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The Bangladesh Bank Order, 1972 (President's Order)


Chapter II


5. (1) On the appointed day the entire undertaking of the State Bank in and in relation to Bangladesh shall be deemed to have been transferred to, and vested in, the Bank.
(2) The undertaking of the State Bank so transferred and vested shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, including all lands, buildings, cash balances, reserve funds, investments, and debts or actionable claims, any security or negotiable instrument, and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the State Bank in relation to, or for the purposes of, the undertaking of the State Bank in or in relation to Bangladesh whether such property is situated within or without Bangladesh, and all books of account, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind of the State Bank in relation to the undertaking within the territory of Bangladesh.
(3) Subject to the provisions of this Order all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the State Bank is a party or which are in favour of the State Bank shall-
(a) if they are exclusively for the purposes or for the business of the undertaking of the State Bank in Bangladesh; or
(b) if they are partly for the purposes in sub-clause (a) and partly for any other purpose to the extent and subject to such conditions and limitation, as the Government may determine, be of as full force and effect against or in favour of the Bank and may be enforced or acted upon as fully and effectively as if in place of the State Bank, the Bank has been a party thereto or as if they had been issued in favour of the Bank.

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