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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:‑‑ 11. Insertion of a new section after section 41C, Ordinance LVII of 1962.‑‑In the said Ordinance after section 41C, the following new section shall be inserted, namely:‑‑ "41D. Prosecution of directors, chief executives or other officers.‑ Notwithstanding anything contained in section 41A, the State Bank may direct prosecution of a director or chief executive by whatever name called or other officer who, in its opinion, has knowingly acted in a manner causing loss of depositors' money or of the income of the banking company. Explanation.‑‑For the purpose of this section a director or chief executive or other officer shall be deemed to have acted knowingly if he has departed from established banking practices and procedures or circumvented the regulations or related credit restrictions laid down by the State Bank of Pakistan from time to time.".