ISLAMABAD, Nov 17 (APP): The Joint sitting of the Parliament here on Wednesday passed the SBP Banking Services Corporation (Amendment) Bill, 2021.
The bill was tabled by the Adviser to the Prime Minister on Parliamentary Affairs Babar Awan in the house. The bill was already passed by the National Assembly.
According to the statement of objects and reasons of the bill, a new sub-section has been introduced in section 9, in line with good governance for the appointment of an Acting Managing Director within a period of fifteen (15) days, from the date of vacancy, provided that, the Managing Director shall be appointed within a period of three (3) months from the date of the occurrence of vacancy.
The power of the Board of Directors to appoint external auditors has been proposed in line with good governance.
An enabling clause on stations of subsidiaries by the Bank with the approval of Board and State Bank under this legislative proposal has been introduced for operational efficiency.
Amendments have been proposed to exempt the gratuity and provident fund employees of the Bank from attachment as already provided for, in case of pensioners, to make the bill consistent with the existing compensation benefits.
In order to provide adequate protection to the Bank and the officers of the Bank for actions taken in good faith, amendments have been proposed in section 28 of the Ordinance.
A new section 24-A has been proposed to legally protect the proceedings of the Board and the committees of the Board from any questions arising merely on the grounds of any vacancy or any defect in the constitution of the Board. This Bill is designed to achieve the aforesaid purposes.
