Section 26: Power of State Bank to prohibit acceptance of deposits by banking companies incorporated outside Pakistan

26. Power of 3[State Bank] to prohibit acceptance of deposits by banking companies incorporated outside Pakistan. The 3[State Bank] may, by notification in the official Gazette, order that any banking company or 3[any class of] banking companies incorporated outside Pakistan shall from a date to be specified in the notification-- (1) discontinue to accept any interest bearing deposits or accept such deposits only upon such terms and under such conditions as may be specified in the notification: Provided that no such notification shall be made earlier than three years after the commencement of this Ordinance and the date specified in the notification shall not be earlier than six months after the date of the notification; or (2) discontinue to accept any deposits or accept deposits only upon such terms and under such conditions as may be specified in the notification: Provided that no such notification shall be made earlier than three years after the commencement of this Ordinance and the date specified in the notification shall not be earlier than one year from the date of the notification.

Effective date: 1962-06-07

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