Section 26A: Exceptions

8[26A. Exceptions___Notwithstanding anything contained in sections 25 and 26 the Bank is authorised to___ (1) grant advances or loans to its officers and staff for the purpose of building residential houses, including the cost of land, on such security, including immovable property, and on such terms and conditions and for such periods as may be prescribed; 1 The word “and” which was added by the National Bank of Pakistan (Amdt.) Ordinance, 1960 (52 of 1960), s. 14, has been omitted by the National Bank of Pakistan (Amdt.) Ordinance, 1963 (5 of 1963), s. 2. 2 The original cl. (21) omitted by Ordinance 52 of 1960, s. 14 3 New cl. (21) ins. by the National Bank of Pakistan (Amdt.) Ordinance, 63 (5 of 1963), s. 2. 4 Subs. by the National Bank of Pakistan (Amdt.) Ordinance, 1970 (14 of 1970), s. 8. for original sub-section. (1) 5 The original sub-clause (c) omitted, by the National Bank of Pakistan (Amdt.) Ordinance, 1960 (52 of 1960), s. 15. 6 Subs. by the National Bank of Pakistan (Amdt.) Ordinance, 1960 (52 of 1960), s. 15, for “allowing any person who keeps an account with the Bank of overdraw such account”. 7 Subs. and added by the National Bank of Pakistan (Amdt.) Ordinance, 1970 (14 of 1970), s. 8. 8 Subs. ibid., s. 16, for section 26A which was ins. by the National Bank of Pakistan Ordinance (Amdt.) Act, 1953 (29 of 1953), s.4. 1[(1a) grant advances or loans, or any period exceeding one year but not exceeding five years, to such small and medium industries as may, from time to time, be specified by the Central Board on such terms and conditions as may be prescribed: Provided that the amount of advances and loans outstanding at any time under this clause shall not exceed five percent of the total amount of bank deposits at such time;] (2) grant or subsidise, from time to time, pensions, gratuities, bonuses or other funds created for the benefit of its officers and staff or their dependents; (3) contribute to the promotion of research in banking and allied subjects; and (4) donate funds for any charitable objects or to any charitable institutions or societies.] CHAPTER VI MISCELLANEOUS

Effective date: 1949-01-01

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