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Banking Companies Ordinance, 1962

Topic Serial #	Content	Case Law
	PREAMBLE
0	PREAMBLE
	PART--I
	PRELIMINARY
1	Short title, extent and commencement
2	Application of other laws not barred
3	Omitted
3	3-A Limited application of Ordinance to certain financial institutions. 3
4	Power to suspend operation of Ordinance
5	Definitions
6	Ordinance to override memorandum, articles, etc
	PART--II
	BUSINESS OF BANKING COMPANIES
6	Form of business in which banking companies may engage	Case Law
8	Use of the word “Bank”
9	Prohibition of trading
10	Disposal of non-banking assets
11	Prohibition of employment of managing agents and restrictions on certain forms of employment
12	Restrictions on removal of records and documents
13	Requirement as to minimum paid-up capital and reserves
14	Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of share-holders
15	Election of new directors
15	15-A Appointment of director by the State Bank
15	15-B Restriction on term of office of directors
15	15-C Vacation of Office
16	Restriction on commission, brokerage, discount, etc. on sale of shares
17	Prohibition of charge on unpaid capital
18	Prohibition of floating charge on assets
19	Restrictions as to payment of dividend
20	Prohibition of common directors
21	Reserve Fund
22	Cash Reserve
23	Restriction on the nature of subsidiary companies	Case Law
24	Restrictions on loans and advance
25	Power of State Bank to control advances by banking companies
25	25-A Power of the State Bank to collect and furnish credit information
25	25-AA Preparation of special reports
25	25-B Recovery of certain dues of banking companies as arrears of land revenue
26	Power of State Bank to prohibit acceptance of deposits by banking companies incorporated outside Pakistan
26	26-A Deposits
27	Licensing of banking companies	Case Law
27	27-A Prohibition of advertising for deposits and collection
27	27-B Disruptive union activities
28	Restrictions on opening of new, and transfer of existing place of business
29	Maintenance of liquid assets
30	Assets in Pakistan
31	Unclaimed deposits and articles of value.—(1) Where
32	Half-yearly returns and power to call for other returns and information
33	Power to publish information
33	33-A Fidelity and secrecy
33	33-B Guidelines by the State Bank
34	Accounts and balance-sheet
35	Audit
36	Submission of returns
37	Copies of Balance Sheet and Accounts to be sent to Registrar
38	Display of audited balance sheet by banking companies incorporated outside Pakistan
40	Inspection
40	40-A Responsibility of State Bank
41	Power of the State Bank to give directions	Case Law
41	41-A Power of the State Bank to remove directors or other managerial persons form office—.(1) where the State Bank is satisfied tha	Case Law
41	41-B Power of the State Bank to supersede Board of Directors of banking company
41	41-C Limitations
41	41-D Prosecution of directors, chief executives or other officers
42	Further powers and functions of the Bank
43	Certain provision of the Ordinance not to apply certain banking companies
	PART-IIA
	TRANSACTIONS OF BANKING BUSINESS ILLEGALLY BY COMPANIES, ETC
43	43-A Power to call for certain information, etc	Case Law
43	43-AA Special provisions
43	43-B Power to make declaration
43	43-C Consequences of a declaration under section 43B
43	43-D Deposit of cash and preservation of assets, etc
43	43-E Statement of assets and liabilities to be submitted to State Bank
43	43-F Consequential provisions for winding up, etc
	PART III
	SUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES
44	High Court defined
45	Restriction on stay order
46	Restriction on compromise or arrangement between banking companies and creditors
47	Powers of State Bank to apply to Federal Government for suspension of business by a banking company and to prepare scheme of reconstruction or amalgamation
48	Procedure for amalgamation of banking companies
49	Winding up by High Court
50	Court Liquidator
51	State Bank to be official liquidator
52	Application of Companies Act to Liquidators
53	Stay of proceedings
54	Preliminary report by official liquidator
55	Notice to preferential claimants and secured and unsecured creditors
56	Power to dispense with meetings of creditors, etc
57	Booked depositors’ credits to be deemed proved
58	Preferential payments to depositors
59	Restriction on voluntary winding up
	PART IV