Section 34: Accounts and balance sheet

34. Accounts and balance-sheet.--(1) At the expiration of each calendar year every banking company incorporated in Pakistan, in respect of all business transacted by it, and every banking company incorporated outside Pakistan, in respect of all business transacted through its branches in Pakistan, shall prepare with reference to that year a balance sheet and profit and loss account as on the last working day of the year in the forms set out in the Second Schedule or as near thereto as circumstances admit. (2) The balance sheet and profit and loss account shall be signed:-- (a) in the case of a banking company incorporated in Pakistan, by the manager or the principal officer of the company and where there are more than three directors of the company, by at least three of those directors, or where there are not more than three directors, by all the directors, and (b) in the case of a banking company incorporated outside Pakistan by the manager or agent of the principal office of the company in Pakistan and by another officer next in seniority to the manager or agent. (3) Notwithstanding that the balance sheet of a banking company is under sub-section (1) required to be prepared in a form other than 1[the Companies Act, 2017 (XIX of 2017)], the requirements of that Act relating to the balance sheet and profit and loss account of a company shall, in so far as they are not inconsistent with this Ordinance, apply to the balance-sheet or profit and loss account, as the case may be, of a banking company. 2[(4) The State Bank may, after giving not less than fifteen days notice 1[by posting on its website] of its intention so to do, from time to time by a 1[circular], amend the forms set out in the Second Schedule.]

Effective date: 1962-06-07

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