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ORDINANCE IX OF 1997 ORDINANCE IX OF 1997 BANKING COMPANIES (AMENDMENT) ORDINANCE, 1997 An Ordinance further to amend the Banking Companies Ordinance, 1962 [Gazette of Pakistan, Extraordinary, Part I, 21st January, 1997] No.F.2(1)/97‑Pub., dated 21‑1‑1997.‑‑‑The following Ordinance made by the President is hereby published for general information: Whereas it is expedient further to amend the Banking Companies Ordinance, 1962 (LVII of 1962), for the purposes hereinafter appearing; And whereas the National Assembly is not in session and the President is satisfied that circumstances exist which render it necessary to take immediate action; Now, therefore, in exercise of the powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance, namely:‑‑ 2. Amendment of section 3A, Ordinance LVII of 1962.‑‑In the Banking Companies Ordinance, 1962 (LVII of 1962), hereinafter referred to as the said Ordinance, for section 3A, the following shall be substituted, namely:‑‑ "3A. Limited application of Ordinance to certain financial institutions.‑‑(1) The provisions of sections 6, 25, 25‑A, 25‑AA, 29, 31, 32, 33, 40, 41, 41A, 41B, 41C, 41D, 42, 83, 84 and 94 of this Ordinance shall, with such modifications as the State Bank may determine from time to time in relation to activities which have implications for the monetary or credit policies of the State Bank, apply to the Investment Corporation of Pakistan, the National investment Unit Trust, the Pakistan Industrial Credit and Investment Corporation, the House Building Finance Corporation, the National Development Finance Corporation, the Bankers Equity Limited, the Pak‑Libya Holding Company Limited, the Pakistan Kuwait Investment Company Limited, the Saudi‑Pak Industrial and Agricultural Investment Company Limited, the Small Business Finance Corporation, the Regional Development Finance Corporation, investment finance companies, venture capital companies; housing finance companies and such other companies, corporations or institutions or class of companies, corporations or institutions which carry on one or more of the businesses enumerated in section 78 of this Ordinance, save and except for leasing companies and Modaraba companies, as the Federal Government may from time to time, by notification in the Official Gazette, specify in this behalf. (2) All notifications issued by the Federal Government which are inconsistent with the provisions of subsection (1) including such notifications in respect of the National Development Leasing Corporations, Leasing Companies and Modaraba Companies shall stand rescinded with immediate effect.