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ACT XIV OF 1997 document.onkeyup = Stopit; --> BANKING COMPANIES (AMENDMENT) ACT, 1997 ACT XIV OF 1997 [31st May 1997] An Act further to amend the Banking Companies Ordinance, 1962 [Gazette of Pakistan, Extraordinary, Part I, 2nd June, 1997[ No.F.9(19)/97‑Legis., dated 2‑6‑1997.‑‑The following Act of Majlis‑e- Shoora (Parliament) received the assent of the President on the 31st May, 1997, is hereby published for general information:‑‑ 14. Insertion of new section 41D Ordinance LVII of 1962.‑‑In the said ordinance after section 41C, the following new section shall be inserted, iamely:‑‑ "41D. Prosecution of directors, chief executives or other officers.Notwithstanding anything contained in section 41A, the State Bank may direct prosecution of a director or chief executive by whatever name called or other officer who, in its opinion, has knowingly acted in a manner causing loss of depositors' money or of the income of the banking company. Explanation.‑‑For the purpose of this section a director or chief executive or other officer shall be deemed to have acted knowingly if he has departed from established banking practices and procedures or circumvented the regulations or related credit restrictions laid down by the State Bank of Pakistan from time to time. ".