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The Bangladesh (Administration of Financial Institutions) Order, 1972 (A.P.O.)


3. (1) Notwithstanding anything contained in any of laws mentioned in Article 2, or in any other law for the time being in force, the Government of Bangladesh may, if it deems fit in the national interest, by notification in the official Gazette, appoint an Administrator for the management and administration of the affairs of a financial institution in Bangladesh.
(2) Where an Administrator is appointed for a financial institution under clause (1), the Board of Directors, the Managing Director and the Executive Committee, if any, of the institution shall cease to function in respect of the affairs of the institution in Bangladesh and all the powers and duties of such Board of Directors, Managing Director and Executive Committee shall vest in the Administrator.
(3) The Administrator shall be the Chief Executive of the financial institution for which he is appointed and shall hold office for such period and on such terms and conditions as the Government of Bangladesh may determine.

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