Please
refer to BSD Circular Letter No.1 of 1-1-2002 concerning prior
clearance of State Bank for appointment of Chairman/President/Managing
Director/Chief Executive/Member Board of Directors of Banks/NBFIs.
II. The matter has been reviewed and
it has been decided to substitute the instructions contained
in para 3 of the aforesaid circular letter as under:-
“3.
Keeping the aforesaid position in view, it has been
decided that a person can become Director/nominee Director
of a Bank/NBFI unless he falls within one or more categories
mentioned below:
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a. |
Persons
who are holding substantial interest (i.e. not less
than 20% of the shares) or are working as Chairman,
Director, Chief Executive, Chief Financial Officer,
Chief Internal Auditor, Research Analyst or Trader (by
whatever name/designation called) of a :
i)
Money changer (firm or sole proprietorship).
ii)
Member of a Stock Exchange.
iii)
Corporate Brokerage House.
iv)
Any company/entity owned and controlled by the
persons mentioned at (i) to (iii) above. |
|
b. |
Persons
who are acting as consultants, advisers of bank/NBFI
in which they intend to be directors.” |
III.
Notwithstanding anything stated above, anyone can become
a Director of Bank/NBFI if he has a minimum holding of 10%
or above in the Bank/NBFI where he intends to become a Director/Nominee
Director subject to the approval of State Bank of Pakistan.
VI. All other instructions on the subject
shall, however, remain unchanged.
V. Banks/NBFIs having directors
on their boards who do not fulfill the criteria prescribed
hereinabove are asked to regularize their position by 31st
July, 2002.
Please acknowledge receipt.
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