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SBP ACT 1956

SBP ACT 1956

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Published by: waheedensari on May 04, 2010
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12/29/2013

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 I
THE STATE BANK OF PAKISTANACT, 1956CONTENTS
CAHPTER I -
PRELIMINARYSECTIONS Page
 1. Short title extent and commencement 12. Definition 1CHAPTER II -
ESTABLISHMENT,INCORPORATION AND SHARE CAPITALOF THE BANK
3. Establishment and incorporation of the Bank 34. Share Capital 35. Guarantee by Federal Government 46. Notice of trust 47. Register of shareholder 4CHAPTER III -
MANAGEMENT
8. Offices, Branches and Agencies 68A. Establishment and maintenance of subsidiary or trust 69. Central Board of Directors 79A. Functions and responsibilities of the Central Board 79B. Monetary and Fiscal Policies Coordination Board 810.
 
Governor and Deputy Governor 1011.
 
Executive Committee 1112.
 
Local Boards, their constitution and functions 13
13.
 
Qualifications and disqualifications of Directors and Members 13
14.
 
Term of Office of Directors and Members 1414A. Bar to Certain Proceedings (Omitted). 1515.
 
Removal from and vacation of Office of the Governor,Deputy Governors, Directors and Members 1516.
 
General and Annual General Meetings 16
 
 II
 CHAPTER IV -
BUSINESS AND FUNCTIONS OF THE BANKSECTIONS Page
 17.
 
Business which the Bank may transact 1717A. Rural Credit Fund 2317B. Industrial Credit Fund 2417C. Export Credit Fund 2517D. Loans Guarantee Fund 2617E. Housing Credit Fund 2617F. Contributions and donations by the Bank 2718.
 
Power of direct discount 2719.
 
Declaration of approved foreign exchange 2820.
 
Business which the Bank may not transact 2821.
 
Government Business 2922.
 
Bank rate 3023.
 
Obligation to buy or sell foreign exchange 3024.
 
Sole right to issue Bank Notes 3025.
 
Legal tender 3126.
 
Issue Department 3127.
 
Denominations and form of Bank Notes 3228.
 
Reissue of notes 3229.
 
Lost, stolen, mutilated or imperfect notes 3230.
 
Assets of the Issue Department 3231.
 
Suspension of assets requirements 3432.
 
Liabilities of the Issue Department 3433.
 
Obligation to supply different forms of currency 34
34.
 
Obligation of the Federal Government in respect of rupee coin
35
 
35.
 
Offences and penalties relating to unauthorized issue of Bills and Bank Notes 3536.
 
Cash reserve of scheduled banks to be kept with the Bank 3637.
 
Scheduled Banks 3838.
 
Power to require returns from Corporations 3939.
 
Publication of consolidated statements by the Bank 3940.
 
Returns 40
 
 III
 CHAPTER V -
GENERALSECTIONS Page
 
41.
 
Contribution by the Federal Government to the Reserve Fund
40
 
42.
 
Allocation of Surplus 4043.
 
Auditors44.
 
Government Auditors45.
 
Power and Duties of Auditors46.
 
The Bank and its Officers to be public officers46A. Production of unpublished record of Bank, etc.46B. Inconsistent Directives not be issued47.
 
Pensions of Bank employees to be exempted from attachments, etc.48.
 
Exemption from Stamp Duty49.
 
Exemption from Income Tax, Super Tax and Business Profits TaxAnd Provision for Deductions at Source of Income Tax on Dividents50.
 
Liquidation of the Bank 51.
 
Act or Proceeding of the Central Board not to be questioned52.
 
Powers of Government to Supersede the Central Board53.
 
Duty of officers and servants to maintain secrecy54.
 
Powers of Central Board to make regulations54A. Provisions to override other laws54B. Removal of difficulties55.
 
Repeal
THE SCHEDULE
AREAS SERVED BY THE VARIOUS SHARE REGISTERS

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