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The Bangladesh Banks (Nationalisation) Order, 1972 (President's Order)


32. (1) The existing banks shall stand dissolved in Bangladesh on such date as the Government may, by notification in the official Gazette, appoint 1[:
Provided that any dissolution of an existing bank shall preclude such bank thereafter from being treated as if it were incorporated pursuant to or by virtue of Bangladesh law, but shall not otherwise destroy or be deemed to have destroyed the corporate existence of such existing bank where the existing bank is a foreign corporation.]
(2) Notwithstanding anything contained in clause (1), the Board of Directors, of existing banks if any, shall, on the commencement of this Order, stand dissolved and the Chairman and other directors of such Boards shall cease to function.

  • 1
    The colon (:) was substituted for the full stop (.) and the proviso was inserted by Article 2 of the Bangladesh Banks (Nationalisation) (Second Amendment) Order, 1972 (President’s Order No. 132 of 1972)
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