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ORDINANCE XXV OF 1997 ORDINANCE XXV OF 1997 BANKING COMPANIES (RECOVERY OF LOANS, ADVANCES, CREDITS AND FINANCES) ORDINANCE, 1997 An Ordinance to repeal, and with certain modifications to consolidate and re‑enact the banking Companies (Recovery of Loans) Ordinance, 1979 and the Banking Tribunals Ordinance, 1984 (Gazette of Pakistan, Extraordinary, Part I, 4th February, 1997] No.F.2(1)197‑Pub., dated 4‑2‑1997.‑‑‑The following Ordinance made by the President is hereby published for general information: Whereas it is expedient to repeal and with certain modifications to consolidate and re‑enact the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 1979) and the Banking Tribunals Ordinance, 1984 (LVIII of 1984); And whereas the National Assembly is not in session and the President is satisfied that the 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:‑‑ 4. Establishment of Banking Court.‑‑(1) The Federal Government may by notification in the Official Gazette, establish as many Banking Courts as it considers necessary to exercise jurisdiction in respect of the case under section 2(b)(i) and appoint a Judge for each of such Courts and where it establishes more Banking Courts than one, if shall specify in the notification the territorial limits within which each of the Banking Courts shall exercise jurisdiction under this Ordinance. (2) Where more Banking Courts than one have been established in the same or different territorial limits, the High Court may, if it considers expedient to do so in the interest of justice or for the convenience of the parties or of the witnesses, transfer any case from one Banking Court to another. (3) A Judge of a Banking Court shall be appointed by the Federal Government after consultation with the High Court of the Province in which the Banking Court is established and no person shall be appointed a Judge of a Banking Court unless he has been a Judge of a High Court or is or has been a District Judge. (4) A Banking Court shall hold its sittings at such places within its territorial jurisdiction as may be determined by the Federal Government. (5) A Judge of a Banking Court shall hold office for a term of three years from the date on which he enters upon his office. (6) The salary, allowances and other terms and conditions of service of a person appointed as a Judge of a Banking Court shall be such as may be determined by the Federal Government. (7) Nothing contained in this section shall apply to a High Court in the exercise of its jurisdiction under the Ordinance.