SBP Banking services Corporation (Amendment) Act, 2021
The SBP Banking Service Corporation (Amendment) Act, 2021 is a Federal Legislation made to further amend the SBP Banking Services Corporation Ordinance, 2001. The SBP Banking Service Corporation (Amendment) Act, 2021 has amended the Sections 5, 9, 13, 24 and 28 of the SBP Banking Services Corporation Ordinance, 2001. The amendments include modifications to Section 5 allowing the establishment of subsidiaries with the approval of the Board and the State Bank, restrictions on the transfer or delegation of certain functions by the State Bank, appointment procedures for the Managing Director, replacement of references to the “State Bank” with “Board” in Section 13, and the substitution of Section 24 to exempt pensions and funds from court processes. Additionally, new sections, 24A and 28, are introduced, stating that the actions or proceedings of the Board or its committees cannot be questioned based solely on vacancies or defects, and providing protection from legal proceedings for actions taken in good faith, respectively.
