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WHEREAS it is necessary to provide for the constitution of a State Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilisation of the country's productive resources. | MBF-705 LEGAL AND REGULATORY ASPECTS OF BANKING SUPERVISION OSMAN BIN SAIF Session: TWENTY SEVEN Summary of Last session SECTION 7 Banking Companies Ordinance, 1962 2 Agenda of this session State Bank of Pakistan Act, 1956 3 The State Bank of Pakistan Act, 1956 Act No. XXXIII of 1956 4 CHAPTERS AND SECTIONS CHAPTER DESCRIPTION SECTIONS I Preliminary 1-2 II Establishment, Incorporation and Share Capital of the Bank 3-7 III Management 8-16 IV Business and Functions of the Bank 17-40 V General 41-55 5 AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF THE STATE BANK OF PAKISTAN 6 The State Bank of Pakistan Act, 1956 WHEREAS it is necessary to provide for the constitution of a State Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilisation of the country's productive resources; 7 PRELIMINARY 1. Short title, extent and commencement (1) This Act may be cited as the State Bank | MBF-705 LEGAL AND REGULATORY ASPECTS OF BANKING SUPERVISION OSMAN BIN SAIF Session: TWENTY SEVEN Summary of Last session SECTION 7 Banking Companies Ordinance, 1962 2 Agenda of this session State Bank of Pakistan Act, 1956 3 The State Bank of Pakistan Act, 1956 Act No. XXXIII of 1956 4 CHAPTERS AND SECTIONS CHAPTER DESCRIPTION SECTIONS I Preliminary 1-2 II Establishment, Incorporation and Share Capital of the Bank 3-7 III Management 8-16 IV Business and Functions of the Bank 17-40 V General 41-55 5 AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF THE STATE BANK OF PAKISTAN 6 The State Bank of Pakistan Act, 1956 WHEREAS it is necessary to provide for the constitution of a State Bank to regulate the monetary and credit system of Pakistan and to foster its growth in the best national interest with a view to securing monetary stability and fuller utilisation of the country's productive resources; 7 PRELIMINARY 1. Short title, extent and commencement (1) This Act may be cited as the State Bank of Pakistan Act, 1956 (2) It extends to the whole of Pakistan (3) It shall come into force at once and except Section 46, shall be deemed to have taken effect on the from the twelfth day of May, 1948. 8 3. Establishment and incorporation of the Bank (1) As soon as may be after the commencement of this Act steps shall be taken to establish, in accordance with the provisions of this Act, a bank to be called the State Bank of Pakistan or Bank Daulat-e-Pakistan, for the purposes of taking over, as from the first day of July, 1948 the management of the currency from the Reserve Bank of India, and carrying on the business of Central Banking. 9 3. Establishment and incorporation of the Bank (Contd.) (2) The bank shall be a body corporate by the name of State Bank of Pakistan or Bank Daulat-e- Pakistan, having perpetual succession and a common seal, and shall by the said name sue and be sued. 10 4. Share Capital (1) The original share capital of the bank shall be three crores of Rupees .
