BANKS (NATIONALIZATION) (SECOND AMENDMENT) ORDINANCE, 2006.

BANKS (NATIONALIZATION) (SECOND AMENDMENT) ORDINANCE, 2006.
Last Updated: 2006­11­04
Contents
PREAMBLE .
1 SHORT TITLE AND COMMENCEMENT
2 AMENDMENT OF SECTION 11, ACT XIX OF 1974


BANKS (NATIONALIZATION) (AMENDMENT) ORDINANCE, 2006.
ORDINANCE XXIX OF 2006
AN
ORDINANCE
Further to amend the Banks (Nationalization) Act, 1974
WHEREAS, it is expedient to 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 the powers conferred by clause (1) of Article 89 of the Constitution of 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, 2006.
(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 subsection (1), 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, 1984 (XLVII of 1984)" shall be added;
(b) in subsection (3), after the word "Board" the words "representing the Federal Government's direct and indirect shareholder" shall be added; and
(c) in subsection (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.
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