The Bank of Khyber (Amendment) Ordinance, 2001

NOTIFICATION
21ST May, 2001

No. Legis: l(4)/91/2679/2719.—The following Ordinance by the Governor of the North-West Frontier Province is hereby published for general information:-

THE BANK OF KHYBER (AMENDMENT) ORDINANCE, 2001
n.w.f.p. ordinance no. iv of 2001
an
ordinance
further 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 purposes hereinafter appearing;
AND WHEREAS the Provincial Assembly of the North-West Frontier Province is in abeyance and the Governor is satisfied that circumstances exist which render it necessary to take immediate action;
NOW, THEREFORE, in pursuance of the Proclamation of the fourteenth day of October, 1999, 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, 2001.
(2)        It shall come into force at once.
2.       Amendment of section 11 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), in section 11, in sub­ section (1),-
(i)         for clauses (a), (b) and (c), the following shall respectively be substituted, namely:
"(a) three Directors shall be elected in a special meeting of the share holders within three months of the allotment of share floatation in the stock market; provided that Government may appoint these Directors from private sector for a period of one year or till the floatation of shares, whichever is earlier;
(b)     four Directors to be appointed by Government, one of whom shall be additional Chief Secretary to Government, Planning, Environment and Development Department, and another shall be the Secretary to Government, Finance Department;
                        (c)  the Managing Director;"; and
(ii)        after clause (c), as so amended, the following new clause shall be inserted, namely:
"(d) one Director to be appointed by foreign/local institutions by virtue of their share holding in the Bank.".
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