Updated: Sunday February 06, 2011/AlAhad
Rabi' Awwal 03, 1432/Ravivara
Magha 17, 1932, at 06:44:12 PM
The Bank of
(Pb. Act XII of 1989)
C O
N T E N T S
Sections
1. Short title, extent and
commencement.
1-A. Act to override other
laws.
2. Definitions.
3. Establishment and
incorporation of the Bank.
4. Share capital.
5. Register of Shareholders.
6. Qualifications of
shareholder.
7. Government to be
shareholder.
8. Head Office of the Bank.
9. Board.
10. Constitution of the
Board.
11. President.
12. Qualifications and
disqualifications of Directors.
13. Removal of Directors.
14. Terms of office of
Directors.
15. Vacancies.
16. General and Special
Meetings.
17. Votes of shareholders.
18. Business which the Bank
is authorised to transact.
19. Business which the Bank
is not authorised to transact.
20. Exceptions.
21. Auditors.
22. Government Auditors.
23. Rights and Duties of
Auditors.
24. Liquidation of the Bank.
25. Power of the Board to
make bye-laws.
26. Immunity.
[1][1]The Bank of Punjab Act, 1989
(Pb. Act XII
of 1989)
[
An Act
to constitute the Bank of
Preamble.– Whereas it is expedient to provide for the
establishment of a Bank of providing banking facilities in the
It
is hereby enacted as follows:-
1. Short title, extent and commencement.– (1) This Act may be called the Bank of
Punjab Act, 1989.
(2) It extends to the whole of the
(3) It shall come into force at once.
[2][2][1-A. Act to override other laws.– This Act shall have effect notwithstanding
anything contained in any other law for the time being in force.]
2. Definitions.– In this Act, unless there is anything
repugnant in the subject or context,–
(a) “the
Bank” means the Bank of Punjab constituted by the Act;
(b) “the
Board” means the Board of Directors of the Bank;
(c) “Director”
means a Director for the time being of the Board;
(d) “dividend”
includes bonus;
(e) “goods”
includes bullion, wares and merchandise;
(f) “general meeting” means the annual meeting of
the shareholders of the Bank;
(g) “Government”
means Government of the
(h) “meeting”
includes an adjourned holding of the meeting;
(i) “prescribed” means prescribed by bye-laws made
under this Act;
(j) [3][3][“President”] means the [4][4][President] of the Bank;
(k) “special
meeting” means a meeting of the shareholders of the Bank convened for
transacting some particular business specified in the notice convening the
meeting;
(l) “special
resolution” means a resolution passed at a special meeting; and
(m) [5][5][* * * * * * * * * * * *]
3. Establishment and incorporation of the
Bank.– (1) As soon as may be
after the commencement of this Act, there shall be constituted in accordance
with the provisions of this Act a bank to be called the Bank of Punjab to carry
on the business of banking.
(2) The Bank
shall be a body corporate having perpetual succession and a common seal and
shall by the said name sue and be sued.
4. Share capital.– (1) Subject to the provisions of this Act
the authorised Capital of the Bank shall be [6][6][ten thousand million rupees divided into one
thousand million ordinary shares] of ten rupees each.
(2) Out of the said capital there shall,
from time to time, be issued such number of shares and on such terms, if any,
including the terms of the brokerage and underwriting, as the Board may decide.
(3) The liability of the shareholders of the
Bank shall be limited to the amount not fully paid up on their shares.
(4) The shareholders of the Bank may,
subject to the sanction of the Government, by special resolution, increase or
reduce the capital of the Bank.
(5) The shares of the Bank shall be movable
property and each share shall be distinguished by its appropriate number.
5. Register of Shareholders.– The Bank shall maintain at its Head Office
established under section 8 a register, to be called the Register of the
Shareholders of the Bank, and shall enter therein such particulars as may be
prescribed.
6. Qualifications
of shareholder.– (1) No person shall be qualified to be registered as shareholder who by
reason of anything contained in any law for the time being in force is not
competent to enter into any contract.
