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2

Amendment of section 13, Ordinance LVII of 1962

Act: Banking Companies (Amendment) Ordinance 1984

Section Provisions

ORDINANCE XXXIV OF 1984 ORDINANCE XXXIV OF 1984 BANKING COMPANIES (AMENDMENT) ORDINANCE, 1984 An Ordinance further to amend the Banking Companies Ordinance, 1962 [Gazette of Pakistan, Extraordinary, Part 1, 2nd August, 1984] No. F. 17(1)/84-Pub.-The following Ordinance made by the President is hereby published for general information:- 2. Amendment of section 13, Ordinance LVII of 1962.--In the Banking Companies Ordinance, 1962 (LVII of 1962), hereinafter referred to as the said Ordinance, in section 13, in subsection (1), the following Explanation shall be added at the end, namely :-- "Explanation.-In this section and in sections 22 and 29, "liabilities" shall not include the paid-up capital or the reserves or any credit balance in the profit and loss account of the banking company or the amount of any loan taken from the State Bank or the amount received as loan in Pakistan currency by the banking company from the Federal Government, whether out of a foreign currency loan contracted by the Government or otherwise, or the amount of foreign currency loans obtained by the banking company directly from any foreign agency."