Section 5: Contracts and proceedings

5. Contracts and proceedings.___ (1) Unless otherwise expressly provided in this Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the commencement of this Act to which any of the specified offices and branches is a party or which are in favour of any specified office or branch shall be of as full force and effect against or in favour of the National Bank of Pakistan, and may be enforced or acted upon as fully and effectually, as if in the place of the specified office or branch the National Bank of Pakistan had been a party thereto or as if the same had been in favour of the National Bank of Pakistan. (2) If any suit, appeal or other proceeding of whatever nature in relation to any business of the undertaking which is transferred by virtue of section 4 is pending by or again st any specified office or branch, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the National Bank of Pakistan.

Effective date: 1974-01-01

Related sections