Section 53: Stay of proceedings
The Banking Companies Ordinance, 1962 · Federal Acts · III · in_force
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53. Stay of proceedings.--Notwithstanding anything to the contrary contained in section 173 of the 2[Companies Ordinance, 1984 (XLVII of 1984)], the High Court shall not make any order staying the proceedings in relation to the winding up of a banking company, unless the High Court is satisfied that an arrangement has been made whereby the company can pay its depositors in full as their claims accrue.
Effective date: 1962-06-07
Related sections
Section 52: Application of Companies Act to liquidatorsSection 54: Preliminary report by official liquidatorSection 51: State Bank to be official liquidatorSection 55: Notice to preferential claimants and secured and unsecured creditorsSection 50: Court LiquidatorSection 56: Power to dispense with meetings of creditors, etc.
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