6

ACT VIII OF 1991 ACT VIII OF 1991 THE BANK OF PUNJAB (AMENDMENT) ACT, 1991. An Act to amend the Bank of Punjab Act, 1989 (XII, of 1989) [Gazette of Punjab, Extraordinary, 2nd April, 1991] No. Legis. 2(55)/90/14, dated 30-3-1991.---The Bank of Punjab (Amendment) Bill, 1990, having been passed by the Provincial Assembly of the Punjab on the 18th day of March, 1991 and assented to by the Governor of the Punjab on the 26th day of March, 1991 is hereby published as an Act of the Provincial Assembly of the Punjab. 6. Amendment of section 18 of Act XII of 1989.---In the said Act, in section 18:- (1) in subsection (5), for the words "scripts", the words "scrips" shall be substituted; (2) in subsection (12), for clause (b), the following shall be substituted:- "(b) the receiving of the proceeds whether principal, interest or dividends of any securities or shares;"; (3) for subsection (22), the following shall be substituted:- "(22) The advancing of money on non-interest basis and according to the various common modes of financing; and (4) after subsection (24), the following explanation shall be added:- "Explanation.---The expressions, 'granting of advances or loans' or 'advancing and lending of money' and their cognate expressions shall include financing on the basis of various approved modes of common interest based financing like financing by lending, trade related modes of financing, and investment type modes of financing".