Section 17

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:‑‑ 17. Banking documents.‑‑(1) No bank shall obtain the signatures of a borrower or customer on banking documents which contain blanks in respect of important particulars including the date, the amount or the period of time in question. (2) All banking agreements executed by or on behalf of a bank and a borrower or customer shall be duly attested in the manner laid down in Article 17 of the Qanun‑e‑Shahadat Order, 1984 (P.O. 10 of 1984). (3) Nothing contained in subsections (1) and (2) shall invalidate any document executed prior to the coming into force of this Act. (4) Notwithstanding anything contained in any other law, the Banking Court shall not refuse to accept in evidence any document creating, or purporting to create, or indicating the creation of a mortgage, charge, pledge or hypothecation in relation to property merely because it is improperly stamped or is not registered and no such document shall be impoundable by the Banking Court: . Provided that nothing contained in this subsection shall operate to defeat the legal rights of a bona fide purchaser for value without notice of a document which ought to have been registered.