Bank of Punjab Act, 1989

From: 1989-07-03 - To: 0000-00-00 An Act to constitute the Bank of Punjab. Preamble.– Whereas it is expedient to provide for the establishment of a Bank of providing banking facilities in the Punjab; It is hereby enacted as follows:- 1. Short title, extent and commencement.– (1) This Act may be called the Bank of Punjab Act, 1989. (2) It extends to the whole of the Punjab. (3) It shall come into force at once. [2][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.] 2. Definitions.– In this Act, unless there is anything repugnant in the subject or context,– (a) “the Bank” means the Bank of Punjab constituted by the Act; (b) “the Board” means the Board of Directors of the Bank; (c) “Director” means a Director for the time being of the Board; (d) “dividend” includes bonus; (e) “goods” includes bullion, wares and merchandise; (f) “general meeting” means the annual meeting of the shareholders of the Bank; (g) “Government” means Government of the Punjab; (h) “meeting” includes an adjourned holding of the meeting; (i) “prescribed” means prescribed by bye-laws made under this Act; (j) [3][“President”] means the [4][President] of the Bank; (k) “special meeting” means a meeting of the shareholders of the Bank convened for transacting some particular business specified in the notice convening the meeting; (l) “special resolution” means a resolution passed at a special meeting; and (m) [5][* * * * * * * * * * * *] 3. Establishment and incorporation of the Bank.– (1) As soon as may be after the commencement of this Act, there shall be constituted in accordance with the provisions of this Act a bank to be called the Bank of Punjab to carry on the business of banking. (2) The Bank shall be a body corporate having perpetual succession and a common seal and shall by the said name sue and be sued. 4. Share capital.– [6][(1) Subject to the provisions of this Act, the authorized capital of the Bank shall be fifty thousand million rupees divided into five thousand million ordinary or preference shares of ten rupees each.] [7][(2) Out of the authorized capital of the Bank, shares shall, from…