(b)     After payments have been made to depositors in accordance with clause (a), secondly, for payment on a pro rata basis to every claimant entitled to preferential payment under section 405 of the Companies Ordinance. 1984 (XLVII of 1984); and

(c)      After payments have been made in full in accordance with clause. (a) and (b), thirdly, for payment on a pro rata basis of the debts of the general creditors.

(6)      For the purposes of this section, banking companies, financial institutions specified in sub‑section (1) of section 3A, leasing companies and modaraba companies shall be treated as general creditors and not. depositors.

(7)      Subject to sub‑section (8), in order to enable the official liquidator to have in his custody or under his control in cash as much of the assets of a banking company as possible, the securities given to every secured creditor maybe redeemed by the official liquidator-

(a)      where the amount due to a creditor is more than the value of the securities as assessed by him or, as the case may be, assessed by the official liquidator. on payment of such value; and

(b)      where the amount due to the creditor is equal to or less than the value of the securities as so assessed, on payment of the amount due.

(8)      Where the. official liquidator is not satisfied with the valuation made by a creditor, he may apply to the High Court for making a valuation.

(9)      When any depositor, claimant or creditor to whom any payment is to be made in accordance with the foregoing provisions, cannot be found or is not readily traceable, adequate measures shall be taken by the official liquidator for such payment.

(10)    For tile purposes of this section, tile payments specified in cash of the following clauses shall be treated as payments of a different class, namely:

(a)      Payments to depositors pursuant tar sub-sections (2) and (4);

(b)      payments to depositors pursuant to clause (a) of sub-section(5):

(c)      payments to preferential claimants pursuant to clause (b) of sub‑section (5); and

(d)      payments to the general creditors pursuant to clause (c) of sub‑section (5).

(11)    The payments to persons in each different class as specified in sub‑section (10) shall rank equally among themselves and be paid in full unless the assets are insufficient to meet them, in which case they shall abate in equal proportion.”

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