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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 :‑ 4. Amendment of section 83, Ordinance LVII of 1962.‑In the said Ordi nance, in section 83, after subsection (1‑A), the following new subsections shall be inserted, namely :‑‑ "(1‑B) If any company which is not a banking Company, or a banking company which does not hold a licence under section 27 or the licence granted to which has been cancelled, or any individual or association or body of individuals, transacts the business of banking in Pakistan, the chief executive, by whatever name called, of the company and every director, manager, and other officer of the company, and the individual and every member of the association or body of individuals, shall be deemed to be guilty of such contravention and shall be punishable with imprisonment of either description for a term which may extend to seven years and with fine the amount of which shall not be less than twice the amount of deposits received by the company or, as the case may be, the individual or the association or body of individuals in transacting the business of banking, and shall be ordered by the Court trying the offence to pay the fine within a time to be fixed by the Court or in default to suffer further imprisonment for a term which may extend to five years. (1‑C) Whoever contravenes, or attempts to contravene, or abets the contravention of, the provisions of section 43‑A or section 43‑C or sub section (1) or subsection (3) or subsection (4) of section 43‑B, or section 43‑E shall be punishable with imprisonment of either description for a term which may extend to five years and with fine, and, where the contravention is a continuing one, with a further fine which may extend to ten thousand rupees for every day during which such contravention continues."