(2) A person
who subsequent to his registration, is discovered to have been not qualified as
aforesaid at the time of registration shall not be entitled to exercise any of
the rights of a shareholder otherwise than for the purpose of the sale of his
shares under the orders of a competent Court.
7. Government to be shareholder.– Notwithstanding anything contained in
section 6, the Government shall be a shareholder of the Bank and shall held at
all times not less than [7][7][fifty-one percent] of the shares issued by
the Bank.
8. Head Office of the Bank.– The Head Office of the Bank shall be at
9. Board.– The general superintendence and direction of
the affairs and business of the Bank shall be entrusted to a Board which may
exercise all powers and do all such acts and things as may be exercised or done
by the Bank and are not by this Act expressly directed or required to be done
by the Bank in general meeting.
10. Constitution of the Board.– (1) The Board shall consist of the following
Directors, namely–
(a) the
[8][8][President]
appointed by the Government under section 11;
(b) four
Directors elected in special meeting by the shareholders for a term of three
years; and
(c) six
Directors appointed by the Government:
Provided that a Director under clause (b), shall not be
eligible to seek election after a second consecutive term without a break of
one term.
[9][9][(2) The
Chairman of the Board shall be nominated by [10][10][Government] from amongst official directors.
(3) The Chairman shall preside over the
meetings of the Board and shall have a casting vote, but he shall not exercise
any executive authority or powers.]
11. [11][11][President].– (1) The [12][12][President] shall be appointed by the Government for a period [13][13][of] five years and on such salary and terms
and conditions of service as the Government may determine:
Provided
that neither the salary nor the terms and conditions of service shall be varied
to his disadvantage during his tenure of office:
Provided
further that the appointment may be terminated in the manner prescribed on the
ground of physical or mental incapacity or gross misconduct.
(2) The [14][14][President] shall on the expiry of his term of office be eligible for
re-appointment.
(3) The [15][15][President] shall be the chief executive officer of the Bank and shall,
subject to any bye-laws made in this behalf, direct and control, on behalf of
the Board, the affairs of the Bank.
12. Qualifications and disqualifications of
Directors.– (1)No person not
appointed by the Government to serve as a Director shall be qualified to serve
as Director unless he is a holder in his own right of unencumbered shares of
the Bank to the nominal amount of [16][16][twenty-five] thousand rupees at the least.
(2) No person shall be qualified to serve as
a Director–
(a) if he is a salaried officer of any Government
whether within or without
(b) if he has been convicted of an offence
involving moral turpitude;
(c) if he was at any time in the service of the
Bank and was dismissed or his services had been terminated by the Bank;
(d) if he is a Director of any commercial bank
other than a bank sponsored or established by or under the authority of the
Government or the State Bank of Pakistan for the development of industry or
agriculture in the country, or a bank which is a society registered under the
Co-operative Societies Act, 1925 or any other law for the time being in force
in Pakistan relating to co-operative societies;
(e) if he is in the employment of any banking
company, whether on salary or on commission, and is engaged in the performance
of any continuous service for remuneration for any such company;
(f) if he is for the time being disqualified for
membership of any body established by or under any law for the time being in
force of which the constituent members are wholly or partly chosen by means of
election [17][17][;or]
[18][18][(g) if
he has been found by a competent court under any law to have acted against the
interest of a person with whom he had fiduciary relationship].
(3) The office of a Director shall be
vacated–
(a) if the person holding it resigns his office or
dies;
(b) if he accepts or holds any other office of profit
under the Bank;
(c) if he is, or at any time has been, adjudicated
an insolvent, or compounds with his creditors or suspends payment;
[19][19][(d) if
he is declared to be a lunatic or of unsound mind by a competent court;]
(e) if he has absented himself from three
consecutive meetings of the Board or from all such meetings for a continuous
period of six months, whichever is longer, without leave of absence from the
Board;
(f) if he ceases to hold in his own right the
amount of shares required to qualify him for the office;
(g) if he incurs any of the disqualifications
mentioned in sub-section (2);
(h) if, in relation of the Bank, he has failed to
pay any advance, loan or credit limit or any installment thereof or interest
thereon, or any amount due on any guarantee or to do or perform any act agreed
or undertaken in writing to be done or performed by him, and such failure
continues for a period of one month after notice in writing has been served on
him by the Bank calling upon him to make the payment or to do or perform the
act; or
(i) if he has been a Director for a continuous
period of six years from the date when he was first elected as such Director
or, as the case may be, was appointed by name and otherwise than by designation
of office, as such Director.
