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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 : 11. General powers and functions of the State Bank.-(1) The State Bank may (a) caution or prohibit banking companies generally or any banking company in particular against entering into any transaction or class of transaction ; - (b) require banking companies generally, or any banking company in particular, to refrain from taking such action as it may specify in relation to any matter relating to the business of such banking company or companies, or to take such action in relation thereto as the State Bank thinks fit ; (c) on a request from the banking companies concerned and subject to the provisions of section 14, assist, as intermediary or otherwise, in proposals for the amalgamation of banking companies ; (d) after a banking company has been inspected under section 3 of the Banking Companies (Inspection) Ordinance, IV of 1946, by order in writing require the company (i) to call a meeting of its directors to consider matters arising out of such inspection or to meet an officer of the State Bank to discuss such matters, and (ii) to make, within such time as may be specified in the order, such changes in its management as, the State Bank may consider necessary in consequence of the inspection ; and (e) by notice in writing require any banking company at any time to furnish it, within such time and in such manner as may be specified in the notice, with any statement or information relating.. to the business of such banking company. (2) No right to compensation, in contract or otherwise, shall arise in respect of any loss incurred by reason only of the compliance by a banking company with any order given to it under sub-clause (ii) of clause (d) of sub-section (1).