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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 : 15. Penalties.-(1) Whoever in any return, statement or other infor mation required by or under this Act, wilfully makes a statement which is false in any material particular knowing it to be false, or wilfully omits to make a material statement, shall be punishable with imprison ment for a term which may extend to three years and shall also be liable to fine. (2) If any other provision of this Act is contravened, or if any default is. made in complying with any requirement of this Act or any rules made under this Act or any order made thereunder, every director and other officer of the banking company who is knowingly a party to the contravention or default shall be punishable with fine which may extend to five hundred rupees, and where the contravention or default is a conti nuing one, with a further fine which may extend to fifty rupees for every day during which it continues. (3) Without prejudice to the provisions contained in sub-section (2), where a banking company has made default in complying with any re quirement of this Act or any rule made under this Act or any order made thereunder, the State Bank shall, by notice in writing, make a demand on the banking company to comply with the said requirement within thirty days from the receipt of the notice, and, if the banking company fails to do so, the State Bank may apply to the Court for an order directing the winding up of such banking company; and where such application is made, the Court shall make an order accordingly