The SBP Banking Services
Corporation Ordinance, 2001
ORDINANCE NO. LXVII OF
To provide for the
establishment of SBP Banking Services Corporation as a subsidiary of the State
Pakistan, and for the
management and control thereof
WHEREAS it is expedient to
provide for the establishment, management and control of SBP Banking Services
Corporation as a subsidiary of the State Bank of Pakistan, and for the transfer
thereto of a part of the undertaking and certain employees of the State Bank of
Pakistan, and for matters connected therewith or ancillary thereto;
AND WHEREAS the president is
satisfied that circumstances exist which render it necessary to take immediate
Now, THEREFORE, in pursuance
of the Proclamation of Emergency of the fourteenth day of October, 1999, and the
Provisional Constitution (Amendment) Order No.9 of 1999, and in exercise of all
powers enabling him in that behalf, the President of the Islamic Republic of
Pakistan is pleased to make and promulgate the following Ordinance:-
1. Short title and
commencement.-(1) This Ordinance may be
called the SBP Banking Services Corporation Ordinance, 2001.
(2) It shall come into force
this Ordinance, unless there is anything repugnant in the subject or context,---
(a) “Act” means the State Bank of Pakistan Act, 1956
(XXXIII of 1956);
“Bank” means the SBP Banking Services Corporation established under section 3;
“Board” means the Board of Directors of the Bank;
“Chairman” means the Chairman of the Board;
(e) “Committee of Directors” means a Committee of
Directors constituted under section11;
“Director” means a member of the Board;
“Governor” means the Governor and includes an Acting Governor of the State Bank
appointed under the Act;
“Managing Director” means the Managing Director appointed under section9;
“Regulations” means regulations made under this Ordinance;
“Rules” means rules made under this Ordinance;
(k) “Seal” means the common seal of the Bank;
“State Bank” means the State Bank of
Pakistan established under
“Transfer Date” means the date specified in the Transfer Order;
(n) “Transferred Order” means Transfer Order made
under sub-section (1) of section 15;
“Transferred Employees” means the employees of the State Bank who shall, as from
the Transfer Date, stand transferred to and become the employees of the Bank, by
virtue of the Transfer Order; and
“Transferred Undertaking” means a part of the undertaking of the State Bank
specified in sub-section (1) of section 15.
OPERATION OF THE BANK.
3. Establishment and
incorporation of the Bank. – (1) As
from the date of promulgation of this Ordinance, there shall be established, a
bank to be called SBP Banking Services Corporation.
(2) The Bank shall be a body
corporate having perpetual succession and a seal and shall, by the name assigned
to it by sub-section (1), sue and be sued.
(3) The head office of the
Bank shall be situated in
Karachi and it may establish branch, offices and
Pakistan and any where
Pakistan with the prior
approval, in writing, of the State Bank.
4. Bank to be a subsidiary
of the State Bank. -The Bank shall be a
subsidiary of the State Bank, and the State Bank shall exercise control over the
Bank in accordance with the provisions of this Ordinance.
5. Business and functions
of the Bank. -(1) Subject to
sub-section (2), the Bank under the overall supervision and control of the State
Bank, may transact and carry on all or any of the following functions namely:---
The carrying on of the Transferred Undertaking, statutory and administrative
functions and activities of the State Bank transferred or delegated by the State
Bank to the Bank under this Ordinance;
(b) The handling of receipt, supply and exchange of
bank notes and coins which are legal tender;
The issue, supply, sale, encashment and handling of prize bonds, holding draws
thereof and other savings instruments of the Federal Government of or a
(d) The performance of any other activity or business
which the State Bank may, by order in writing, specify; and
The carrying on of any business and discharging of any functions and power as
are incidental to, or in connection with, the affairs of the Bank, including,
without limiting the generality of the foregoing and, the power to enter into
any contracts or other instruments or any financial or other transactions, issue
guarantees and indemnities, borrow and lend moneys, accept deposits of money,
make investments, purchase and hold any property and assets, and to provide any
services to the State Bank and to others and receive any fee, commission or
other compensation for such services.
(2) The State Bank shall not
transfer or delegate any of the functions specified in section 9A of the Act,
including (i) formulation and monitoring of monetary and credit policies, (ii)
regulation and supervision of the financial sector, (iii) foreign exchange
regime and exchange rate policy, and (iv) payment and settlement system.
