Legal Question in Banking Law in Pakistan
The management of a Government organization (now defunct/closed operation) had placed funds (collected from employees) with a bank in fixed deposit i.e. Term Deposit Receipt which stands matured long ago. Now Ex-General Secretary of the defunct organization asking the bank to issue TDR in his name instead of organization as it don't exist now. For doing so he has produced a letter of defunct organization that union or general secretary is allowed to collect the funds. Please advise whether bank can accede to his request?
1 Answer from Attorneys
Tell me how the organization turned defunct? Is it a declared insolvent? Was it a company closed by the consent of its directors? Was it closed by executive order? Kindly let me know details at [email protected] so that i can guide you properly..
Regards,
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