(4) No two persons who are partners of the
same mercantile firm, or who are Directors of the same private company, or one
of whom is the general agent of, or holds a power of procuration from the other
or from a mercantile firm of which the other is a partner, shall be eligible or
qualified to serve as Directors of the Board.
13. Removal of
Directors.– (1) The shareholders may, by a special resolution passed by the votes
of shareholders holding in the aggregate more than one half of the paid-up
capital for the time being remove any Director, other than a Director appointed
by the Government, before the expiration of his period of office and appoint in
his stead a qualified person who shall hold office subject to sub-section (2)
of section 15.
(2) Directors appointed by the Government
may be removed and replaced by other Directors at the discretion of the
Government.
14. Terms of office of Directors.– A Director appointed by the Government other
than the [20][20][President], shall hold office during the pleasure of the Government.
15. Vacancies.– (1) Any vacancy occurring on the Board by
the death, resignation, removal or disqualification of any Director shall be
filled by the remaining Directors, who shall co-opt a duly qualified person to
fill the vacancy:
Provided
that where a vacancy occurs in the office of a Director appointed by the
Government, the vacancy shall be filled only by appointment by the Government.
(2) Any Director so appointed shall be
deemed to have held office from the date on which the Director in whose place
he is appointed was appointed, or, when such Director was co-opted or appointed
under sub-section (1), from the date on which his immediate predecessor was
appointed, as the case may be.
(3) Any Director co-opted under sub-section
(1) shall retire at the next general meeting, as the case may be, and the
vacancy so occurring on the Board shall be filled by election as provided under
this Act.
16. General and Special Meetings.– (1) In the first week of March in every
year, or as soon thereafter as is convenient, a general meeting shall be held
annually at the head office at Lahore, at such time as may be determined by the
Board and at the meeting the shareholders present shall be entitled to discuss
the annual account, the report of the Board on the working of the Bank
throughout the year, and the auditors’ report on the annual balance sheet and
accounts, made up to the preceding thirty-first day of December.
(2) Special meetings shall be convened and
held in such manner and at such time and place as may be prescribed.
17. Votes of shareholders.– [21][21][(1) Every shareholder shall be entitled to
attend any meeting and each shareholder who has been registered as such for a
period of not less than three months prior to the date of such meeting shall
when present in person and on a show of hands, have one vote and on a poll each
shareholder so registered, shall have one vote for each share held by such
shareholder:
Provided
that any shareholder shall be entitled to vote at any meeting unless all calls
or other sums presently payable by him in respect of shares of the Bank have
been paid.]
(2) On a poll votes may be given either
personally or by proxy, but the Government as a shareholder may appoint any
person to be present at any general meeting and to vote on its behalf.
