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26. Notwithstanding anything contained in any law, rule, regulations, agreement or contract for the time being in force, on the establishment of the Corporation,-
(a) The Bangladesh Biman, constituted under the Bangladesh Binan (Temporary) Order, 1972, (A. P. O. No. 2 of 1972 as amended by Presidential Order No. 31 of 1972), hereinafter referred to as the said Airline, shall stand dissolved;
(b) All assets of the said Airline shall stand transferred to, and vested in, the Corporation.
Explanation-The expression "assets" includes all rights, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, works, vehicles, workshops, aircraft, cash balance, reserve funds, bank deposits, investments and all other rights and interests in, or arising out of, such property and all books of accounts, registers, records and all other documents of whatever nature relating thereto;
(c) All debts and liabilities incurred, all obligations undertaken, all contracts entered into and all agreements made by or with the said Airline, except the debts and liabilities incurred, obligations undertaken, contracts entered into and agreements made by or with the Pakistan International Airlines, shall, unless the Government otherwise directs, stand transferred to, and be deemed to have been incurred, undertaken, entered into or made by or with the Corporation;
(d) All suits and other legal proceedings instituted by or against the said Airline before the establishment of the Corporation shall, unless the Government otherwise directs, be deemed to have been instituted by or against the Corporation and may be continued or proceeded with accordingly;
(e) All officers and other employees, except the Administrator of the said. Airline, shall, unless the Government otherwise directs, stand transferred to the Corporation and shall hold office or service in the Corporation on such terms and conditions as the Corporation may determine:
Provided that an officer or other employee so transferred shall have the option not to continue in the service of the Corporation;
(f) The Pakistan International Airlines Corporation Act, 1956 (Act XIX of 1956), in its application to Bangladesh, and the Bangladesh Biman (Temporary) Order, 1972 (A.P.O. No. 2 of 1972), shall stand repealed.