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The Bangladesh Abandoned Property (Control, Management and Disposal) Order, 1972 (President's Order)


8. (1) Where any abandoned property consists of shares in any company,-
(a) the Government shall be deemed to be the registered holder of such shares and, notwithstanding anything in the memorandum or articles of association of the company or in any agreement or instrument, shall have the same rights in the matter of making a requisition for the convening of a meeting or of presenting a petition to the Court under the provisions of the Companies Act, 1913 (Act VII of 1913) or under any other law or under the articles of association or in any other matter as the person whose shares have vested in the Government had immediately before such vesting; and
(b) the Government shall have the power to acquire, at its option, all or a portion of the remaining shares in such company in the prescribed manner on such terms as deems fit.
(2) Where under clause (1) the Government becomes the holder of more than fifty per cent of the total number of shares in the company, the Government may, by order in writing,-
(a) dissolve the Board of Directors of the company;
(b) remove its Managing Director or any other Director;
(c) dissolve its Managing Committee, Executive Committee, Advisory Committee or any other Committee or Board;
(d) remove its General Manager or other Manager;
(e) terminate any Managing Agency Agreement;
(f) remove any of its officers or employees;
(g) constitute any Board or Committee or appoint any person for its administration and management; and
(h) give such directions in respect of its administration and management as it may deem fit.
(3) Notwithstanding anything contained in the memorandum or articles of association of a company, the Government may, in respect of a company mentioned in clause (2), by notification in the official Gazette, do all such things which, but for the power conferred by this clause, would have required the passing of a special or extraordinary resolution by the share-holders.

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