N.-W.F.P. Bank of Khyber (Amendment) Act 1996

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BANK OF KHYBER (AMENDMENT) ACT, 1996

ACT IX OF 1996

An Act to amend the Bank of Khyber Act, 1996

[Gazette of N.-W.F.P., Extraordinary, 28th July, 1996]

No.PA/N.-W.F.P/Legis/96/12579, dated 28-7-1996.---The Bank of Khyber (Amendment) Bill, 1996, having been passed by the Provincial Assembly of the North-West Frontier Province on the 30th June, 1996 and assented to by the Governor of the North-West Frontier Province on the 15th July, 1996, is hereby published as an Act of the Provincial Legislature of North West Frontier Province.

**Preamble.---**Whereas it is expedient to amend the Bank of Khyber Act, 1991 (N.-W.F.P. Act XIV of 1991), for the purposes hereinafter appearing;

It is hereby enacted as follows

1. Short title and commencement.---(1) This Act may be called the Bank of Khyber (Amendment) Act, 1996.

(2) It shall come into force at once.

**2. Amendment of section 3 of N.-W.F.P. Act XIV of 1991.---**In the Bank of Khyber Act, 1991 (N.-W.F.P. Act XIV of 1991), hereinafter referred to as the said Act, in section 3, the expression "Banking Companies Ordinance, 1962", appearing as marginal heading against clause (b), shall be deleted.

3. Amendment of section 5 of N.-W.F.P. Act XIV of 1991.---In the said Act, in section 5, in subsection (1), the words and full-stop "paid up capital of the Bank shall be rupees three hundred million" shall be deleted.

**4. Amendment of section 11 of N.-W.F.P. Act XIV of 1991.--**In the said Act, in section 11,--

(i) for the word "eight" the word "nine" shall be substituted;

(ii) for clause (a) the following shall be substituted, namely

"(a) four-Directors, including the Director of foreign/local institutions nominated by them by virtue of their voting right, shall be elected in a special meeting of shareholders within three months of the allotment of share floatation in the stock market;"

(iii) for clause (c), the following shall be substituted, namely:--

"(c) the ninth Director shall be the.. Managing Director of the Bank.";

and

(iv) after clause (c), as so substituted, the following new subsection (2) shall be added, namely:

"(2) The election of Directors after share floatation in the stock market shall be conducted in accordance with the bye-laws made under section 24."

**5. Amendment of section 12 of N.-W.F.P. Act XIV of 1991.---**In the said Act, for section 12 the following shall be substituted, namely:--

12. Managing Director.---(1) The Managing Director/Chief Executive will be a Senior Professional banker, having not less than 20 years experience. He shall be appointed by Government for a period not less than three years and not more tha4 five years on such terms and conditions of service as Government may determine:

Provided that the terms and conditions of service shall not be varied to his disadvantage during his term of office:

Provided further that his services may be terminated by Government on the grounds of physical or mental incapacity or gross misconduct:

Provided also that on the expiry of his terms of office, he shall be eligible for re-appointment for such period as may be determined by Government.

(2) The Managing Director shall be the Chief Executive Officer of the Bank and shall, subject to any bye-laws trade in this behalf, administer and control, on behalf of the Board, the affairs of the Bank.

**6. Amendment of section 14 of N.-W.F.P. Act XIV of 1991.---**In the said Act, in section 14,---

(i) in subsection (1), for the words "not appointed by Government to serve as a Director" the words and commas "other than the Director nominated by foreign/local institutions under clause (a), and the Directors appointed by Government under clause (b), of section l I " shall be substituted; and

(ii) in subsection (2) in clause (e), after semi-colon at the end the following proviso shall be added, namely:

"Provided that this clause shall not apply to a Director nominated by foreign/local institutions under clause (a) of section 11;".

**7. Amendment of section 16 of N.-W.F.P. Act XIV of 1991.---**In the said Act, in section 16, in subsection (3) for the words and comma "general meeting, as the case may he" the words "election of Directors" shall be substituted.

**8. Amendment of section 17 of N.-W.F.P. Act XIV of 1991.---**In the said Act, in section 17, in subsection (1), for the words "also be seen and discussed" the words "be discussed and approved" shall be substituted.

**9. Amendment of section 18 of N.-W.F.P. Act XIV of 1991.---**In the said Act, in section 18, in subsection (I ), the proviso shall be deleted.

**10. Amendment of section 19 of N.-W.F.P. Act XIV of 1991.---**In the said Act, in section 19, in clause (a), the full-stop appearing at the end shall be replaced by a comma and after comma so replaced the following shall be added namely: .

"and from Pakistani and foreign donors and development agencies, unilateral, bilateral, multilateral and regional, and financial institutions including, but not limited to, the Asian Development Bank. Deutsche Investition-sund Entwick lungsgesellschaft mbh, the International Finance Commission, the World Bank, and their respective affiliates."

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