18. Business which the Bank is authorised to
transact.– The Bank is
authorised to carry on and transact the several kinds of business hereinafter
specified, namely–
(1) the advancing and lending of money, and opening
of cash-credits upon the security of–
(a) stocks, funds and securities in which a
trustee is authorised to invest trust money by any law for the time being in
force in Punjab and shares of the State Bank of
(b) participation term certificates or other
securities for money issued under the authority of any law for the time being
in force in
(c) goods which or the documents of title to which are deposited with,
or assigned to, the Bank as security for such advances, loans or credits;
(d) subject to such directions as may be issued by the Board,
participation term certificates of companies with limited liability;
(e) shares of companies with limited liability, in accordance with such
directions in this regard as may be issued from time to time, by the State Bank
of
(f) goods which are hypothecated to the Bank as security for such
advances, loans or credits;
(g) accepted bills of exchange and promissory notes endorsed by the
payees and joint and several promissory notes of two or more persons or firms
unconnected with each other in general partnership;
(h) immovable property or documents of title
relating thereto, subject to such directions as may be issued by the Board;
(i) subject to such directions as may be issued by the Board, crops:
Provided that any
advances or loans which are guaranteed by the Government may be made without
any specific security;
(2) the selling and realisation of proceeds of
sale of any such promissory notes, participation term certificates, stock
receipts, bonds, annuities, stocks, shares, securities or goods which, or the
documents of title to which, have been deposited with, or pledged,
hypothecated, assigned or transferred to, the Bank as security for such
advances, loans or credits or which are held by the Bank or over which the Bank
is entitled to any lien or charge in respect of any such advance of loan or
credit or any debt or claim of the Bank, and which have not been redeemed in
due time in accordance with the terms and conditions (if any) of such deposit,
pledge, hypothecation, assignment or transfer;
(3) the advancing and lending of money to Courts
of Wards upon the security of estates in their charge or under their
superintendence and the realisation of such advances or loans and any interest
due thereon:
Provided that no such
advance or loan shall be made without previous sanction of the Government;
(4) the drawing, accepting, discounting, buying
and selling of bills of exchange and other negotiable securities;
(5) The investing of the funds of the Bank in, or
the underwriting of, any stocks, funds, shares, securities, participation term
certificates, bonds or [22][22][scrips] or other securities for money issued by a
public limited company or any corporation established by or under any law for
the time being in force or under the authority of the Government or the State
Bank of Pakistan, converting and covering the same into money when required,
and altering and transposing any such investment for or into any other of such
investments;
(6) the issuing of letters of credit;
(7) the buying and selling of gold and silver
whether coined or uncoined;
(8) the receiving of deposits and keeping cash
accounts on such terms as may be agreed on;
(9) the acceptance of the charge of plate, jewels,
title-deeds or other valuable goods on such terms as may be agreed on;
(10) the managing, selling and realising of all
property whether movable or immovable which may in any way come into the
possession of the Bank in satisfaction or part satisfaction of any of its
claims, and acquisition and holding, and generally the dealing with, any right,
title or interest in any property movable or immovable which may be Bank’s
security for any advance or loan or may be connected with any such security:
Provided that the Bank
shall not take over the management of any such property except in pursuance of
any agreement with the debtor or of an order, judgement or decree of a court of
competent jurisdiction;
(11) the
transaction of pecuniary agency business on commission and the entering into of
contracts of indemnity, suretyship or guarantee with specific security or
otherwise, and the underwriting, participating in and carrying out of the issue
of any stock, shares, participation term certificates and other securities;
(12) the administration of estates for any purpose
whether as an executor, trustee or otherwise and the acting as agent on
commission in the transaction of the following kinds of business, namely–
(a) the buying, selling, transferring and taking
charge of any securities or any shares in any public company;
[23][23][(b) the
receiving of the proceeds whether principal interest or dividends of any
securities or shares;]
(c) the remittance of such proceeds by public or
private bills of exchange, payable either in
(13) the drawing of bills of exchange and the
granting of letters of credit payable out of
(14) the buying of bills of exchange payable out of
(15) the borrowing of money for the purpose of the
Bank’s business, and the giving of security for money so borrowed by pledging
assets or otherwise;
(16) the paying, receiving, collecting and
remitting money, bullion and securities under any agreement with the State Bank
of Pakistan as its agent on behalf of Government undertaking and transacting
any business which the State Bank of Pakistan may from time to time entrust to
it;
(17) the establishing and discontinuing of branches
and agencies;
(18) the acquiring, maintaining and transferring of
the Bank’s residential and business premises;
(19) the taking over of the business, including the
capital assets and liabilities of any other bank, with the sanction of the
Government;
(20) the granting of advances or loans to any other
bank for the purpose of averting or facilitating its winding up;
(21) with the previous permission in writing of the
Government and the State Bank of
(a) the investing of the funds of the Bank in any bank incorporated
outside
(b) participating in the management and administration of any such
bank in which the funds of the Bank have been invested;
[24][24][(22) the
advancing of money on non-interest basis and according to the various common
modes of financing;]
(23) the undertaking of lease financing; and
(24) generally, the doing of all such matters and
things as may be incidental or subsidiary to the transacting of the various
kinds of business including foreign exchange business hereinbefore specified.
