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ORDINANCE LVI OF 1979 ORDINANCE LVI OF 1979 BANKING COMPANIES (AMENDMENT) ORDINANCE, 1979 An Ordinance further to amend the Banking Companies Ordinance, 1962 [Gazette of Pakistan, Extraordinary, Part I, 8th October, 1979] No. F.17(1)/79‑Pub.‑The following Ordinance made by the President is hereby published for general information :‑ Whereas it is expedient further to amend the Banking Companies Ordinance, 1962 (LVII of 1962), for the purposes hereinafter appearing ; And whereas the President is satisfied that circumstances exist which render it necessary to take immediate action ; Now; therefore, in pursuance of the Proclamation of the fifth day of July, 1977, read with the Laws (Continuance in Force) Order, 1977 (C. M. L. A, Order No. 1 of 1977), and in exercise of all powers enabling him in that behalf, the President is pleased to make and promulgate the following Ordinance :‑ 2. Amendment of section 27, Ordinance LVII of 1962.‑In the Banking Companies Ordinance, 1962 (LVII of 1962), hereinafter referred to as the said Ordinance, in section 27, for subsection (1) the following shall be substituted, namely :‑ "(1) No individual or association or body of individuals, not being a company, shall carry on banking business in Pakistan and, save as hereinafter provided, no company shall carry on banking business in Pakistan unless it holds a licence issued in that behalf by the State Bank ; and any such licence may be issued subject to such conditions as the State Bank may think fit to impose.".