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The State Bank of Pakistan Act 1956

The State Bank of Pakistan Act 1956

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Published by: Huzefa Mannan Dohadwala on Aug 04, 2011
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08/04/2011

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(i)
THE STATE BANK OF PAKISTANACT, 1956CONTENTSCHAPTER I - PRELIMINARYSECTIONSPage
1.Short title, extent and commencement12.Definitions1
CHAPTER II - EXTABLISHMENT,INCORPORATION AND SHARE CAPITALOF THE BANK
3.Establishment and incorporation of the Bank34.Share Capital35.Guarantee by Federal Government36.Notice of Trust47.Register of Shareholders4
CHAPTER III - MANAGEMENT
8.Offices, Branches and Agencies68A.Establishment and maintenance of subsidiary or trust69.Central Board of Directors79A.Functions and responsibilities of the Central Board79B.Monetary and Fiscal Policies Co-ordination Board810.Governor and Deputy Governor1011.Executive Committee1212.Local Boards, their constitution and functions1213.Qualifications and disqualifications of Directors and Members1314.Term of Office of Directors and Members1414A.Bar to Certain Proceedings (Omitted).1415.Removal from and vacation of office of the Governor,Deputy Governor, Directors and Members1516.General and Annual General Meetings16
 
(ii)
CHAPTER IV - BUSINESS AND FUNCTIONS OF THE BANKSECTIONSPage
17.Business which the Bank may transact1717A.Rural Credit Fund2317B.Industrial Credit Fund2417CExport Credit Fund2517DLoans Guarantee Fund2517EHousing Credit Fund2617FContributions and donations by the Bank2718.Power of direct discount2719.Declaration of approved foreign exchange2820.Business which the Bank may not transact2821.Government Business2822.Service Charges2923.Purchase and sale of foreign exchange2924.Sole right to issue Bank Notes3025.Legal tender3026.Issue Department3027.Denominations and form of Bank Notes3128.Re-issue of Notes3129.Lost, stolen, mutilated or imperfect notes3130.Assets of the Issue Department3131.Suspensions of assets requirements3332.Liabilities of the Issue Department3333.Obligation to supply different forms of currency3334.Obligation of the Federal Government in respect of rupee coin3435.Offences and penalties relating to unauthorized issue of Bills and Bank Notes3436.Cash reserve of scheduled banks to be kept with the Bank3537.Scheduled Banks3738.Power to require returns from corporations3839.Publications of consolidated statements by the Bank3840.Returns38
 
(iii)
CHAPTER V - GENERALSECTIONSPage
41.Reserve Fund4042.Allocation of Surplus4043.Auditors4044.Government Auditors4045.Power and Duties of Auditors4146.The Bank and its Officers to be public officers4146A.Production of unpublished record of Bank, etc.4246B.Inconsistent Directives not be issued4247.Pensions of Bank employees to be exempt fromattachments, etc.4248.Exemption from Stamp Duty4249.Exemption from Taxes4350.Liquidation of the Bank4351.Act or Proceeding of the Central Board not to be questioned4352.Powers of Government to Supersede the Central Board4353.Duty of officers and servants to maintain secrecy4454.Powers of Central Board to make regulations4454A.Provisions to override other laws4654B.Removal of difficulties4655.Repeal47
THE SCHEDULE
AREAS SERVED BY THE VARIOUS SHARE REGISTERS

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