[25][25][Explanation.–
The expressions, “granting of advances or loans” or “advancing and lending of
money” and their cognate expressions shall include financing on the basis of
various approved modes of common interest based financing like financing by
lending, trade related modes of financing, and investment type modes of
financing.]
19. Business which the Bank is not authorised to
transact.– The Bank shall
not transact any kind of banking business other than those specified in section
18, and in particular–
(1) the
Bank shall not make any advance or loan upon the security of its shares;
(2) the
Bank shall not discount or buy or advance or lend to any individual or
partnership-firm an amount exceeding in the whole at any one time such sum as
may be prescribed;
(3) the
Bank shall not discount or buy or advance or lend or open cash credits on the
security of any negotiable instrument of any individual or partnership-firm,
payable in the town or at the place where it is presented for discount, which
does not carry on it the several responsibilities of at least two persons or
firms unconnected with each other in general partnership:
Provided that nothing in
this section shall be deemed to prevent the Bank from granting overdrafts and
loans without security, to such extent as may be prescribed.
(4) the Bank shall not grant to any person who has
been elected or appointed as a Director and for so long as he continues to hold
that office any advance, loan, credit, limit guarantee or other facilities, or [26][26][alter] to his advantage the terms and conditions
of any advance, loan, credit limit, guarantee or other facility granted before
his election or appointment as a Director:
Provided that nothing in
this clause shall prevent the Bank from continuing or renewing any such advance,
loan, credit limit, guarantee or other facilities as may have already been
granted to such person before his election or appointment as a Director.
20. Exceptions.– Notwithstanding anything contained in this
Act, the Bank is authorised to–
(1) grant advances or loans to its officers and
staff for the purpose of building residential houses, including the cost of
land, on such security, including immovable property, and on such terms and
conditions and for such periods as may be prescribed;
(2) grant
advances or loans, [27][27][for] any period exceeding one year but not
exceeding five years, to such small and medium industries as may, from time to
time, be specified by the Board on such terms and conditions as may be
prescribed:
Provided that the amount of
advances and loans outstanding at any time under this clause shall not exceed
five percent of the total amount of bank deposits at such time;
(3) grant
or subsidise, from time to time, pensions, gratuities, bonuses or other funds
created for the benefit of its officers and staff or their dependents;
(4) contribute
to the promotion of research in banking and allied subjects; and
(5) donate
funds for any charitable objects or to any charitable institutions or
societies.
21. Auditors.– (1) Not more than two
auditors who shall be [28][28][Chartered] Accountants shall be elected and their
remuneration fixed at the general meeting. The auditors may be shareholders,
but no Director or other officer of the Bank shall be eligible during his
continuance in office. Any auditor shall be eligible on quitting office for
re-election.
(2) The first
auditors of the Bank may be appointed and their remuneration fixed by the Board
before the general meeting and if so appointed shall hold office only until the
first general meeting. All auditors elected under this section shall severally
be and continue to act as auditors until the first general meeting after their
respective elections:
Provided that if any casual vacancy occurs in the office
of any auditor elected under this section, the vacancy may be filled by the
Board.
22. Government
Auditors.– Without prejudice to anything contained in the foregoing provisions,
the Government may appoint such auditors as it thinks fit to examine and report
upon the accounts of the Bank.
