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ORDINANCE IV OF 2001 BANK OF KHYBER (AMENDMENT) ORDINANCE, 2001 ORDINANCE IV OF 2001 An Ordinance further to amend the Bank of Khyber Act, 1991 [Gazette of N.-W.F.P., Extraordinary, 21st May, 2001] No. Legis:1(4)/91/2679/2719, dated 21-5-2001.---The following Ordinance by the Governor of the North-West Frontier Province is hereby published for general information:-- 2. Amendment of section 11 of N.-W.F.P. Act No. XIV of 1991.--In the Bank of Khyber Act, 1991 (N.-W.F.P. Act No. XIV of 1991), in section 11, in subsection (1),-- (i) for clauses (a), (b) and (c), the following shall respectively be substituted, namely: "(a) three Directors shall be elected in a special meeting of the shareholders within three months of the allotment of share floatation in the stock market; provided that Government may appoint these Directors from private sector for, a period of one year or till the floatation of shares, whichever is earlier; (b) four Directors to be appointed by Government, one of whom shall be Additional Chief Secretary to Government, Planning, Environment and Development Department, and another shall be the Secretary to Government, Finance Department; (c) the Managing Director;"; and (ii) after clause (c), as so amended, the following new clause shall be inserted, namely: "(d) one Director to be appointed by foreign/local institutions by virtue of their shareholding in the Bank. "