ASSIGNMENT # 2

Name: XYZ
Student I.D: XXX
Class: BBA6

Business & Industrial Law

Terms and Conditions for Opening of

an Account In a Bank
Opening an Account
The Account shall be opened with an initial / minimum deposit as stipulated by the Bank
from time to time unless specifically relaxed / exempted by SBP.
The Accounts may be opened singly in one name or jointly in two or more names.
The Account shall be opened upon submission of duly filled-in Bank's prescribed
Account Opening Form properly in the manner provided and on submitting all such
documents and information as may be requested by the Bank.

Minor Account
Deposit may be accepted from minors provided the account is opened and operated
through a guardian.
The Account thus opened will continue to be operated upon by the guardian even if the
minor attains the age of majority. The necessary consent to this effect will be obtained at
the time of opening of the account. The orders of the court will, however, be followed in
case the guardian is appointed by the court.

Joint Accounts
If an account is opened in the names of two or more persons, the balance to the credit of
that account and any accruals thereon shall at all times belong to the persons who are
signatories to the account opening form. Such persons shall also be jointly and severally
liable for all liabilities incurred in relation to the account and the services.
The customer authorizes the Bank to pay or deliver to either or survivor(s) of the
person(s) in whose names the account has been opened, or the legal representative(s) of
such survivor(s), any monies, securities or properties standing to the credit of the joint
account or held by the Bank.

 Cheque Books
Applications for issuance of Cheque Books should be made on prescribed requisition
slips and thereafter for further issuance of Cheque Books on the requisition slip inserted
in the Cheque Book already issued.
Where a person is sent to take delivery of a Cheque Book on behalf of the account holder,
such person must be in possession of a written authority form the account holder to do so
as well as a Cheque Book requisition slip.
The account holders in their own interest and to reduce the risk of fraud are requested to
keep their Cheque Books under lock & key and to ensure that their Cheque Books do not
get into unauthorized hands. In case of loss or theft of Cheque book, if the customer
reports the concerned Branch before payment, he will not be liable for any loss or
damages. However, in any case, bank is liable to observe due diligence in good faith.

Statement of Account
The statement of account will be dispatched to the account holder at periodical intervals,
as per frequency stipulated by SBP, and charges as per rules set by SBP
The statement of accounts will be sent in following manner: Where closing balance in an
account, as on 30 June and 31 December, is less than 10,000/- free of charge statement of
account will be dispatched at least once in a calendar year within one month from the
close of calendar year (i.e., by 31st January). Statement of accounts for balances less than
10,000/-, which is dispatched through regular post, customers may notify any
discrepancies in statement of account within 45 days from the date of issue, after which
Bank's statement will be considered final.
Where closing balance in an account, as on 30 June or 31 December, is greater than or
equal to 10,000/-, free of charge statement of account will be dispatched twice in a year
on, six monthly bases, within one month from the close of half year (i.e., June 30 and
December 31).

Deposits
All monies / instruments to be deposited in an account should be accompanied by a payin-slip showing the title and number of the account. The entry of transaction shall be
authenticated by putting Bank's stamp under the joint signatures of two officers of the
Bank on the pay-in-slip and counterfoil thereof. The depositor should satisfy himself /
herself that the transaction has been so verified on the counterfoil.

 All cheques to be deposited for credit to the account should be payable to the account
holder and be "crossed" before deposit. Also particulars of the cheques (name of the
Drawee Bank, Cheque number etc.) should be correctly written both on pay-in-slip and
the counterfoil thereof. The Bank shall not be responsible in case of any loss where the
above requirements are not complied. In case of delay or loss occasioned in collection of
cheques, the bank will follow-up with the concerned for swift resolution.

Dormant Account
All depository accounts like current / savings / BBA etc. which remain non operative for
a period of six months in case of current and BBA account and for a period of one year in
case of saving account, will be classified as dormant accounts.
In case of:
Current / BBA account, after passing one and half year in dormant status, if there is still
no operation in the account for continuous period of two years; the account shall be
classified as inoperative.
Saving account after passing two years in dormant status, if there is still no operation in
the account for continuous period of three years; the account shall be classified as
inoperative.
This entails certain restrictions on the operation of such accounts and for reactivation, the
account holder must in person request for a change of status and will produce original
CNIC or Passport or Pakistan Origin Card (POC) or National Identity Card for Overseas
Pakistani (NICOP) and Photo copy for Branch / Bank attestation.
After passing further 8 years in inoperative status, in current / BBA account and 7 years
in inoperative status, in saving accounts i.e., if an account is not operated upon by a
customer for a continuous period of ten years; it will be classified as unclaimed deposit
account and will be surrendered to SBP as per the provisions of Section 31 of the
Banking Companies Ordinance 1962.

Basic Banking Account (Current Account)

The minimum initial deposit for this type of account will be Rs. 1,000/ or as per amount
prescribed by SBP.
The account will be non remunerative account, i.e. no profit shall be paid on the deposit
in Basic Banking Account (BBA).
No limit on minimum balance. In cases, where balance in BBA remains 'nil' for a
continuous six month period, such accounts will be closed.
No fee will be charged for maintaining BBA.

 Free of charge ATM withdrawals from the bank's own ATMs. In case of withdrawal from
BBA through the ATM machines of other banks, bank shall recover charges as per
schedule of charges.
Statement of account will be issued once in a year, duplicate copies of the statements of
accounts will be provided on request upon payment of relevant charges.

