Section 32: Rights and remedies available to Corporation

32. Rights and remedies available to Corporation.—(1) In respect of any non­performing asset held by the Corporation and any collateral, the Corporation shall be entitled to exercise and shall have all rights and remedies available to a banking company under the Code of Civil Procedure (Act V of 1908), Banking Companies Ordinance, 1962 (LVII of 1962), the Offences in Respect of Banks (Special Courts) Ordinance, 1984 (IX of 1984), and the Banking Courts (Recovery of Loans, Advances, Credits and Finances) Act, 1997 (Act XV of 1997) and shall also have the rights and remedies available under the Companies Ordinance, 1984 (XLVII of 1984, XLVII of 1984), and further all recoveries by the Corporation in pursuance of this Ordinance shall be made in accordance with the aforesaid laws. (2) It is declared that the Corporation shall be entitled to the the rights, title, interest, benefits, privileges of a financial institution as specified in the Schedule subject to the terms of mutual agreement between the Corporation and the Financial Institutions specified in the Schedule and likewise the Corporation shall be subject to the legal liability, if any, of the Financial Institutions. (3) All acts pursuant to and in exercise of the powers under this Ordinance and rights and remedies thereunder shall be done performed and pursued in accordance with the provisions of the prevailing law inter­alia as set out in sub­section (1).

Effective date: 2000-01-01

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