Section 2: Definitions. In this Act, unless there is anything repugnant in the subject or context,

2. Definitions. In this Act, unless there is anything repugnant in the subject or context, — (1) “the Bank” means 9[the State Bank of Pakistan]. 10[(1A) “Government”, in relation to Government security, means the 8[Federal or Provincial Government by whom the security is created and issued;] (2) “Government security” means___ (a) a security, created and issued, whether before or after the commencement of this Act, by 11[Government] for the purpose of raising a public loan, and having one of the following forms, namely:— 1For Statement of Objects and Reasons, see Gazette of India, Pt. V, dated the 31st July, 1943; and for Report of Select Committee, see ibid., 1944, Pt. V, p. 85. The Act shall apply to Balochistan, see Notification No. 154-F, dated the 29th May, 1946, Gazette of India, 1946, Pt. I, p. 773. The Act has been extended to the Leased Areas of Balochistan by the Leased Areas (Laws) Order, 1950 (G. G. O. 3 of 1950). The Act and all rules, notifications, declarations and orders made under it and in force, immediately before the 28th November, 1952, have subject to certain modifications been extended to the State of Bahawalpur, see the Bahawalpur (Federal Laws) (Extension) Order, 1952 (G. G. O. 11 of 1952). It has also been extended to- (a) the Balochistan States Union, see the Balochistan States Union (Federal Laws) (Extension) Order, 1953 (G. G. O. 4 of 1953), as amended, and (b) the Khairpur State, see the Khairpur (Federal Laws) (Extension) Order, 1953 (G: G. O. 5 of 1953), as amended. The Act has been and shall be deemed to have been brought into force in Gwadur with effect from the 8th September 1958, by the Gwadur (Application of Central Laws) Ordinance, 1960 (37 of 1960), s. 2. The Act, rules, notifns. and orders made under it, have been applied to the Tribal Areas or to the parts of those areas to which they have not been already applied, see the Tribal Areas (Application of Acts) Regulation, 1965 of P., 1965, Ext., pp. 1016-1018. 2The original words “issued by the Central Govt.” omitted by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 2. 3The original words “by the Reserve Bank of India” omitted ibid. 4The original words “of the Central Govt” omitted ibid. 5The original words and brackets “(Central Government)” omitted, ibid., s. 3. 6Subs by the Central Laws (Statute Reform) Ordinance, 1960 (21 of 1960), s. 3 and 2nd Sch. (with effect from the 14th October, 1955), for the original sub-section (2), as amended by A. O., 1949. 7The Act shall come into force from the 1st day of May, 1946, see Notification No. F-9(1) B/46, dated the 20th April 1946, Gazette of India, 1946, Pt. I, p. 575. 8Subs. by F. A.O., 1975, Art. 2 and Table. 9Subs. by the Pakistan (Adaption of Existing Pakistan Laws) (State Bank of Pakistan) Order, 1948 (G. G. O. 18 of 1948), for “the Reserve Bank of India ”. 10Clause (1A) ins. by Ordinance 7 of 1961, s. 4. 11Subs. ibid., for “The Central Government”. (i) stock transferable by registration in the books of the Bank; or (ii) a promissory note payable to order; or (iii) a bearer bond payable to bearer; or (iv) a form prescribed in this behalf 1[,] 2[or notified by Government from time to time;] (b) any other security created and issued by 3[Government] in such form and for such of the purposes of this Act as may be prescribed; (3) “prescribed” means prescribed by rules made under this Act; (4) “promissory note” includes a treasury bill.

Effective date: 1944-01-01

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