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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 : 13. State Bank to be official liquidator.-Notwithstanding anything contained in section 175 of the Indian Companies Act, 1913, where in any proceeding for the winding up of a banking company by the court an application is made by the State Bank in this behalf, the State Bank shall be appointed official liquidator of the banking company' in that proceeding. [Note:-The Court is under an obligation to appoint the State Bank of Pakistan as the official liquidator of a Banking company, against whom any proceeding for the winding up is pending in the Court, if the said Bank applies for such appointment.]