6. Share capital and
limited liability.-(1) The authorized
share capital of the Bank shall be one billion rupees or such other amount the
State Bank may, from time to time, determine by order in writing and shall be
divided into shares of one million rupees each.
(2) The paid-up capital of
the Bank shall be such amount as may, from time to time, by order in writing be
determined by the State Bank and held, inter alia, by it, including the fully
paid-up shares issued to it under sub-section (7) of section 15.
(3) The share capital may be
divided into different kinds and classes therein as may be prescribed by
(4) The liability of
shareholders of the Bank shall be limited to the amount, if any, not fully
paid-up on the shares held by them in the capital of the Bank.
7. Board of Directors. –
(1) The general superintendence, direction and management of the affairs and
business of the Bank and overall policy making in respect of its operations
shall vest in the Board of Directors which may exercise all such powers and do
all such acts, deeds and things that may be exercised or done by the Bank.
(2) In discharging its
functions, the Board shall ensure compliance with the orders and directions that
may be issued by the State Bank from time to time.
(3) The Board shall consist
Members of the Central Board of the State Bank; and
The Managing Director.
(4) The meetings of the Board
shall be held at such times and places as may be prescribed by regulations or,
until so prescribed by regulations, as and when convened by the Chairman.
(5) No act or proceedings of
the Board shall be invalid merely on the ground of the existence of any vacancy
in, or defect in the constitution of, the Board.
(6) The quorum of meetings of
the Board, shall be as may be prescribed by regulations or, until so prescribed
by regulation, shall be five Directors.
(7) All decisions of the
Board shall be taken by majority of the Directors present and voting at a
meeting duly convened and held, and in the event of an equality of votes, the
Chairman may exercise a casting vote.
(8) A resolution in writing
signed by all Directors shall be as effective as if such resolution had been
passed at a meeting of the Board.
The Governor shall be the Chairman of the Bank.
(2) The Chairman shall,
whenever present, preside over meetings of the Board, but if at any meeting the
Governor is not present, a Deputy Governor of the State Bank, designated for
this purpose by the Governor, shall attend the meeting on behalf of the Governor
and preside over such meeting provided that if the Deputy Governor being
present, is not willing to act, or is also absent, the Directors present shall
choose one of their member to be the Chairman of such meeting.
9. Managing Director. –
(1) The Managing Director shall be appointed by the State Bank.
(2) The Managing Director
shall hold office during the pleasure of the State Bank.
(3) The Managing Director
shall be the chief executive officer of the Bank and shall, subject to the
control and direction of the Board, administer the affairs of the Bank, and
shall have such powers for this purpose as are from time to time delegated to
him by the Board.
(4) The salary and other
terms and conditions of service of the Managing Director shall be such as the
Board may determine.
(5) The Managing Director
shall devote his whole time and attention to the affairs of the Bank, provided
that the Managing Director may, in addition to his duties as the Managing
Director, be entrusted with such other duties for such period as the State Bank
may, by order in writing, determine.
10. Disqualification’s of
the Managing Director.-No. person shall
be appointed or hold office as Managing Director,---
Who is a member of the Senate, National Assembly, any Provincial Assembly, or an
elected member of a local council or local body constituted under any law
relating to local councils or local bodies;
Who is employed in any capacity in the service of the Federal Government or of a
Provincial Government or holds any office or position for which any salary or
other remuneration is payable out of public funds;
(c) Who is a director, officer or employee of any
other bank or of a financial institution or has an interest as a shareholder in
any other bank or financial institution:
Provided that nothing in this
clause shall apply where the Managing Director is in the employment of the State
Bank or where the Managing Director is, in addition to holding the office of
Managing Director of the Bank, entrusted with additional duties under
sub-section (5) of section 9;
who has been convicted of tax evasion under any law, or has been convicted or
proceedings are pending against him under section 412 of the Companies
Ordinance, 1984 (XLVII of 1984), or section 83 of the Banking Companies
Ordinance, 1962 (LVII of 1962), or has been convicted by a court of law for an
offence involving moral turpitude;
who is in default of payments due from him to any bank, financial institution,
cooperative society, Government Department, Government controlled or managed
company or corporation and for the purpose of this clause, default in payment by
the spouse, dependent children, and companies, firms and other business concerns
under the control or management of a person shall be considered as the default
of such person; or
who holds an office in a political party.
