Section 16: Managing Director and Deputy Managing Directors

16. Managing Director and Deputy Managing Directors. ___10[(1) The Managing Director shall be appointed by the 2[Federal Government] for a period not exceeding 11[five] years and on such salary and terms and conditions of service as the 2[Federal Government] may determine: Provided that neither the salary nor the terms and conditions of service shall be varied to his disadvantage during his tenure of office 12[ : ]] 1 For notification under this section, see Gaz. of P., 1953, Ext., p. 299. 2 Subs. by the National Bank of Pakistan (Amdt.) Act, 1973 (11 of 1973), s. 6, for “Central Government”. 3 Subs. ibid., s. 3. 4 Subs. by the National Bank of Pakistan (Amdt.) Act, 1973 (11 of 1973), s. 3. 5 Subs. ibid., s. 6, for “Central Government”. 6 The original words “or a Deputy Managing Director” omitted by the National Bank of Pakistan (Amdt.) Ordinance, 1960 (52 of 1960), s. 6. 7 Subs. ibid., for “either of them”. 8 Subs. ibid., for “the Managing Director”. 9 Subs. ibid., s. 6, for “two”. 10 Subs. by the National Bank of Pakistan Ordinance (Amdt.) Act, 1953 (29 of 1953), s. 2 for the original sub-section (1). 11 Subs. by the National Bank of Pakistan (Amdt.) Ordinance, 1960 (52 of 1960), s. 7, for “three”. 12 Subs. ibid., for full-stop. 1[Provided further that the appointment may be terminated by six months’ notice in writing given by the 2[Federal Government] to him or by him to the 2[Federal Government.] 3[* * * * * * *] (3) The Managing Director 4[* * *] shall on the expiry of 5[his term] of office be eligible for re-appointment: Provided that no person shall hold office as Managing Director 6[* * *] who is a member of the 7[Federal] or a Provincial Legislature. 8[(4) The Managing Director shall be the chief executive officer of the Bank and shall, subject to any bye-laws made in this behalf, direct and control, on behalf of the Central Board, the affairs of the Bank.].

Effective date: 1949-01-01

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