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The Banking Companies Ordinance, 1962

The Banking Companies Ordinance, 1962

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Published by: Humayoun Ahmad Farooqi on May 26, 2010
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08/29/2014

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For Official Use OnlyBANKING COMPANIES ORDINANCE, 1962(LVII of 1962)ANDTHE BANKING COMPANIES RULES 1963MADE UNDER THE ORDINANCE
(As amended up to 31
 st 
May , 1997)
 
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THE BANKING COMPANIES ORDINANCE, 1962(LVII of 1962)CONTENTSPart - IPreliminarySections: Pages
1. Short title, extent and commencement 12. Application of other laws not barred 23. Limited application of Ordinance to Co-operative Banks (Omitted) 23A. Limited application of Ordinance to certain financial institutions 24. Power to suspend operation of Ordinance 25. Definitions:(a) “approved securities” 3(b) “banking” 3(c) “banking company” 4(d) “branch” or “branch office” 4(dd) “creditor” 4(e) “company” 4(ee) “debtor” 4(f) “demand liabilities” 4(ff) “family members” 4(g) “gold” 5(gg) “loans, advances and credit” 5(h) “managing director” 5(i) “prescribed” 5(j) “private company” 5(k) “registrar” 5(l) “scheduled bank” 5(m) “secured loans or advance” 5(mm) “securities” 5(n) “State Bank” 5(o) “substantial interest” 6
 
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Sections: Pages
6. Ordinance to override memorandum, articles, etc 6
Part –IIBusiness of Banking Companies
7. Forms of business in which banking companies may engage. 78. Use of the word ”Bank” or any of its derivatives. 109. Prohibition of trading. 1010. Disposal of non-banking assets. 1111. Prohibition of employment of managing agents andrestrictions on certain forms of employment. 1112. Restrictions on removal of records and documents. 1313. Requirement as to minimum paid-up capital and reserve. 1314. Regulation of paid-up capital, subscribed capital andauthorised capital and voting rights of shareholders. 1615. Election of new directors. 1715A. Appointment of director by State Bank. 1715B. Restriction on term of office of directors. 1715C. Vacation of Office. 1816. Restriction on commission, brokerage discount, etc.,on sale of shares. 1817. Prohibition of charge on un-paid capital. 1818. Prohibition of floating charge on assets. 1819. Restrictions as to payment of dividend. 1920. Prohibition of common directors. 1921. Reserve Fund. 2022. Cash Reserve. 2123. Restriction on the nature of subsidiary companies. 2124. Restrictions on loans and advances. 2225. Power of State Bank to control advances by banking companies. 2325A. Power of State Bank to collect and furnish credit information. 2425AA. Preparation of special reports. 2625B. Recovery of certain dues of banking companies as arrearsof land revenue. 26

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