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ACT XV OF 1991 ACT XV OF 1997 BANKING COMPANIES (RECOVERY OF LOANS, ADVANCES, CREDITS AND FINANCES) ACT, 1997 An Act to repeal, and with certain modifications to consolidate and re‑enact the Banking Companies (Recover, of Loans) Ordinance, 1979 and the Banking Tribunals Ordinance, 1984 [Gazette of Pakistan, Extraordinary, Part I, 2nd June, 19971 No.F.9(19)/97‑Legis., dated 2‑6‑1997.‑‑The following Act of Majlis‑e 3hoora (Parliament) received the assent of the President on the 31st May, 1997 s hereby published for general information: Whereas it is expedient further to repeal and with certain modifications to consolidate and re‑enact the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 19,79) and the Banking Tribunals Ordinance, 1984 (LVIII of 1984); It is hereby enacted as under:‑‑ 8. Suit for recovery of written off loans, etc.‑‑(1) Subject to subsection (2), notwithstanding anything contained in the Limitation Act, 1908 (Act No.IX of 1908) or any other law, a banking company may, within three years from the date of coming into force of this Act, file a suit for the recovery of any amount written off, released or adjusted under any agreement, contract or consent, including compromise or withdrawal of any suit or legal proceedings of adjustment of decree between a banking company and a borrower or customer on ,.ny day on or after the first day of January, 1990 and before coming into force ,if this Act, if it can establish that the amount was written off, released or adjusted for political reasons or consideration, other than bona fide business considerations. (2) No suit under subsection (1) shall be filed unless the Board of Directors, if the Banking Company is incorporated within Pakistan, or the Chief Executive (by whatever name called or designated) of the banking company in Pakistan, if the Banking Company is incorporated beyond Pakistan, has approved the filing of the suit.