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ACT IX OF 1996 ACT IX OF 1996 BANK OF KHYBER (AMENDMENT) ACT, 1996 An Act to amend the Bank of Khyber Act, 1996 [Gazette of N.-W.F.P., Extraordinary, 28th July, 1996] No.PA/N.-W.F.P/Legis/96/12579, dated 28-7-1996.---The Bank of Khyber (Amendment) Bill, 1996, having been passed by the Provincial Assembly of the North-West Frontier Province on the 30th June, 1996 and assented to by the Governor of the North-West Frontier Province on the 15th July, 1996, is hereby published as an Act of the Provincial Legislature of North West Frontier Province. 5. Amendment of section 12 of N.-W.F.P. Act XIV of 1991.---In the said Act, for section 12 the following shall be substituted, namely:-- 12. Managing Director.---(1) The Managing Director/Chief Executive will be a Senior Professional banker, having not less than 20 years experience. He shall be appointed by Government for a period not less than three years and not more tha4 five years on such terms and conditions of service as Government may determine: Provided that the terms and conditions of service shall not be varied to his disadvantage during his term of office: Provided further that his services may be terminated by Government on the grounds of physical or mental incapacity or gross misconduct: Provided also that on the expiry of his terms of office, he shall be eligible for re-appointment for such period as may be determined by Government. (2) The Managing Director shall be the Chief Executive Officer of the Bank and shall, subject to any bye-laws trade in this behalf, administer and control, on behalf of the Board, the affairs of the Bank.