Section 2: Definitions

Plain-Language Summary

A general explanation to aid understanding. The official statutory text appears below.

This section defines the following terms used in The Banks (Transfer of Assets and Liabilities) Act, 1974: • National Bank of Pakistan — the Bank established under section 3 of the National Bank of Pakistan Ordinance, 1949 (XIX of 1949) • specified offices and branches — the offices and branches of the Eastern Mercantile Bank Limited and the Eastern Banking Corporation Limited specified in the Schedule; and This is the official statutory text, shown as written — it is not a paraphrase or a legal opinion. Consult a verified lawyer to see how it applies to your specific situation.

2. Definitions.—In this Act, unless there is anything repugnant in the subject or context,— (i) “National Bank of Pakistan” means the Bank established under section 3 of the National Bank of Pakistan Ordinance, 1949 (XIX of 1949); (ii) “specified offices and branches” means the offices and branches of the Eastern Mercantile Bank Limited and the Eastern Banking Corporation Limited specified in the Schedule; and (iii) “undertaking of a specified office or branch” includes subject to an order under section 6, all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property as were immediately before the commencement of this Act in the possession, ownership, power or control of the specified office or branch in relation to the undertaking within Pakistan, or in relation to the business of such undertaking outside Pakistan, and all books of accounts, registers, records, and all other documents of whatever nature relating thereto, and also includes, except as hereinafter provided, all borrowings, liabilities and obligations of whatever kind then subsisting of the specified office or branch in relation to the undertaking within the Federal Capital and the Provinces of the Punjab and Sind.

Effective date: 1974-01-01

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