23. Rights and Duties of Auditors.– (1) Every auditor shall be supplied with a
copy of the annual balance sheet and statement of profit and loss accounts and
it shall be his duty to examine the same, with the accounts and vouchers
relating thereto. 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 the books,
accounts and other documents of the Bank, and may, at the expense of the Bank
if appointed by it, and at the expense of the Government if appointed by it,
employ accountants or other persons to assist him in investigating such
accounts, and may, in relation to such accounts, examine any Director, or any
other officer of the Bank.
(2) The auditors shall make a report to the
shareholders or to the Government as the case may be, upon the annual balance
sheet and the statement of profit and loss accounts and in every such report
they shall state whether, in their opinion, the balance sheet and the statement
of profit and loss accounts are full and fair statements containing the
prescribed particulars and properly drawn up so as to exhibit a true and
correct view of the state of the Bank’s affairs, and in case they have called
for any explanation or information from the Board whether it has been given and
whether it is satisfactory. Any such report made to the shareholders shall be
read together with the report of the Board at the general meeting.
24. Liquidation of the Bank.– Nothing in the Companies Ordinance, 1984, shall
apply to the Bank and the Bank shall not be placed in liquidation save by the
order of the Government, and in such manner and under such terms and
conditions, including the terms as to calls on and forfeiture of shares, as the
Government may by its order of liquidation direct.
25. Power of the Board to make bye-laws.– (1) The Board may
[29][29][* * *]make bye-laws not inconsistent with
this Act to provide for all matters for which provision is necessary or
convenient for the purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to
the generality of the foregoing provisions, such bye-laws may provide for all
or any of the following matters, namely–
(i) the maximum amounts which may be advanced or
lent to, or for which bills may be discounted for or purchased from, any
individual or partnership-firm with or without security;
(ii) the conditions subject to which loan advances
may be made to Directors, or officers or other staff of the Bank, or the
relatives of such Directors, or officers, or other staff or to companies, firms
or individuals with which or with whom such Directors, officers or other staff
or relatives are connected as partners, Directors, managers, servants,
shareholders or otherwise;
(iii) the manner in which and the conditions subject
to which the Bank may take over the business, including the capital, assets and
liabilities, of any other bank;
(iv) the granting of advances or loans to any other
bank for the purpose of averting or facilitating its winding up;
(v) the procedure and manner in which the capital
of the Bank may be increased or reduced;
(vi) the acquisition, maintenance and transfer of
the Bank’s residential and business premises;
(vii) the contents, maintenance, inspection and
closure of the register of shareholders;
(viii) the books and accounts to be kept at the
various offices of the Bank;
(ix) the balancing of accounts and ascertainment of
profit and loss;
(x) the form and manner in which the balance sheet
and the statement of profit and loss shall be drawn up;
(xi) the determination and payment of dividend and
transfer of profits to reserves;
[30][30][(xii) the
preparation and transmission of returns to the Government;]
(xiii) the evidential value, form, issue and renewal
of certificates of shares;
(xiv) the calls on shares, the payment of such
calls, joint and several liabilities of shareholders in respect of such calls,
the Bank’s lien on shares, the manner of its enforcement, forfeiture and the
application of proceeds of sale;
(xv) the manner in which and the conditions subject
to which shares may be allotted, held, transferred and transmitted and
generally all matters relating to the rights and duties of shareholders;
(xvi) the manner in which general and special
meetings shall be convened and held, the quorum thereat, the procedure to be
followed at such meetings, the manner in which votes may be exercised and the
appointment and election of Chairman of such meetings;
(xvii) the holding and conduct of elections under
this Act;
(xviii) the final decisions on doubts and of disputes
regarding the qualifications of candidates or the validity of elections;
(xix) the manner in which meetings of the Board
shall be convened and held, their quorum, the procedure to be followed at such
meetings, votes of Directors, and ex-officio Members and the manner in which
they may be exercised, and the appointment or/and election of Chairman of such
Board;
(xx) the effect of vacancies in the Board and of
subsequent discovery of disqualifications of a Director;
(xxi) the obligations and immunities of Directors;
(xxii) the distribution of business amongst the
Directors and their remuneration, if any;
(xxiii) the delegation of any powers of the Board to
committees consisting of Directors, as the case may be, and the conduct of
business in such committees;
(xxiv) the establishment and discontinuance of
branches and agencies in
(xxv) the recruitment of officers and staff of the
Bank including the terms and conditions of their service, and the constitution
and management of staff and superannuation funds for the officers and servants
of the Bank;
(xxvi) the authority to draw, accept, endorse and
execute documents on behalf of the bank;
(xxvii) the provision of common and official seals of
the Bank and the manner and effect of their use;
(xxviii) the manner and form in which contracts binding
on the Bank may be executed;
(xxix) the conduct, institution and defence of legal
proceedings and the manner of signing pleadings;
(xxx) the addresses of shareholders and the issue
and service of notices;
(xxxi) the service of notice on the Bank; and
(xxxii) generally, for the efficient conduct of the
business, discharge of functions and management of the Bank.
