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?
Asked on 6/08/12, 11:30 pm
1 Answer from Attorneys
Salman Khan
International Lawyer
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 legal-experts@live.com so that i can guide you properly..
Regards,
Answered on 6/09/12, 1:05 am
Related Questions & Answers
-
Banks in Pakistan blocks share of minors in a deceased's bank account (having total... Asked 6/08/12, 10:24 pm in Pakistan Banking Law
-
Can a bank itself become claimant and file a case to FIA against its ex-employees... Asked 6/07/12, 11:49 pm in Pakistan Banking Law
-
If cheque issued by other person didnot cliam in 1 year and after he claim to civil... Asked 6/06/12, 12:20 pm in Pakistan Banking Law
-
"Do not write blow the line"this words mentioned in a cheque what is that? Asked 6/05/12, 8:06 pm in Pakistan Banking Law
-
Aslamoalakuum jnab a wala main motorcycles ka businesss karta hun. aik company ko... Asked 5/28/12, 5:32 pm in Pakistan Banking Law
