Preamble

Short title and commencement

Definitions.

Amendment of certain laws.

4.         The laws mentioned in the Schedule, as amended by this Ordinance, Laws as amended shall have effect notwithstanding anything to the contrary contained in any to over-ride other law for the time being in force.

Laws as amended to over-ride other laws.

5.         If any difficulty arises in giving effect to any provision of the laws Removal of amended by this Ordinance, Government may, by notification in the official difficulties. Gazette, make such provision as it thinks fit for the purpose of removing such difficulty.

Removal of difficulties.

Short title and
No. of Act

Amendments made

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1.

The Stamp Act, 1899 (II of 1899).

After section 9, the following new section shall be inserted, namely:

"9A. Power of Provincial Government to exempt certain instruments.—The Provincial Government may, by notification in the Official Gazette, generally exempt from payment of the whole or any part of the duties on any instruments executed by or in favour of a banking company in the normal course of it making business.

Explanation,—For the purpose of this section, "banking company" shall have the same meaning as assigned to it in the Banking Tribunals Ordinance, 1984(LVIII of 1984).".

2.

The Co-operative Societies Act, 1925 (VII of 1925).

1.     In section 3, after clause (bb), the following new clause shall be inserted, namely:

        "(bbb) 'loan' includes finance as defined in the Banking Tribunals Ordinance, 1984 (LVI1I of 1984), and all cognate expressions shall be construed accordingly;".

2.     In section 26, the word "and Dacca", appearing after the words "Karachi Division" shall be deleted.

3.     In section 32,—

        (a)   for the existing marginal heading the following shall be substituted, namely:

                "Exemption from compulsory registration of instruments relating to shares, etc., of Society.";

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(b)    in clause (2),—

        (i)    after the word "debenture'', occurring for the first time, the commas and the words "participation term certificate, term finance certificate, musharika certificate, modaraba certificate and such other instrument as may be approved by the State Bank of Pakistan" shall be inserted; and

        (ii)    for the word "debenture", occurring for the second time, the word "instruments" shall be substituted; and

(c)    in clause (3), after the word "debenture", the commas and the words", participation term certificate, term finance certificate, musharika certificate, modaraba certificate and such other instrument as may be approved by the State Bank of Pakistan" shall be inserted.

4.     In section 33, in sub-section (1), after the word "interest" the words "or return" shall be inserted.

5.     In section 33A, after the word "interest", wherever occurring, the words "or return" shall be inserted.

6.     In section 50, in clause (h), after the word "interest", the words "or return" shall be inserted.

7.     In section 50A, in sub-section (1) after the word "interest", the words "or return" shall be inserted.

8.     In section 52, in clause (e), for the words "a Central", the words "the Provincial" shall be substituted.

9.     In section 59, in sub-section (2), in clause (e), after the words "interest", the words "or return " shall be inserted.

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10.   In section 71, in sub-section (2),—

        (a)   in clause (x), after the word "debenture" the commas and the words ".participation term certificates, term finance certificate, musharika certificates, modaraba certificates and such other instrument as may be approved by the State Bank of Pakistan," shall be inserted; and

        (b)   in clause (ee), for the expression "interest on debenture", the expression "interest or return on instruments referred to in clause (x)" shall be substituted.

3.

The West Pakistan Finance Act, 1963 (W.P. Act IX of 1963)

        In section 16, in sub-section (1), for the second proviso the following proviso shall be substituted, namely:

        "Provided further that the tax shall not be levied—

        (a)   on transfer of immovable property in consequence of the distribution of immovable property on the total or partial portion of a Hindu undivided family or the distribution of such property on the dissolution of a firm or other association of persons or on the liquidation of a company or under a deed of gift, bequest, will or transfer on irrevocable trust; and

        (b)   on any profits or gains arising from assignment, re-assignment, sale or transfer of any immovable property assigned, re-assigned, sold or transferred to, or by, a banking company by, or as the case may be, to its customer on account, or in consequence, of finance provided by the banking company to its customer, except in a case of forced sale by a banking company on a default by the customer, in which case the customer shall be liable to pay the tax.

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Explanations:

(1)    For the purpose of clause (b) of this Provisio, the expressions 'banking company', 'customer, and 'finance' shall have the same meanings as have been assigned to them in the Banking Tribunals Ordinance, 1984 (LVIII of 1984).

(2)    A Certificate issued by the banking company certifying the transaction referred to in clause (b) of this proviso shall be presumed to be correct.".

4.

The West Pakistan Co-operative Societies and Co-operative Banks (Repayment of Loans) Ordinance, 1966 (W.P. Ord. XIV of 1966).

In section 2, in clause (8), the existing sub-clauses (i), (ii) and (iii) shall respectively be re-numbered as (ii), (iii) and (iv), and before sub-clause (ii) as so re-numbered, the following new clause shall be inserted, namely:

"(i)    finance as defined in the Banking Tribunals Ordinance, 1984 (LVIII of 1984), and all cognate expressions shall be construed accordingly;".