[31][31][26. Immunity.– No suit, prosecution or other legal
proceedings shall lie against the Chairman, any Director or Government for
anything which is in good faith done or is intended to be done under this Act
or any bye-law framed under it.]
[1][1]This Act was passed by the
Punjab Assembly on 3rd July, 1989; assented to by the Governor of the Punjab on
26th July, 1989; and, was published in the Punjab Gazette (Extraordinary),
dated 30th July, 1989, Pages 41-A to 41-L.
[2][2]Added by the Bank of
[3][3]Substituted
for the words “Managing Director” by the Bank of
[4][4]Ibid.
[5][5]Deleted by the Bank of
[6][6]Substituted firstly by the
Bank of Punjab (Amendment) Act 1997 (VIII of 1997), secondly by the Bank of
Punjab (Amendment) Ordinance, 2001 (IV of 2001), and thirdly by the Bank of
[7][7]Substituted by the Bank of
[8][8]Substituted
for the words “Managing Director” by the Bank of
[9][9]Substituted
by the Bank of Punjab (Amendment) Ordinance, 2002 (LVII of 2002), which will
remain in force under the Provisional Constitution (Amendment) Order 1999 (9 of
1999), Article 4, notwithstanding the maximum limit of three months prescribed
under Article 128 of the Constitution of the Islamic Republic of Pakistan.
[10][10]Substituted
for the word “Governor” by the Bank of
[11][11]Substituted
for the words “Managing Director” by the Bank of
[12][12]Ibid.
[13][13]Substituted
for the words “not less than three years and not exceeding” by the Bank of
Punjab (Amendment) Ordinance, 2002 (LVII of 2002), which will remain in force
under the Provisional Constitution (Amendment) Order 1999 (9 of 1999), Article
4, notwithstanding the maximum limit of three months prescribed under Article
128 of the Constitution of the Islamic Republic of Pakistan.
[14][14]Substituted
for the words “Managing Director” by the Bank of
[15][15]Ibid.
[16][16]Substituted by the Bank of
[17][17]Substituted by the Bank of
[18][18]Added ibid.
[19][19]Substituted ibid.
[20][20]Substituted
for the words “Managing Director” by the Bank of
[21][21]Substituted by the Bank of
[22][22]Substituted by the Bank of
[23][23]Substituted by the Bank of
[24][24]Substituted by the Bank of
[25][25]Added ibid.
[26][26]Substituted by the Bank of
[27][27]Ibid.
[28][28]Ibid.
[29][29]The
words and commas “, with the previous approval of the Government,” deleted by
the Bank of Punjab (Amendment) Ordinance, 2002 (LVII of 2002), which will
remain in force under the Provisional Constitution (Amendment) Order 1999 (9 of
1999), Article 4, notwithstanding the maximum limit of three months prescribed
under Article 128 of the Constitution of the Islamic Republic of Pakistan.
[30][30]Substituted by the Bank of
[31][31]Added by the Bank of
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