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The Bangladesh Industrial Enterprises (Nationalisation) Order, 1972 (President's Order)


1[17A. Notwithstanding anything contained in this Order or in any other law for the time being in force, where a Corporation holds a majority of the shares or proprietary or other interests in an industrial enterprise, whether incorporated under the Companies Act, 1913 (VII of 1913) or not, such Corporation-
(a) shall ensure that the Board of Directors of every such industrial enterprise manage the affairs and business of the enterprise and that the Board acts as the effective authority to operate the enterprise in a commercial and efficient manner;
(b) shall ensure that the Memorandum and Articles of Association of every such industrial enterprise are strictly followed in managing the affairs and business of the enterprise;
(c) shall, as soon as possible, take all necessary measures to incorporate, as a limited company under the said Act VII of 1913, such industrial enterprise if not so incorporated;
(d) may, for the purpose referred to in clause (c), amend the Memorandum and Articles of Association or the charter, agreement, contract or other instrument respecting constitution of such enterprise;
(e) may, if it is considered expedient in the interest of the enterprise concerned, take necessary measures for merging one industrial enterprise with another.]

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    Article 17A was inserted by section 3 of the Bangladesh Industrial Enterprises (Nationalisation) (Second Amendment) Act, 1994 (Act No. XIII of 1994)
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