Section 41D: Prosecution of directors, chief executives or other officers

2[41D. Prosecution of directors, chief executives or other officers. Notwithstanding anything contained in section 41A 1[and clause (a) of sub-section (1) of section 42E], the State Bank may direct prosecution of a director or chief executive by whatever name called or other officer who, in its opinion, has knowingly acted in a manner causing loss of depositor's money or of the income of the banking company. Explanation:- For the purpose of this section a director or chief executive or other officer shall be deemed to have acted knowingly if he has departed from established banking practices and procedures or circumvented the regulations or related credit restrictions laid down by the State Bank of Pakistan from time to time.]

Effective date: 1962-06-07

Related sections