11. Committees of
Directors. – (1) The Board may
constitute one or more Committees consisting of such number of Directors as it
may determine. (2) The powers, functions, duties and other terms of appointment
of a Committee of Directors shall be such as the Board may determine.
(3) The members of a
Committee of Directors shall hold office for such period as the Board may
(4) The minutes of every
meeting of a Committee of Directors shall be laid before the Board at its next
meeting following the meeting of the Committee.
(5) Subject to the general
and any special directions of the Board, a Committee of Directors shall deal
with any matter entrusted to it by the Board.
12. Delegation of powers
and appointment of attorneys. – (1) The
Board may, for the purpose of ensuring smooth and efficient functioning of the
Bank and facilitating transactions of its daily business, by resolution,
delegate to the Managing Director or any other executive of the Bank, subject to
such conditions and limitations, if any, as may be specified therein, such of
its powers and duties under this Ordinance as it may deem necessary.
(2) The Board may, from time
to time, by resolution appoint any company, firm or person to be the attorney of
the Bank for such purposes and with such powers, authorities and discretions,
not exceeding those vested in or exercisable by the Board under this Ordinance
and for such period and subject to such conditions as the Board may think fit,
and any such resolution may contain such provisions for the protection and
convenience of persons dealing with any such attorney as the Board may think
13. Accounts and audit. –
(1) The accounting year of the Bank shall commence on the first day of July and
end on the thirtieth day of June.
(2) The Bank shall maintain
proper accounts and other records to reflect true and fair view of its state of
affairs and prepare annual statement of accounts, including the profit and loss
accounts and balance sheet.
(3) The accounts of the Bank
shall be audited by one or more auditors who shall be chartered accountants
within the meaning of the Chartered Accountants Ordinance, 1961 (XII of 1961),
to be appointed by the State Bank.
(4) Every auditor shall be
supplied with a copy of the annual statement of accounts and it shall be the
duty of the auditor to examine the same together with the accounts and vouchers
relating thereto, and every auditor shall have a list delivered to him of all
books kept by the Bank and shall, at all reasonable times, have access to books,
accounts and other documents of the Bank and may employ accountants or other
persons to assist him in auditing such accounts and may, in relation to such
accounts, examine the Managing Director, and Director and executive of the Bank.
(5) The auditors shall submit
a report to the Board and to the State Bank regarding the annual statement of
accounts, and in any such report they shall state whether in their opinion the
statement of accounts is a full and fair statement of accounts containing all
necessary particulars and is properly drawn up so as to exhibit a true and
correct view of the state of affairs of the Bank and, in case they have called
for any explanation or information from the Managing Director or the Board,
whether it has been given and whether it is satisfactory.
(6) The Board may, in
addition to the audit under sub-sections (3) and (4), cause to be carried out
internal audit of the Bank’s accounts and the internal auditors’ reports shall
be submitted to the Board.
14. Liquidation of the
Bank. – The Bank shall not be placed in
liquidation save by order of the State Bank and in such manner and on such terms
and conditions as the State Bank may direct.
TRANSFER OF THE
UNDERTAKING BY THE STATE BANK.
15. Transfer of
undertaking to the Bank. – (1) Subject
to the powers under section 5, the State Bank may direct, by Transfer Order and
as particularly described in such Order, that (i) the operational functions and
activities of the State Bank; (ii) all related offices and departments; (iii)
all related assets and liabilities; and (iv) certain employees of the State Bank
shall transfer to and vest in the Bank as of the Transfer Date.
(2) On the making of the
Transfer Order by the State Bank under sub- section (1), the Transferred
Undertaking and the Transferred Employees shall stand transferred to and vest in
the Bank as on the Transfer Date and shall be operated, managed and regulated by
the Bank as the undertaking and employees of the Bank, provided that the rules
and relations of the State Bank applicable to the operation of the Transferred
Undertaking and to the employment of the Transferred Employees as of immediately
before the Transfer Date shall continue to be applied by the Bank unless altered
by the Board with the approval of the State Bank.
