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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:‑‑ 16. Amendment of section 83, Ordinance LVII of 1962.‑‑In subsection 83(1), (i) after subsection (1 A), the following new subsection shall be inserted, namely:‑‑ "(IAA) Any executive officer, director or chief executive of a banking company which is either directly or indirectly owned, controlled or managed by the Federal Government or a Provincial Government who extends, or aids in extending, a loan, advance, or any financial facility to a borrower or consumer on the verbal instructions of a holder of a public office without reducing the terms of the instructions into writing and drawing them to the attention of his superior officer, or the board of directors, shall be guilty of an offence punishable with imprisonment of either description which may extend to one year, or with fine, or with both, in addition to such other action which may be taken against him in accordance with law; and" (ii) in subsection (5) (a) for the word "two", the word "twenty" shall be substituted; and (b) for the word "hundred", the word "thousand" shall be substituted