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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 14. Qualifications and Disqualifications of Directors. (1) No person, [Subs. for "not appointed by Government to serve as a Director", by N.‑W.F.P Act, 9 of 1996 S. 6(i).] [other than the Director nominated by foreign/local institutions under clause (a), and the Directors appointed by the Government under clause (b), of Section 11] including the Managing Director shall be qualified to serve as a Director unless he is a holder in his own right of unencumbered shares of the Bank equal to the nominal amount of hundred thousand rupees at the least. (2) No person shall be qualified to serve as a Director:‑ (a) if he is a salaried officer of any Government whether within or outside Pakistan unless he is specially nominated by the Government; (b) if he has been convicted of an offence involving moral turpitude; (c) if he was at any time in the service of the Bank and was dismissed or his services had been terminated by the Bank; (d) if he is a Director of any commercial Bank other than a bank sponsored or established by or under the authority of the Government or the State Bank of Pakistan for the development of industry or agriculture in the country, or a bank which is a society registered under the Co‑operative Societies Act, 1925 or any other law for the time being in force in Pakistan relating to Co‑operative Societies; (e) if he is in the employment of any banking, company, whether on salary or on commission, and is engaged in the performance of any continuous service for remuneration for any such company: [Added by N.‑W.F.P. Act, 9 of 1996, S. 6(ii)] [Provided that this clause shall not apply to a Director nominated by foreign/local institutions under clause (a) of Section 11;] (f) if he is for the time being disqualified for membership of any body established by or under any law for the time being in force of which the constituent members are wholly or partly chosen by means of election. (3) The office of a Director shall be vacated:‑‑ (a) if the person holding it resigns his office or dies; (b) if he accepts or holds any other office of profit under the Bank; (c) if he is, or at any time has been, adjudicated an insolvent, or compounds with his creditors or suspends payment; (d) if he is declared a lunatic or of unsound mind by a Court of law; (e) if he has absented himself from three consecutive meetings of the Board, or for a continuous period of six months, whichever is longer, without leave of absence from the Board; (f) if he ceases to hold in his own right the amount of shares required to qualify him for the office; (g) if he incurs any of the disqualifications mentioned in sub‑section (2); (4) No two persons who are partners of the same mercantile firm, or who are Directors of the same private company, or one of whom is the general agent of, or holds a power of procuration from the other or from a mercantile firm of which the other is a partner, shall be eligible or qualified to serve as Directors of the Board.