(3) For the purposes of
“assets” include properties whether tangible or intangible, rights, benefits and
entitlements of every description and nature (other than immovable property) of
the State Bank and relating to, as of the Transfer Date, the operational
functions and activities of the State Bank and to the related offices and
“employees” means the employees of the State Bank as are specified in the
(c) “liabilities” include debts, obligations,
commitments, loans, encumbrances, claims and charges of every description and
nature, actual or contingent of the State Bank and related to, as on the
Transfer Date, the operational functions and activities of the State Bank and to
the related offices and departments;
(d) “related offices and departments” include all
field offices of the State Bank and certain other offices and departments, in
full or in part, as are specified in the Transfer Order; and
(h) “operational functions and activities” shall
consist of the following, namely:---
revenue collection and payments for an on behalf of the Federal Government, a
Provincial Government, local Governments, local bodies or any other Government
body, authority, institution, company or corporation;
maintenance of the accounts of the Federal Government, a Provincial Government,
local Governments, local bodies, other Governmental bodies, authorities,
institutions, companies, corporations and of other banks and financial
(iii) operational work relating to management of debt;
operational work relating to foreign exchange;
prize bonds and Government savings scheme;
(vi) cash and other business as provided for in
agreements between the State Bank and the Federal Government and between the
State Bank and the Provincial Governments or in the Act, the Foreign Exchange
Regulation Act, 1947 (VII of 1947), the Banking Companies Ordinance, 1962 (L VII
of 1962), the Public Debt Act, 1944 (XVIII of 1944), the Securities Act, 1920 (X
of 1920), or in any other applicable laws, rules, regulations, orders and
notifications made or issued thereunder; and
(vii) any other business, offices or departments, and
functions, in full or in part, as may be set out in or authorized or delegated
by the Transfer Order.
(4) As and after the Transfer
Date, the Bank shall undertake, pay satisfy discharge, perform fulfils all
debts, liabilities, contracts, engagements, commitments and obligations
whatsoever of the State Bank existing immediately before the Transfer Date and
comprised in or exclusively relating to the Transferred Undertaking, and as on
the Transfer Date, the State Bank shall stand released and discharged from all
such debts, liabilities, contracts, engagements, commitments and obligations.
(5) All agreements, contracts
deeds, bonds, securities, powers of attorney, grants of legal representations,
guarantees, letters of credit, negotiable instruments and other instruments of
whatever kind subsisting or having effect as at immediately before the Transfer
Date to which the State Bank may be a party or which shall be in favour of the
State Bank and which are comprised in the Transferred Undertaking or exclusively
relate thereto shall be of full force and effect, on the Transfer Date, against
or in favour of the Bank and be enforced or acted upon by or against the Bank,
as if instead of the State Bank, the Bank had been a party thereto or as if the
same had been issued by or in favour of the Bank.
(6) All suits, appeals or
other legal proceedings, including arbitration proceedings, of whatsoever nature
by, or against, the State Bank which exclusively relate to the Transferred
Undertaking and which shall be pending immediately before the Transfer Date in
any court, tribunal, other competent authority or before any arbitrator shall be
continued exclusively by, or against, the Bank and the State Bank shall cease to
be a party to such suits, appeals or other legal proceedings.
(7) In consideration of the
transfer to the Bank of the Transferred undertaking under sub-section (1), the
Bank shall issue such number of fully paid-up shares in its share capital to the
State Bank as shall be specified in the Transfer Order.
(8) Notwithstanding anything
in the Stamp Act, 1899 (II of 1899) or any other law for the time being in force
no stamp duty, registration or any other similar tax or levy shall be payable
under any law for the time being in force on or in relation to the vesting and
transfer made by the Transfer Order.
(9) The State Bank may take
all such further, supplemental, incidental and consequential actions, and steps
as may be necessary to give full effect to the provisions of this section.
16. Employees transferred to
the Bank. – (1) The Transfer Order shall specify by category or by name the
employees of the State Bank who shall, as from the Transfer Date, stand
transferred to, and become the employees of, the Bank by virtue of the Transfer
(2) The Transferred Employee
shall not be entitled to any compensation or any other payments whatsoever as a
consequence of transfer to the Bank.
(3) The existing terms and
conditions of service and the benefits to which the Transferred Employees are
entitled to in the State Bank, including pension, gratuity, Provident and
benevolent funds benefits and benefits of the existing staff regulations shall
be assured to the Transferred Employees upon their transfer to the Bank except
where altered with the consent of the Transferred Employees.
