Section 32: Power of the Central Board to make bye-laws

32. Power of the Central Board to make bye-laws.___(1) The Central Board may, with the previous approval of the 1[Federal Government], make bye-laws not inconsistent with this Ordinance to provide for all matters for which provision is necessary or convenient for the purpose of giving effect to the provisions of this Ordinance. (2) In particular and without prejudice to the generality of the foregoing provisions, such bye-laws may provide for all or any of the following matters, namely :___ (i) the maximum amounts which may be advanced or lent to, or for which bills may be discounted for or purchased from, any individual or partnership-firm with or without security; (ii) the conditions subject to which alone advances may be made to Directors, Members or 2[*] officers 3[or other staff] of the Bank, or the relative of such Directors, Members or officers, 4[or other staff] or to companies, firms or individuals with which or with whom such Directors, Members, officers 4[or other staff] or relatives are connected as partners, directors, managers, servants, shareholders or otherwise; (ii) the manner in which and the conditions subject to which the Bank may take over the business, including the capital, assets and liabilities, of any other bank; (iii) the granting of advances or loans to any other bank for the purpose of averting or facilitating its winding up; (iv) the procedure and manner in which the capital of the Bank may be increased or reduced; (vi) the acquisition, maintenance and transfer of the Bank's residential and business premises; (vii) the contents, maintenance, inspection and closure of the principal and branch registers of shareholders; (viii) the books and accounts to be kept at the various offices of the Bank; (ix) the balancing of accounts and ascertainment of profit and loss; (x) the form and manner in which the balance sheet and the statement of profit and loss shall be drawn up; (xi) the determination and payment of dividend and transfer of profits to reserves; (xii) the preparation and transmission of returns to the Registrar of Joint Stock Companies and to the 1[Federal Government]; (xiii) the evidentiary value, form, issue and renewal of certificates of shares; (xiv) the calls on shares, the payment of such calls, joint and several liabilities of shareholders respect of such calls, the Bank's lien on the manner of its enforcement, the application of proceeds of sale; 1 Subs. by the National Bank of Pakistan (Amdt.) Act, 1973 (11 of 1973), s. 6, for “Central Government”. 2 The word “other” omitted by the National Bank of Pakistan Ordinance (Amdt.) Act, 1953 (29 of 1953), s. 5. 3 Ins. ibid. 4 Ins. by the National Bank of Pakistan Oridnance (Amdt.) Act, 1953 (29 of 1953), s. 5. (xv) the manner in which and the conditions subject to which shares may be allotted, held, transferred and transmitted and generally all matters relating to the rights and duties of shareholders; (xvi) the manner in which general and special meetings shall be convened and held, the quorum thereat, the procedure to be followed at such meetings, the manner in which votes may be exercised and the appointment and election of Chairmen of such meetings; (xvii) the manner in which local and special local meetings shall be convened and held, the quorum thereat, the procedure to be followed at such meetings, the manner in which votes may be exercised and the appointment and election of Chairmen of such meetings; (xviii) the powers exercisable by local and special local meetings; (xix) the holding and conduct of elections under this Ordinance; (xx) the final decisions on doubts and of disputes regarding the qualifications of candidates, or the validity of elections; (xxi) the manner in which meetings of the Central and Local Boards shall be convened and held, their quorum, the procedure to be followed at such meetings, votes of Directors, Members and ex officio Members and the manner in which they may be exercised, and the appointment or and election of Chairmen of such Boards; (xxii) the effect of vacancies in the Central or Local Boards and of subsequent discovery of disqualifications of a Director or Member; (xxiii) the obligations and immunities of Directors and Members and their remuneration, if any; (xxiv) the distribution of business amongst the Directors and Member, and their remuneration, if any; (xxv) the powers of the Local Boards and the limits within which they shall exercise such powers; (xxvi) the delegation of any powers of the Central or Local Boards to committees consisting of Directors or Members, as the case may be, and the conduct of business in such committees; (xxvii) the establishment and discontinuance of branches and agencies in Pakistan or elsewhere and the nature and extent of the business any branch or agency may transact; (xxviii) the recruitment of officers and staff of the Bank including the terms and conditions of their service, and the constitution and management of staff and superannuation funds for the officers and servants of the Bank; (xxix) the authority to draw, accept, endorse and execute documents on behalf of the Bank; (xxx) the provision of common and official seals of the Bank and the manner and effect of their use; (xxxi) the manner and form in which contracts binding on the Bank may be executed; (xxxii) the conduct 1[, institution] and defence of legal proceedings and the manner of signing pleadings; (xxxiii) the addresses of shareholders and the issue and service of notices; (xxxiv) the service of notice on the Bank; and (xxxv) generally, for the efficient conduct of the business, discharge of functions and management of the Bank.

Effective date: 1949-01-01

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