Profit and Loss Sharing Savings Account & Riba Free

Certificates
The relationship between the Bank and customers holding savings and / or Riba Free
Certificate (RFC) shall be based on the principles of Mudaraba, where the Bank shall be
Mudarib and customers shall be Rab-ul-Maal. Further, the relationship is based on
unrestricted Mudaraba arrangement.
Funds deposited by the customer in saving and / or RFC shall be collected in pool(s) of
funds. The Bank may, at its sole discretion, commingle customers funds with that of the
other depositors in the pool and / or with the funds of the Bank.
The funds in such pool(s) shall, at the Banks sole discretion, be deployed in Shariah
compliant modes such as Murabaha, Ijarah, Musharaka or any other Islamic modes of
financing and or investment.

Foreign Currency Accounts

Foreign Currency current and saving accounts may be established in US Dollars and / or
such other currencies as may be determined by the Bank, as allowed by relevant
regulations in force from time to time.
The Terms and Conditions contained in clause 15 herein above applicable to saving
account shall also apply to Foreign Currency saving accounts.
No profit is paid on any current account balance in respect of Foreign Currency accounts.
Foreign Currency accounts, both current and saving are opened and maintained subject to
Foreign Exchange Control regulations and directives of the Government of Pakistan, or
any of its organs / agencies and the SBP from time to time.

 Zakat and Taxes

Zakat and Withholding Tax and / or other tax (es) levied from time to time shall be
deducted as per prevailing laws of Pakistan. All amounts recovered by the Bank as
additional amounts in relation to a Saving Account shall be paid by the Bank into the
Charity Fund.
ZAKAT is leviable on the assets as described in the Zakat & Ushr Ordinance 1980 (as
amended from time to time) on balances which will fall within the definition of zakatable
assets as notified by the Government of Pakistan on Valuation date each year, provided
Declaration (original / attested photocopy) for exemption from compulsory deduction of
zakat is filed on the prescribed proforma (CZ-50) in the prescribed manner one month
preceding the valuation date except in the case of newly opened accounts.

TENANCY AGREEMENT

THIS TENANCY AGREEMENT is made at Karachi on this 5th day of december 2014
BETWEEN
MR.S Saima khan W/O MR Khan, Muslim, adult, holding CNIC NO xxxxx-xxxxxxx-x
resident of 111 A Khyaban-e- badban, phase V11 DHA Karachi hereinafter called as the
LANDLADY which terms shall include her heirs, legal representative etc, on One Part.
AND
MR. Zubair khan S/O MR, Muhammad Khan , Muslim, adult, holding CNIC No xxxxxxxxxxxx-x ,resident of house no 111 A Block 4 P.E.C.H.S Karachi, hereinafter called as the
TENANT which terms shall include his heirs, legal representative of Other Part.
WHEREAS the Landlady is the owner of Half Portion of Property bearing No 182C Block 1V,
Karachi administration society, adjacent to Property no 191z having Ground +1st Floor, with
fittings and fixtures, hereinafter refered as the SAID PREMISES.
AND WHEREAS the Landlady as agreed to let-out and the Tenant has agreed to take on the said
premises.
NOW, THIS INDENTURE WITNESSETH AS UNDER:
1. That the rent of said premises shall be 45000/- (Rupees Forty Five Thousand Only) per
Month.
2. That the terms of agreement shall be for eleven (11) months. The tenancy shall
commence15th December 2014 and will expire on 14th November 2015 the rent of the
premises will be increase 10% each year after expiry of tenancy period of eleven (11)
months, the tenancy may be renewed for further period with mutual consent of both
parties with 10% (ten percent) increase in rent.
3. That the Tenant shall not sub-let or part with possession thereof, the said premises and
shall not use the same for any commercial illegal, immoral purpose but for Resident
purpose only.

Landlady:__________________

Tenant:_______________________
Contd..P/2

4. That the Tenant has paid to the Landlady a total sum of Rs.2,70,000/- (Rupees two Lacs
Seventy Thousand Only) on signing of this agreement out of which equals to (06) month
rent as Security Deposit, which will be refunded at the time of hand over vacant
possession of the said premises after deduction of all outstanding dues/bills/damages, in
any.
5. That the Tenant shall pay monthly advance rent to the Landlady on or before 10th of each
calendar month.
6. That henceforth the tenant shall pay regularly for tenancy period all the bills of gas,
electricity, telephone, conservancy charger of each month and shall provide a photocopy
of paid bill to the Landlady. The Landlady confirm that all such bills have already been
paid/ cleared upto date (photocopies enclosed).
7. That the Tenant shall also pay all the charges for common service/ amentities contributed
monthly by the resident of the area.
8. That the Tenant shall kept and maintain the said premises in good and tenantable
condition during the tenancy period at his costs.
9. That the Tenant shall keep the said premises and other fixtures and convenience
belonging thereto in good and tenantable condition, normal wear and tear excepted, under
this clause the Tenant shall be responsible to carry-out all repairs in the said
premises/fittings/fixtures etc.
10. That the Tenant shall make good any damage to the said premises caused by the
negligence of the tenant or his employee, servant or visitors,
11. That the Tenant shall permit the Landlady or her authorized person to enter the said
premises to view its condition at twenty four (24) hour notice.
12. That the Landlady and Tenant have finalized the transaction by themselves alone at their
own free will after full satisfaction and inspection or premises including title documents
and legal authority of the Landlady to rent out as well as status and credential or each
other.
IN WITNESS WHEREOF the parties hereunto set and subscribed their respective hands at
Karachi on the date, in presence of the following witnesses.
WITNESSES:
1 ____XYZ__________________

______________________________

CNIC NO_xxxxx-xxxxxxx-x _______

FIRST PARTY/LANDLADY
MRS.Saima khan CNIC no xxxxx-xxxxxx-x

2 ____XYZ____________________

_____________________________

CNIC NO _xxxxx-xxxxxxx-x_____

SECOND PARTY/TENANT
MR. Zubair khan CNIC no xxxxx-xxxxxx-x