(4) As from the Transfer
Date, the benefits accrued to the Transferred Employees under the State Bank’s
pension, gratuity, provident fund, benevolent fund and any other employees
benefit schemes of the State Bank shall be transferred to similar funds and
schemes established by the Bank and the Transferred Employees shall be deemed to
have become members of, and become entitled to the benefits of, such funds and
schemes of the Bank.
(5) For the purpose of
benefits to the Transferred Employees under the pension, gratuity, provident and
benevolent fund and other employees benefits schemes of the Bank, the period of
employment of the Transferred Employees under the State Bank shall count towards
their employment under the Bank notwithstanding the date of transfer of the
Transferred Employees to the Bank
DIRECTIONS TO THE BANK
17. Power of the State
Bank to give directions-(1) Where the
State Bank is satisfied that,---
in the public interest; or
to prevent the affairs of the Bank being conducted in a manner detrimental to
the interests of its customers or in a manner prejudicial to the interests of
the Bank or of the State Bank; or
to secure the proper management of the Bank generally,
it is necessary to issue
directions to the Bank, the State Bank may, from time to time, issue such
directions as it may deem fit and the Bank shall be bound to comply with such
(2) The State Bank may, on
representation made to it, or on its own motion, modify or cancel any direction
issued under sub-section (1) and in so modify or canceling any such direction
may impose such conditions as it thinks fit, subject to which the modifications
or cancellation shall have effect.
DELEGATION BY THE STATE
18. Delegation of the
powers of the State Bank.-(1) The State
Bank may, by order in writing, direct that all or any of the State Bank’s powers
and functions under this Ordinance, the Act, the Banking Companies Ordinance,
1962(LVII of 1962), the Foreign Exchange Regulation Act, 1947(VII of 1947), or
under any other laws, rules, regulations, orders, notifications or bye-laws for
the time being in force shall, subject to the provision of section 5 of this
Ordinance, be exercised by the Bank, as the State Bank may, from time to time,
specify by order in writing.
(2) Where the Governor or any
other executive of the State Bank authorized by the Governor in this behalf has,
under sub-section (1) directed that any of the State Bank’s powers or functions
under any law, rules, regulations, ore=dears, notifications or bye- laws for the
time being in force shall be exercised, or performed, by the Bank the Board may,
by resolution, direct that nay of such powers and functions shall be exercised,
or performed, subject to such limitations, restrictions or conditions, if any as
the Board may, from time to time, impose by the Managing Director or any other
Director, executive or other employee of the Bank specified by the Board.
(19) Appointments under
section 23B of the Foreign Exchange Regulation Act, 1947-(1) Notwithstanding the
provisions of section 23B of the Foreign Exchange Regulation Act, 1947(VII of
1947), the State Bank, by order in writing, authorize in relation to any area
specified in such order any executive of the Bank to act as the Director of
Adjudication, an additional Director of Adjudication, a Joint Director of
Adjudication, a Deputy Director of Adjudication or an Assistant Director of
Adjudication for the purposes of section 23B thereof.
(2) The executives of the
State Bank currently acting as the Director of Adjudication, the Additional
Director of Adjudication, the Joint Director of Adjudication, the Deputy
Director of Adjudication, and the Assistant Director of Adjudication in respect
area and transferred to the Bank pursuant to the
Transfer Order shall continue to hold such appointments until removed by the
State Bank and shall be deemed to have been appointed by the Federal Government
for the purpose of section 23B of the Foreign Exchange Regulation Act, 1947 (VII
20. Duty of Officers and
servants to maintain secrecy. – (1)
Except in the performance of his duties under this Ordinance, every executive or
other employee of the Bank shall preserve and aid in preserving secrecy with
regard to all matters relating to the affairs of the Bank and of the State Bank
coming to his knowledge and not published by the Bank or by the State Bank and
with regard to all matters relating to the financial or monetary affairs of any
bank, institution, person, body or persons, any Government or authority whether
in Pakistan or outside Pakistan that may come to his knowledge in the
performance of his duties.
(2) Every such executive or
other employee who communicates any such matter, except when required by law so
to do, or in the discharge of his duties as such, shall be guilty of an offence
punishable with imprisonment of either description for a term which may extend
to three years, or with fine which may extend to one hundred thousand rupees, or
(3) No court shall take
cognizance of any offence punishable under this section except upon a complaint
in writing by a person authorized in this behalf by the Board.
