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ACT VII OF 2011 ACT VII OF 2011 BANKING COMPANIES (AMENDMENT) ACT, 2011 An Act further to amend the Banking Companies Ordinance, 1962 [Gazette of Pakistan, Extraordinary, Part - I 2nd April, 2011] F. No. 22(16)/2008-Legis. dated 2-4-2011.---The following Act of Majlis-e-Shoora (Parliament) received the assent of the President .on the 29th March, 2011 and is hereby published for general information: Whereas it is expedient further to amend the Banking Companies Ordinance, 1962, (LVII of 1962), for the purposes hereinafter appearing; It is hereby enacted as follows: 3. Amendment of section 19, Ordinance LVII of 1962.---In the said Ordinance, in section 19, after subsection (3), the following new subsections shall be added, namely:-- "(4) If the State Bank is satisfied that conditions are not favorable for such payment, or the financial position of a banking company so warrants, it may, by order in writing stating reasons, restrict or prohibit any banking company from paying dividends to its shareholders for such period as may be specified in the order and the State Bank shall exercise the power reasonably, fairly and justly, (5) No order shall be .made unless the banking company concerned has been given an opportunity of making a representation to the State Bank and where the State Bank is of the opinion that any delay would be detrimental to the public interest or the interest of the banking company or its depositors, the State Bank may, at the time of giving the opportunity aforesaid or at any time thereafter and pending the consideration of the representation aforesaid, if any, make an appropriate interim order."