Law: State Bank of Pakistan Act, 1956

Section: 37

(a) State Bank of Pakistan Act (XXXIII of 1956)--S. 37---Banks (Nationalization) Act (XIX of 1974), S.3(I)(b)---Agricultural Development Bank of Pakistan (Reorganization and Conversion) Ordinance (LX of 2002), S.5(1) & (2)---Zarai Taraqiati Bank Limited (ZTBL)---Status--Control of State Bank---Scope---Zarai Taraqiati Bank Limited has been declared as a scheduled bank by State Bank of Pakistan under S.37 of State Bank of Pakistan Act, 1956---Zarai Taraqiati Bank Limited is subject to control and supervision by State Bank of Pakistan pursuant to the provisions of State Bank of Pakistan Act, 1956--Zarai Taraqiati Bank Limited is successor-in-interest of Agricultural Development Bank of Pakistan, as it has come into being on 14-12-2002 following restructuring and conversion of Agricultural Development Bank of Pakistan, which was expressly stated to be a bank by section 3(1)(b) of Banks (Nationalization) Act, 1974---There is no provision in Agricultural Development Bank of Pakistan (Reorganization and Conversion) Ordinance, 2002, as would suggest that after its conversion from Agricultural Development Bank, Zarai Taraqiati Bank ceased to be a bank and became free from being subject to the provisions of Banking Companies Ordinance, 1962, Banks (Nationalization) Act, 1974, or State Bank of Pakistan Act, 1956---Transitional provisions of section 5 (I) and (2) of Agricultural Development Bank of Pakistan (Reorganization and Conversion) Ordinance, 2002, not only allowed Zarai Taraqiati Bank to continue banking business of Agricultural Development Bank but also to use word "bank" as part of its name. (b) Banks (Nationalization) Act (XIX of 1974)--- ----S.11 (31a)---Appointment of President of bank---Approval of State Bank---Scope---President or a Chief Executive Officer of a bank cannot be appointed without approval of State Bank of Pakistan---Such requirement is in harmony and consistent with section 11(3Xa) of Banks (Nationalization) Act, 1974. (c) Banks (Nationalization) Act (XIX of 1974)--- ----Ss. 3(1)(b) & 11(3)(a)---Banking Companies Ordinance (LVII of 1962), S.41---State Bank's Prudential Regulations for Corporate/Commercial Banking---Constitution of…

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