The following Ordinance (No 2(1)/2006-Pub) has been promulgated by the President. Ordinance No XXIX of 2006, to further to amend the Banks (Nationalization) Act, 1974.
WHEREAS it is expedient further to amend the Banks (Nationalization) Act, 1974 (XIX of 1974), for the purposes hereinafter appearing:
AND WHEREAS the National Assembly is not in session and the President is satisfied that circumstances exist which render it necessary to take immediate action:
NOW, therefore, in exercise of powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance:
1. Short title and commencement.- (1) This Ordinance may be called the Banks (Nationalization) (Second Amendment) Ordinance.
(2) It shall come into force at once and shall be deemed to have taken effect on the 28th day of September, 2006.
2. Amendment of section 11, Act XIX of 1974.- In the Banks (Nationalization) Act, 1974 (XIX of 1974). in section 11.
a) in suh-section 91), in clause (b), after the word "members" at the end, the words, commas and figures "including one or more directors whose election by the private shareholders, removal and other matters. shall be governed by the Companies Ordinance, 1981 (XLVII of 1981)" shall be added:
(b) in sub-section (3), after the word "Board" words "representing the Federal Government''''s direct and indirect shareholding" shall be added: and
(c) in sub-section (3), in clause (d), for the words "for a further period of three years-" the words "for such further term or terms as may be determined" shall be substituted.