PART 1] THE GAZETTE OF PAKISTAN, EXTRA, OCT., 27, 1997 1677
Exchange
within the meaning of the State Bank of Pakistan Act,
1956 (XXXIII of 1956), specified by the State Bank in respect
of
such banking company;
and deposit
of un-encumbered approved securities. Without
prejudice to the provisions of section 83, the State Bank
may, by order in writing, require any banking company which
has failed to comply with the provisions of clause (b) of
sub-section (1) within the period determined and notified
under that clause to deposit with the State such amount not
in such terms and conditions as the State Bank may determine
and every banking company which is so required shall be bound
to comply with the order.
Exceeding the amount by which the aggregate value of the capital
and unencumbered general reserves of such banking company
falls short of the minimum amount of the aggregate of the
capital and unencumbered general reserves required to be maintained
by such banking company pursuant to clause (b) of sub-section
(1)
Any amount deposited and kept deposited with the State Bank
under the sub-section (2) by any banking company incorporated
outside Pakistan shall, in the event of the banking company
ceasing for any reason to carry on banking business in Pakistan,
be an asset of the banking company on which the claims of
all the creditors of the banking company in Pakistan shall
be the first charge.
If any dispute arises in computing the aggregate value of
the capital and unencumbered general reserves of any banking
company, a determination thereof by the State Bank shall be
final.
For the purpose of this section, (a) "value" means
the real or exchangeable value or, if the real or exchangeable
value exceeds the nominal value, the nominal value; and(b)
"capital and unencumbered general reserves" means
paid-up capital and such other items as may be notified in
this regard by the State Bank from time to time.Amendment
of Section 27, Ordinance LVII of 1962.—In the said Ordinance,
in section 27, in sub-section (2), in the second proviso the
words "referred to in sub-section (1) of section 13 or
of such further period as the State Bank may under the proviso
to that sub-section thinks fit to allow" shall be omitted.
1678 THE GAZETTE OF PAKISTAN, EXTRA., OCT. 27 1997
[PART I
Amendment of Section 29, Ordinance LVII of 1962.—In the
said Ordinance, in section 29, in sub-section (2) for the
words, brackets and figure "the proviso to sub-section
(3)" the words, brackets and figure "sub-section(2)"
shall be substituted. Amendment of Section 83, Ordinance LVII
of 1962.—In the said Ordinance, in section 83, in sub-section
(7) the words "sub-section (2) of" shall be omitted.
FAROOQ
AHMAD KHAN LEGHARI,
President.
MIAN SAQIB NISAR,
Secretary.
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