20

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 20. Business which the Bank cannot transact. (a) The Bank shall not make any advance or loan upon the security of its shares; (b) discount or buy or advance or lend to any individual car partnership‑firm an amount exceeding in the whole at any one time such sum as may be prescribed; (c) the Bank shall not discount or buy or advance or lend or open credits on the security of any negotiable instrument of any individual or partnership‑firm, payable in the town or at the place where it is presented for discount, which does not carry on it the several responsibilities of at least two persons or firms unconnected with each other in general partnership: Provided that nothing in this Section shall be deemed to prevent the Bank from granting overdrafts arid loans without security, to such extent as may be prescribed; (d) grant to any person who has been elected or appointed as a Director and for so long as he continues to hold that office any advance, loan, credit limit, guarantee or other facilities, granted before his election or appointment as a Director: Provided that nothing in this clause shall prevent the Bank from continuing or renewing any such advance, loan, credit limit, guarantee or other facilities as may have already been granted to such person before his election or appointment as a Director.