21. Bank and its Officers
to be public officers. - (1) For the
purposes of Article 7 of the Qanun-e-Shahadat Order, 1984 (P.O. No. 10 of 1984),
the provisions of Part IV of the Code of Civil Procedure, 1908 (Act V of 1908),
and the provisions of rule 27 of Order V, and rule 52 of Order XXI of the Said
Code, the Bank and any person in the service of the Bank acting in his capacity
as such shall be deemed to be a public officer.
(2) The provisions of Article
6 of the Qanun-e-Shahadat Order, 1984 (P.O. No.10 of 1984), shall apply to the
unpublished records of the Bank and the Managing Director shall be deemed to be
the officer or head of the department concerned.
22. Persons in the service
of the Bank to be public servants. –
Every person in the service of the Bank shall be deemed to be a public servant
within the meaning of section 21 of the Pakistan Penal Code (Act XLV of 1860).
23. Production of
unpublished records of the Bank, etc. –
(1) No court, tribunal or other authority shall be entitled to compel the Bank
or any person in the service of the Bank to produce or, as the case may be, give
any evidence derived from, any unpublished records of the Bank.
(2) No court, tribunal or
other authority shall permit any one to produce or give evidence derived from,
any unpublished records of the Bank, except with the prior permission in writing
of the Managing Director who may give or withhold such permission as he thinks
(3) Notwithstanding anything
contained in this Ordinance or any other law for the time being in force, a
report prepared by the Bank on a banking company under any law for the time
being in force shall be deemed to be unpublished for the purposes of
sub-sections (1) and (2) even if a copy of such report has been supplied to the
banking company to which the report pertains, the State Bank or the Federal
24. Pension of Bank
employees to be exempt from attachments, etc. –
Notwithstanding anything contained in any law for the time being in force,
pensions granted by the Bank to its executives and other employees shall not be
liable to seizure, attachment or sequestration by process of any court at the
instance of a creditor, for any demand against the pensioner or in satisfaction
of a decree or order of any such court.
25. Exemption from taxes.
– Notwithstanding anything contained in
the Wealth Tax Act, 1963 (XV of 1963), and the Income Tax Ordinance, 1979 (XXXI
of 1979) or any other law for the time being in force relating to wealth tax,
income tax or super tax, the Bank shall not be liable to pay any wealth tax,
income tax or super tax on its income or wealth.
26. Power to make rules. –
The State Bank may, by notification in the official Gazette, make rules,
consistent with the provision of this Ordinance, for carrying out the purposes
of this Ordinance.
27. Power to make
regulations. – (1) The Bank may,
subject to the prior approval of the State Bank, make regulations, not
inconsistent with the provisions of this Ordinance and the rules made
thereunder, to provide for all matters for which provision is necessary or
convenient for the purpose of giving effect to the provisions of this Ordinance.
(2) Where any provision of
the regulations is inconsistent with any provision of the rules, the provision
of the rules shall prevail.
(3) Where the State Bank
considers it expedient so to do, it may be order in writing, director the Bank
to make any regulations or to amend or rescind any regulations already made,
within such period as it may specify in this behalf.
(4) If the Bank fails or
neglects to comply with any direction of the State Bank under sub-section (2)
within the specified period, the State Bank may make, amend or rescind any
regulation directed by the State Bank to be made, amended or rescinded, and a
regulation so made, amended or rescinded by the State Bank shall be deemed to
have been made, amended or rescinded by the Bank in accordance with the
provisions of this section and shall have effect accordingly.
28. Protection of action
taken in good faith. – No suit or other
legal proceedings shall lie against the State Bank or any director or officer of
the State Bank for anything which is in good faith done or intended to be done
in pursuance of this Ordinance or of any rules, regulations or orders made
29. Ordinance to override,
etc. – (1) Except the application of
any provision of the Act to the Bank as a subsidiary of the State Bank, this
Ordinance shall have effect notwithstanding anything contained in any law for
the time being in force or in any agreement, contract, or other applicable
documents or instrument.
(2) The Banking Companies
Ordinance, 1962 (LVII of 1962), shall not apply to the Bank.
30. Removal of
difficulties. – If any difficulty
arises in giving effect to any of the provisions of this Ordinance, the State
Bank may make such order not inconsistent with the provisions of this Ordinance,
as may appear to it to be necessary for the purposes of removing the
Provided that no such power
shall be exercised after the expiry of two years from the commencement of this
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