[1]THE BANK OF PUNJAB (AMENDMENT) ACT 1991

(Pb. Act VIII of 1991)

[30 March 1991]

An Act to amend the Bank of Punjab Act 1989 (XII of 1989)

Preamble.— Whereas it is expedient to amend the Bank of Punjab Act 1989 (XII of 1989), in the manner hereinafter appearing;

      It is hereby enacted as follows:-

1.   Short title and commencement.— (1) This Act may be called the Bank of Punjab (Amendment) Act 1991.

      (2)  It shall come into force at once.

2.   Addition of Section 1-A in Act XII of 1989.— In the Bank of Punjab Act 1989 (XII of 1989) (hereinafter referred to as the said Act), after Section 1, the following Section 1-A shall be added:-

      1-A.   Act to override other laws.— This Act shall have effect notwithstanding anything contained in any other law for the time being in force.”.

3.   Amendment of Section 2 of Act XII of 1989.— In the said Act, in Section 2, clause (m) shall be omitted.

4.   Amendment of Section 12 of Act XII of 1989.— In the said Act, in Section 12—

      (1)  in sub-section (1), for the word “hundred”, the words “twenty-five” shall be substituted;

      (2)  in sub-section (2), in clause (f), the full-stop at the end shall be replaced by a semi-colon and the word “or” shall be added and thereafter the following clause (g) shall be added:-

            “(g)   if he has been found by a competent court under any law to have acted against the interest of a person with whom he had a fiduciary relationship;”

      (3)  in sub-section (3), for clause (d), the following shall be substituted—

            “(d)   if he is declared to be a lunatic or of unsound mind by a competent court;”.

5.   Amendment of Section 17 of Act XII of 1989.— In the said Act, in Section 17, for sub-section (1), the following shall be substituted—

      “(1)   Every shareholder shall be entitled to attend any meeting and each shareholder who has been registered as such for a period of not less than three months prior to the date of such meeting shall when present in person and on a show of hands, have one vote and on a poll each shareholder so registered, shall have one vote for each share held by such shareholder:

                     Provided that any shareholder shall be entitled to vote at any meeting unless all calls or other sums presently payable by him in respect of shares of the Bank have been paid.”.

6.   Amendment of Section 18 of Act XII of 1989.— In the said Act, in Section 18—

      (1)  in sub-section (5), for the word “Scripts”, the word “Scrips” shall be substituted;

      (2)  in sub-section (12), for clause (b), the following shall be substituted—

            “(b)   the receiving of the proceeds whether principal interest or dividends of any securities or shares;”;

      (3)  for sub-section (22), the following shall be substituted—

            “(22)  The advancing of money on non-interest basis and according to the various common modes of financing;” and

      (4)  after sub-section (24), the following explanation shall be added:-

                  “Explanation.—The expressions, “granting of advances or loans” or “advancing and lending of money” and their cognate expressions shall include financing on the basis of various approved modes of common interest based financing like financing by lending, trade related modes of financing, and investment type modes of financing.”.

7.   Amendment of Section 19 of Act XII of 1989.— In the said Act, in Section 19, in sub-section (4), for the word “after”, the word “alter” shall be substituted.

8.   Amendment of Section 20 of Act XII of 1989.— In the said Act, in Section 20, in sub-section (2), for the word “or” appearing for the second time, the word “for” shall be substituted.

9.   Amendment of Section 21 of Act XII of 1989.— In the said Act, in Section 21, in sub-section (1), for the word “Registered”, the word “Chartered” shall be substituted.

10.    Amendment of section 25 of Act XII of 1989.— In the said Act, in section 25, in sub-section (2), for clause (xii), the following shall be substituted:-

         “(xii)  The preparation and transmission of returns to the Government;”

11.    Addition of Section 26 in Act XII of 1989.— In the said Act, after Section 25, the following new Section 26 shall be added:-

         26.  Immunity.— No suit, prosecution or other legal proceedings shall lie against the Chairman, any Director or Government for anything which is in good faith done or is intended to be done under this Act or any Bye-law framed under it.”.

12.    Repeal.— The Bank of Punjab (Amendment) Ordinance, 1991 (VII of 1991), is hereby repealed.

 



[1]This Act was passed by the Punjab Assembly on 18th March, 1991; assented to by the Governor of the Punjab on 26th March, 1991; and, was published in the Punjab Gazette (Extraordinary), dated 30th March, 1991, Pages 849-851.