Section 8: Use of the word "Bank" or any of its derivatives

8. Use of the word "Bank" or any of its derivatives. 2[Every company] carrying on the business of banking in Pakistan shall use the word "bank", or any of its derivatives as part of its name and no company other than a banking company shall use in its name any word calculated to indicate that it is a banking company: Provided that nothing in this section shall apply to (a) subsidiary of a banking company formed for one or more of the purposes mentioned in sub-section (1) of Section 23 whose name indicates that it is a subsidiary of that banking company; and (b) any association of banks formed for the protection of their mutual interests and registered under section 3[42 of the Companies Ordinance 1984 (XLVII of 1984)] 4[:] 5[Provided further that the 3[State Bank] may, subject to such conditions, if any, as it may deem fit, by notification in the Official Gazette, authorise a company 6[***] not being a banking company, to use in its name the word "bank" or any of its derivatives.]

Effective date: 1962-06-07

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