N.-W.F.P. Bank of Khyber (Amendment) Ordinance 2002

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NORTH-WEST FRONTIER PROVINCE BANK OF KHYBER (AMENDMENT) ORDINANCE, 2002

ORDINANCE II OF 2002

An Ordinance further to amend the Bank of Khyber Act, 1991

[Gazette of N.-W.F.P. Extraordinary, 19th January, 2002]

**No. Legis. I(4)91/412-17., dated 19-1-2002.---**The following Ordinance by the Governor of the North-West Frontier Province is hereby published for general information.

Whereas it is expedient further to amend the Bank of Khyber Act, 1991 (N.-W.F.P. Act. No. XIV of 1991), for the purpose hereinafter appearing;

And whereas the Governor is satisfied that circumstances exist which render it necessary to take immediate action;

Now, therefore, in pursuance of the Proclamation of Emergency of the Fouteenth day of October, 1999, as amended up-to-date, and the Provisional Constitution Order No. 1 of 1999, read with Article 4 of the Provisional Constitution (Amendment) Order No. 9 of 1999, and in exercise of all powers enabling him in that behalf, the Governor of the North-West Frontier Province is pleased to make and promulgate the following Ordinance:

1. Short title and commencement.---(1) This ordinance may be called the Bank of Khyber (Amendment) Ordinance, 2002.

(2) It shall come into force at once.

2. Substitution of section 8 of N.-W.F.P. Act No. XIV of 1991.--In the Bank of Khyber Act, 1991 (N.-W.F.P. Act No. XIV of 19911, for section 8, the following shall be substituted namely:

  1. ++Government to be shareholder.++--Government shall be the major shareholder of the Bank, but shall not, except for such time till shares of the Bank are floated to the public, hold more than fifty-one percent. of the shares issued by the Bank."

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