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Act No Act No. XXII of 1948 Banking Companies (Control) Act. 1948. An Act to Provide for the control of banking companies by the State Bank of Pakistan, Whereas it is expedient to provide for the control of banking companies by the State Bank of Pakistan ; It is hereby enacted as follows : 9. Assets in the Provinces.-(1) At the close of the last working day of every quarter the assets in the Provinces of every banking company shall not be less in value than an amount representing such percentage of its time and demand liabilities within the Provinces as may be prescribed by the State Bank from time to time provided that the percentage so prescribed shall not exceed seventy-five per cent. (2) Every banking company shall, within one month of the end of every quarter, submit to the State Bank a return in the prescribed form and manner of particulars of such assets and liabilities as they stood at the close of the last working day of the previous quarter. (3) For the purposes of the section, the expression " assets " shall be deemed to include such promissory notes, bills of exchange and securities as the State Bank is under the State Bank of Pakistan Order, 194.8, empowered to purchase, discount or make advances against, and export bills drawn in Pakistan and expressed in such currencies as the State Bank may from time to time approve in this behalf, but shall not include such loans and advances as in the opinion of the State Bank cannot properly be regarded as assets. (4) In this clause "quarter" means a period of three months ending on the last days. of .March, June, September or December as the case may be.