18

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 : 18. Amendment of the Banking Companies (Inspection). Ordinance, 1946.-In the Banking Companies (Inspection) Ordinance, 1946, (1) in section 2, for clause (a), the following clause shall be substi tuted, namely : "(a) "banking company" means a banking company as defined in section 5 of the Banking Companies (Control) Act, 1948 ; " ; and (2) in section 5 for the proviso to sub-section (1), the following proviso shall be substituted, namely : "Provided that the Central Government may defer for such period as it thinks fit the passing of an order under this sub-section or cancel or suspend or modify any such order upon such terms and conditions as ii thinks fit to impose."