2

BANK OF PUNJAB (AMENDMENT) BANK OF PUNJAB (AMENDMENT) ORDINANCE, 2011 An Ordinance further to amend the Bank of Punjab Act, 1989 (XII of 1989) [Gazette of Punjab, Extraordinary, 19th November, 2011] No. Legis. 13-4/2001, dated 19-11-2011.---The following Ordinance promulgated by the Governor of the Punjab is hereby published for general information: Whereas it is expedient further to amend the Bank of Punjab Act, 1989 (XII of 1989) for purposes hereinafter appearing; And whereas, the Provincial Assembly of the Punjab is not in session and the Governor of the Punjab is satisfied that the circumstances exist which render it necessary to take immediate action; Now, therefore, in exercise of powers conferred under clause (1) of Article 128 of the Constitution of the Islamic Republic of Pakistan, the Governor of the Punjab is pleased to make and promulgate the following Ordinance:-- 2. Substitution of section 7 in Act XII of 1989.---In the Bank of Punjab Act, 1989 (XII of 1989), for section 7, the following shall be substituted: "(7) Government to be share-holder.---Notwithstanding anything contained in section 6, the Government shall be the share-holder of the Bank and may hold up to eighty per cent of the shares issued by the Bank."