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BANK OF KHYBER ACT, 1991 BANK OF KHYBER ACT, 1991 [ACT No. XIV of 1991] [Gazette of N.‑W.F.P. Extraordinary, 20th, June, 1991] An Act to establish the Bank of Khyber in the North‑West Frontier Province 7. Qualification of Shareholders. (1) No person shall be qualified to be registered as shareholder who by reason of anything contained in any law for the time being in force is not competent to enter into any contract. (2) A person, who subsequent to his registration is discovered to have been qualified as aforesaid at the time of registration shall not be entitled to exercise any of the rights of a shareholder otherwise than for the purpose of the sale of his shares under the orders of a competent Court. (3) Shares shall be registered in the names of individuals, limited companies or corporate bodies, Not more than 4 persons shall be registered as joint holders of any shares. (4) In the event of death of any one or more of the persons named in the register as joint holders of any share, the survivor or survivors shall be the only person or persons recognized by the Bank as having any title to or interest in such share: If the deceased was a sole shareholder, his nominee or nominees and the legal heirs (where no such nomination was made) shall be the only persons recognized by the Bank as having any title to his interest in the shares.