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The Bangladesh Small and Cottage Industries Corporation Act, 1957

( ACT NO. XVII OF 1957 )

Power of the Corporation to enter into agreements with financial institutions
24AA. The Corporation may enter into agreement with a financial institution in order that the latter may provide credit facilities to the small and cottage industries against adequate security subject to the condition that the losses and bad debts, if any, and the interest on the credit would be shared between the Corporation and the financial institution in the ratio agreed upon between them.
Explanation.- In this section, “financial institution” means the Bangladesh Bank, Bangladesh Shilpa Bank, Bangladesh Shilpa Rin Sangstha, Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, any scheduled bank and a financial institution as defined in 1[2(j) of the Financial Institutions Act, 1993 (Act 27 of 1993).]

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