The Banks (Nationalization) Act, 1974
The Banks (Nationalization) Act 1974 was promulgated as an ordinance and then was introduced in the Parliament which got its assent on January 23,1974. It was enacted to provide for directing banking activities towards national socio-economic objectives, coordinating banking policy and cooperation in various areas of feasible joint activity without eliminating healthy competition in various fields of operation, and ensuring complete security of depositors’ funds. It also contained certain additional provisions relating to the management and administration of the banks as it was in the public interest to provide for the nationalization of banking business in Pakistan. Under The Banks (Nationalization) Act it should have effect not withstanding anything contained in any other law for the time being in force or in any agreement, contract, award memorandum or articles of association or other instrument.
