schemes of the State Bank shall be transferred to similar funds and schemes
established by the Bank and the Transferred Employees shall be deemed to have
become members of, and become entitled to the benefits of, such funds and
schemes of the Bank.
(5) For the purpose of benefits to the
Transferred Employees under the pension, gratuity, provident and benevolent
fund and other employees benefits schemes of the Bank, the period of employment
of the Transferred Employees under the State Bank shall count towards their
employment under the Bank notwithstanding the date of transfer of the
Transferred Employees to the Bank
PART IV
DIRECTIONS TO THE BANK
17. Power of the State Bank to give
directions-(1) Where the State Bank
is satisfied that,---
(a) in the
public interest; or
(b) to
prevent the affairs of the Bank being conducted in a manner detrimental to the
interests of its customers or in a manner prejudicial to the interests of the
Bank or of the State Bank; or
(c) to
secure the proper management of the Bank generally,
it is necessary to issue directions to the Bank, the
State Bank may, from time to time, issue such directions as it may deem fit and
the Bank shall be bound to comply with such directions.
(2) The State Bank may, on
representation made to it, or on its own motion, modify or
cancel any direction issued under sub-section (1) and in so modify or canceling
any such direction may impose such conditions as it thinks fit, subject to
which the modifications or cancellation shall have effect.
PART V
DELEGATION BY THE STATE BANK
18. Delegation of the powers of the
State Bank.-(1) The State Bank may,
by order in writing, direct that all or any of the State Bank’s powers and
functions under this Ordinance, the Act, the Banking Companies Ordinance, 1962(LVII of 1962), the Foreign Exchange Regulation Act, 1947(VII of 1947), or under any other laws, rules, regulations,
orders, notifications or bye-laws for the time being in force shall, subject to
the provision of section 5 of this Ordinance, be exercised by the Bank, as the
State Bank may, from time to time, specify by order in writing.
(2) Where the Governor or any other
executive of the State Bank authorized by the Governor in this behalf has,
under sub-section (1) directed that any of the State Bank’s powers or functions
under any law, rules, regulations, ore=dears, notifications or bye- laws for
the time being in force shall be exercised, or performed, by the Bank the Board
may, by resolution, direct that nay of such powers and functions shall be
exercised, or performed, subject to such limitations, restrictions or
conditions, if any as the Board may, from time to time, impose by the Managing
Director or any other Director, executive or other employee of the Bank
specified by the Board.
(19) Appointments under section 23B of
the Foreign Exchange Regulation Act, 1947-(1) Notwithstanding the provisions of
section 23B of the Foreign Exchange Regulation Act, 1947(VII of 1947), the State Bank, by order in writing, authorize
in relation to any area specified in such order any executive of the Bank to
act as the Director of Adjudication, an additional Director of Adjudication, a
Joint Director of Adjudication, a Deputy Director of Adjudication or an
Assistant Director of Adjudication for the purposes of section 23B thereof.
(2) The executives of the State Bank
currently acting as the Director of Adjudication, the Additional Director of
Adjudication, the Joint Director of Adjudication, the Deputy Director of
Adjudication, and the Assistant Director of Adjudication in respect of any
area
and transferred to the Bank pursuant to the Transfer Order shall continue to
hold such appointments until removed by the State Bank and shall be deemed to
have been appointed by the Federal Government for the purpose of section 23B of
the Foreign Exchange Regulation Act, 1947 (VII of 1947).
PART VI
MISCELLANEOUS
20. Duty of Officers and servants to
maintain secrecy. – (1) Except in the
performance of his duties under this Ordinance, every executive or other
employee of the Bank shall preserve and aid in preserving
secrecy with regard to all matters relating to the affairs of the Bank and of
the State Bank coming to his knowledge and not published by the Bank or by the
State Bank and with regard to all matters relating to the financial or monetary
affairs of any bank, institution, person, body or persons, any Government or
authority whether in Pakistan or outside Pakistan that may come to his
knowledge in the performance of his duties.
(2) Every such executive or other
employee who communicates any such matter, except when required by law so to
do, or in the discharge of his duties as such, shall be guilty of an offence
punishable with imprisonment of either description for a term which may extend
to three years, or with fine which may extend to one hundred thousand rupees,
or with both.
(3) No court shall take cognizance of
any offence punishable under this section except upon a complaint in writing by
a person authorized in this behalf by the Board.
