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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: 5. Amendment of section 29, Ordinance LVI1 of 1962.---In the said Ordinance, in section 29, after subsection (3), the following new subsection shall be added, namely:-- "(4) The cash deposited by a banking company or a financial institution under subsection (1) and by a scheduled bank under the State Bank of Pakistan Act, 1956 (XXXIII of 1956) shall be deemed to be part of the assets of the banking company but shall not be subject to any encumbrance, nor shall it be available for the discharge of any liability of the banking company or financial institution other than the order of liquidation made by the High Court under this Ordinance, nor shall the said cash deposit be available to attachments in execution of any decree or recoverable under order of any authority under any law for the time being in force, except any claim of the State Bank."