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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:‑‑ 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 Ordinance, file suit for the recovery of any amount written off, released or adjusted under any agreement, contract, consent, including compromise or withdrawal of any suit or legal proceedings or adjustment of decree between a banking company and the borrower or customer on any day on or after the first day of January, 1986 and before coming into force of this Ordinance, where it can establish that the amount was written off, released or adjusted for considerations 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 of the company in Pakistan, if the Banking Company is incorporated beyond Pakistan, has approved the filing of the suit.