21. Bank and its Officers to be
public officers. - (1) For the
purposes of Article 7 of the Qanun-e-Shahadat Order, 1984 (P.O. No. 10 of
1984), the provisions of Part IV of the Code of Civil Procedure, 1908 (Act V of 1908), and the provisions of rule 27 of Order V, and
rule 52 of Order XXI of the Said Code, the Bank and any person in the service
of the Bank acting in his capacity as such shall be deemed to be a public
officer.
(2) The provisions of Article 6 of the
Qanun-e-Shahadat Order, 1984 (P.O. No.10 of 1984), shall apply to the
unpublished records of the Bank and the Managing Director shall be deemed to be
the officer or head of the department concerned.
22. Persons in the service of the
Bank to be public servants. – Every
person in the service of the Bank shall be deemed to be a public servant within
the meaning of section 21 of the Pakistan Penal Code (Act XLV of 1860).
23. Production of unpublished
records of the Bank, etc. – (1) No
court, tribunal or other authority shall be entitled to compel the Bank or any
person in the service of the Bank to produce or, as the case may be, give any
evidence derived from, any unpublished records of the Bank.
(2) No court, tribunal or other
authority shall permit any one to produce or give evidence derived from, any
unpublished records of the Bank, except with the prior permission in writing of
the Managing Director who may give or withhold such permission as he thinks
fit.
(3) Notwithstanding anything contained
in this Ordinance or any other law for the time being in force, a report
prepared by the Bank on a banking company under any law for the time being in
force shall be deemed to be unpublished for the purposes of sub-sections (1)
and (2) even if a copy of such report has been supplied to the banking company
to which the report pertains, the State Bank or the Federal Government.
24. Pension of Bank employees to be
exempt from attachments, etc. –
Notwithstanding anything contained in any law for the time being in force,
pensions granted by the Bank to its executives and other employees shall not be
liable to seizure, attachment or sequestration by process of
any court at the instance of a creditor, for any demand against the pensioner
or in satisfaction of a decree or order of any such court.
25. Exemption from taxes. – Notwithstanding anything contained in the Wealth Tax
Act, 1963 (XV of 1963), and the Income Tax Ordinance, 1979 (XXXI of 1979) or any other law for the time being in force
relating to wealth tax, income tax or super tax, the Bank shall not be liable
to pay any wealth tax, income tax or super tax on its income or wealth.
26. Power to make rules. – The State Bank may, by notification in the official
Gazette, make rules, consistent with the provision of this Ordinance, for
carrying out the purposes of this Ordinance.
27. Power to make regulations. – (1) The Bank may, subject to the prior approval of
the State Bank, make regulations, not inconsistent with the provisions of this
Ordinance and the rules made thereunder, to provide for all matters for which
provision is necessary or convenient for the purpose of giving effect to the
provisions of this Ordinance.
(2) Where any provision of the
regulations is inconsistent with any provision of the rules, the provision of
the rules shall prevail.
(3) Where the State Bank considers it
expedient so to do, it may be order in writing, director the Bank to make any
regulations or to amend or rescind any regulations already made, within such
period as it may specify in this behalf.
(4) If the Bank fails or neglects to
comply with any direction of the State Bank under sub-section (2) within the
specified period, the State Bank may make, amend or rescind any regulation
directed by the State Bank to be made, amended or rescinded, and a regulation
so made, amended or rescinded by the State Bank shall be deemed to have been
made, amended or rescinded by the Bank in accordance with the provisions of
this section and shall have effect accordingly.
28. Protection of action taken in
good faith. – No suit or other legal
proceedings shall lie against the State Bank or any director or officer of the
State Bank for anything which is in good faith done or intended to be done in
pursuance of this Ordinance or of any rules, regulations or orders made
thereunder.
29. Ordinance to override, etc. – (1) Except the application of any provision of the
Act to the Bank as a subsidiary of the State Bank, this Ordinance shall have
effect notwithstanding anything contained in any law for the time being in
force or in any agreement, contract, or other applicable documents or
instrument.
(2) The Banking Companies Ordinance,
1962 (LVII of 1962), shall not apply to the Bank.
30. Removal of difficulties. – If any difficulty arises in giving effect to any of
the provisions of this Ordinance, the State Bank may make such order not
inconsistent with the provisions of this Ordinance, as may appear to it to be
necessary for the purposes of removing the difficulty:---
Provided that no such power shall be
exercised after the expiry of two years from the commencement of this Ordinance.
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