Section Provisions
THE BANK OF PUNJAB ACT, 1989 THE BANK OF PUNJAB ACT, 1989 20. Exceptions. Notwithstanding anything contained in this Act, the Bank is authorized to:-- (1) grant advances or loans to its officers and staff for the purpose of building residential houses, including the cost of land, on. such security, including immovable property, and on such terms and conditions and for such periods as may be prescribed; (2) grant advances or loans, for any period exceeding one year but not, exceeding five years, to such small and medium industries as may, from time to time, be specified by the Board on such terms and conditions as may be. prescribed: [Subs. for, "or", by The Bank of Punjab (Amendment) Act, 8 of 1991, S. 8.] Provided that the amount of advances and loans outstanding at any time under this clause shall not exceed five per cent of the total amount of bank deposits at. such time; (3) grant or subsidise, from time to time, pensions, gratuities, bonuses or other funds created for the benefit of -its officers and staff or their dependents; (4) contribute to the promotion of research in banking and allied subject; and (5) donate funds for any charitable objects or to any charitable institutions or societies.