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ORDINANCE XIX OF 1979 ORDINANCE XIX OF 1979 BANKING COMPANIES (RECOVERY OF LOANS) ORDINANCE, 1979 An Ordinance to repeat and with certain modifications, re‑Enact the Banking Companies (Recovery of Loans) Ordinance, 1978 [Gazette of Pakistan,, Extraordinary, Fart i, 27th March 1979] No. F.17 (1)/79‑Pub.‑The following Ordinance made by the President is hereby published for general information :‑ 4. Securing and repayment of loan due on the commencing day.‑(1) This section applies only to loans outstanding on the commencing day. (2) A loan or part thereof outstanding on the commencing day shall, unless secured or repaid earlier, be secured and repaid as provided in this section notwithstanding the fact that the period of limitation within which a suit for the recovery of the loan or part thereof could have been or may be filed expired' or expires on or after the first day of January 1974. (3) Where, in the opinion of a banking company, a loan was, or has become or is discovered to be, unsecured or insufficiently secured, the borrower shall provide sufficient security therefor within one hundred and eighty days from the date of the notice served by the banking company on the borrower in any of the under‑mentioned modes; namely, by being‑ (a) given or tendered to him, or (b) sent by registered post to his last known address on the record of the banking company, or (c) affixed on a conspicuous part of his last address known to the bank ing company, or (d) published in a newspaper. (4) Where a loan is not, or has not become, sufficiently secured under subsection (3), the banking company may apply, to the Special Court for attachment of so much of the property of the borrower as is equal in value, with reasonable margin, according to banking practice to the outstanding amount of the loan. (5) Where the loan is, or has become, sufficiently secured under sub‑section (3), the outstanding amount shall, unless a different schedule of repayment is drawn by the bank, be repaid in accordance with the schedule of repayment agreed to at the time of sanction of the loan. (6) The decision of the bank in fixing the schedule of repayment under subsection (5) shall not be questioned in any Court.