The Bank of Khyber (Amendment) Ordinance, 2002


NOTIFICATION.
19th January, 2002.


No. LEGIS:I(4)/91/412-17.—The following Ordinance by the Governor of the North-West Frontier Province is hereby published for general information:—


THE NORTH-WEST FRONTIER PROVINCE BANK OF KHYBER (AMENDMENT) ORDINANCE, 2002.
N.-W.F.P. ORDINANCE NO. II OF 2002.
AN
ORDINANCE


farther to amend the Bank of Khyber Act, 1991.
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 fourteenth day of October, 1999, as amended uptodate, and the Provisional Constitution Order No. I 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 l991.--- In the Bank of Khyber Act, 1991 (N.-W.F.P. Act No. XIV of 1991), for section 8, the following shall be substituted namely:
"8. Government to be share holderr—Government shall be the major share holder 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 per cent of the shares issued by the Bank.".
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