Please refer to BPRD Circular No. 01 dated March 05, 2007 on the captioned subject.

2. It has been decided that whenever, the Board of Directors of a MFB considers to remove its President/Chief Executive Officer (CEO) before the expiration of his/her term of office, through the defined statutory process, State Bank of Pakistan (SBP) must invariably be informed at least two months ahead of the implementation of such decision along-with the reasons for the same.

3. The President/CEO, whenever, decides to tender resignation before completion of his/her term of office, he/she must inform SBP at least two months before tendering resignation.

4. The Chairman of the Board of Directors of the MFB would be responsible for submission of the requisite information to SBP for the Para-2 above.

5. Other instructions on the subject shall, however, remain unchanged.

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