17
Insertion of new section 83A, Ordinance LVII of 1962
Act: Banking Companies (Amendment) Act 1997
Section Provisions
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:‑‑ 17. Insertion of new section 83A, Ordinance LVII of 1962.‑‑In the said Ordinance, after section 83, the following new section shall be inserted namely:‑‑ "83A. Dishonest removal of pledged goods.‑‑Whoever, dishonestly removes or disposes of any goods pledged with any banking company as security for the payment of any debt, loan, finance or other similar facility or removes or disposes of any such goods without the prior approval in writing of the banking company, shall be punishable with imprisonment for a term which may extend to three years, and shall also be liable to fine which may extend to the value of the goods removed or disposed of.