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[Section Index]

The Industrial Development Corporation Ordinance, 1962

( Ordinance NO. XXXVII OF 1962 )

Disqualification of Directors
9. (1) No person shall be or shall continue to be a Director who-
(a) is or at any time has been convicted of an offence involving moral turpitude; or
(b) is or at any time has been adjudicated insolvent; or
(c) is found a lunatic or becomes of unsound mind; or
(d) is or at any time has been disqualified for employment in, or dismissed from the service of 1[Bangladesh]; or
(e) is a minor.
(2) The Government may, by order in writing, remove the Chairman or a Director if he-
(a) refuses or fails to discharge or becomes, in the opinion of the Government, incapable of discharging his responsibilities under this Ordinance; or
(b) has, in the opinion of the Government, abused his position as Chairman or Director; or
(c) has knowingly acquired or continued to hold, without the permission in writing of the Government, directly or indirectly, or through a partner, any share or interest in any contract or employment with, by or on behalf of the Corporation, or in any property which, in his knowledge, is likely to benefit or has benefited as a result of the operations of the Corporation; or
(d) has absented himself from three consecutive meetings of the Board without the leave of the Government in the case of the Chairman, or of the Chairman in the case of a Director.
(3) Notwithstanding anything contained in this Ordinance, the Chairman or a Director may, at any time before the expiry of his term, upon three months' notice, resign his office, or upon similar notice, be removed from office by the Government without assigning any reason.
(4) A Government servant serving as Chairman or a Director of the Corporation shall automatically cease to be the Chairman or a Director, as the case may be, on his transfer from the Corporation.

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Ministry of Law, Justice and Parliamentary Affairs