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Lecture Legal and regulatory aspects of banking supervision – Chapter 26

The following will be discussed in this chapter: Banking companies ordinance, 1962; what is deposit insurance, state of deposit insurance in Pakistan, draft deposit protection ACT of Pakistan. | MBF-705 LEGAL AND REGULATORY ASPECTS OF BANKING SUPERVISION OSMAN BIN SAIF Session: TWENTY SIX Summary of last session What is Deposit Insurance State of Deposit Insurance in Pakistan Draft Deposit Protection ACT of Pakistan 2 Agenda of this session SECTION 7 Banking Companies Ordinance, 1962 3 THE BANKING COMPANIES ORDINANCE, 1962 ORDINANCE No. LVII OF 1962 {7th June, 1962} 4 THE BANKING COMPANIES ORDINANCE, 1962 An Ordinance to consolidate and amend the law relating to banking companies 5 PARTS AND SECTIONS PART DESCRIPTION SECTIONS I Preliminary 1-6 II Business of Banking Companies 7-43 II A Transaction of Banking Business Illegally by Companies 43 A-43 F III Suspension of Business and winding up of Banking Companies 44-59 IV Special provision for Speedy Disposal of Winding up Proceedings 60-82 IV A Banking Mohtasib 82 A-82 G V Miscellaneous 83-95 6 1. Short title, extent and commencement.— (1) This Ordinance may be called the Banking Companies Ordinance, 1962. (2) It extends to . | MBF-705 LEGAL AND REGULATORY ASPECTS OF BANKING SUPERVISION OSMAN BIN SAIF Session: TWENTY SIX Summary of last session What is Deposit Insurance State of Deposit Insurance in Pakistan Draft Deposit Protection ACT of Pakistan 2 Agenda of this session SECTION 7 Banking Companies Ordinance, 1962 3 THE BANKING COMPANIES ORDINANCE, 1962 ORDINANCE No. LVII OF 1962 {7th June, 1962} 4 THE BANKING COMPANIES ORDINANCE, 1962 An Ordinance to consolidate and amend the law relating to banking companies 5 PARTS AND SECTIONS PART DESCRIPTION SECTIONS I Preliminary 1-6 II Business of Banking Companies 7-43 II A Transaction of Banking Business Illegally by Companies 43 A-43 F III Suspension of Business and winding up of Banking Companies 44-59 IV Special provision for Speedy Disposal of Winding up Proceedings 60-82 IV A Banking Mohtasib 82 A-82 G V Miscellaneous 83-95 6 1. Short title, extent and commencement.— (1) This Ordinance may be called the Banking Companies Ordinance, 1962. (2) It extends to the whole of Pakistan. (3) It shall come into force at once. 7 2. Application of other laws not barred.- The provisions of this Ordinance shall be in addition to, and not, save as hereinafter expressly provided, in derogation of, the Companies Ordinance, 1984 (XLVII of 1984), and any other law for the time being in force. 8 Part II BUSINESS OF BANKING COMPANIES 9 7. Form of business in which banking companies may engage.— (1) In addition to the business of banking, a banking company may engage in any one or more of the following forms of business, namely:- (a) The borrowing, raising, or taking up of money; the lending or advancing of money either upon or without security; 10 7. Form of business in which banking companies may engage. (Contd.) the drawing, making, accepting, discounting, buying, selling, collecting and dealing in bills of exchange, hundies, promissory notes, coupons, drafts, 11 7. Form of business in which banking companies may engage. (Contd.) the buying and selling of