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

( PRESIDENT'S ORDER NO. 127 OF 1972 )

[ 31st October, 1972 ]

Chapter II

ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT

10.  (1) The Governor of the Bank shall be the Chief Executive Officer and shall, on behalf of the Board, direct and control the whole affairs of the Bank.

 
 

(2) In the matters not specifically required by this Order or by regulations made thereunder, to be done by the Board, the Government shall have powers of general superintendence and directions of the affairs and business of the Bank and may exercise all powers and do all acts and things which may be exercised or done by the Bank.

 
 

(3) The Governor shall be appointed 1[by the Government] on such salary and terms and conditions as may be determined by the Government except that neither the salary of the Governor nor his other terms and conditions of service shall be varied to his disadvantage after his appointment.

 
 

(4) One or more Deputy Governors shall be appointed 2[by the Government] on such salary and on such terms and conditions as the Government may determine except that neither the salary of a Deputy Governor nor his other terms and conditions shall be varied to his disadvantage after his appointment.

 
 

3[(5) The Governor shall hold office for a period of four years and shall be eligible for re-appointment 4[.

 
 

***]]

 
 

(6) The Governor and a Deputy Governor shall devote their whole time to the affairs of the Bank.

 
 

5[(7) The Government may require a Deputy Governor to hold an office other than in the Bank, in which event the Deputy Governor shall vacate his office, and the period during which he holds the other office shall not count towards his tenure of office as Deputy Governor.]

 
 

(8) The Governor, or a Deputy Governor, as the case may be, in addition to his duties as the Governor or a Deputy Governor, be entrusted by an order of the Government with such duties for such period as may be specified in the order.

 
 

(9) No person shall hold office as 6[Governor or Deputy Governor] 7[* * *]:

 
 

8[(a) who is a member of the Legislature or a local Government;]

 
 

(b) who is employed in any capacity in the public service of Bangladesh or holds any office or position for which any salary or other remuneration is payable out of public funds;

 
 

(c) who is a Director, officer or employee of any other 9[banking company or financial institution] or of any other business concern:

 
 

Provided that nothing in this sub-clause shall apply where the 10[Governor or Deputy Governor] 11[* * *] is entrusted with additional duties under clause (8);

 
 

12[(d) who has defaulted in payment of dues of the government or of any banking company or any financial institutions;]

 
 

13[(e) who is, or at any time has been, adjudicated an insolvent or had suspended payment or has compounded with his creditors;

 
 

(f) who is found lunatic or becomes of unsound mind;

 
 

(g) who has been convicted of an offence involving moral turpitude or has been sentenced by a court for a term of imprisonment exceeding one year.]

 
 

(10) The Government may grant leave to the Governor and a Deputy Governor for such period and on such terms and conditions as may be specified by the Government;

 
 

(11) Where the Governor 14[* * *] during his term of office is incapacitated or is absent on deputation, leave or otherwise, the Government may appoint any person qualified under clause (9) but who may not be qualified under sub-clause (b) of that clause to act for the time being as the Governor 15[* * *] in his place.

  • 1
    The words “by the Government” were inserted by section 3 of the Bangladesh Bank (Amendment) Act, 1975 (Act No. XXXIII of 1975)
  • 2
    The words “by the Government” were inserted by section 3 of the Bangladesh Bank (Amendment) Act, 1975 (Act No. XXXIII of 1975)
  • 3
    Clause (5) was substituted by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 4
    The colon (:) was substituted for the full-stop (.) and the proviso was omitted by section 2 of the Bangladesh Bank (Amendment) Ordinance, 2024 (Ordinance No. I of 2024).
  • 5
    Clause (7) was substituted by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 6
    The words “Governor or Deputy Governor” were substituted for the word “Governor” by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 7
    The words “or a Deputy Governor” were omitted by section 2 of the Bangladesh Bank (Amendment) Ordinance, 1986 (Ordinance No. XX of 1986)
  • 8
    Sub-clause (a) was substituted by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 9
    The words “banking company or financial institution” were substituted for the word “bank” by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 10
    The words “Governor or Deputy Governor” were substituted for the word “Governor” by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 11
    The words “or the Deputy Governor” were omitted by section 2 of the Bangladesh Bank (Amendment) Ordinance, 1986 (Ordinance No. XX of 1986)
  • 12
    Sub-clause (d) was substituted by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 13
    Sub-clauses (e), (f) and (g) were added by section 8 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 14
    The words “or a Deputy Governor” were omitted by section 2 of the Bangladesh Bank (Amendment) Ordinance, 1986 (Ordinance No. XX of 1986)
  • 15
    The words and commas “or a Deputy Governor, as the case may be,” were omitted by section 2 of the Bangladesh Bank (Amendment) Ordinance, 1986 (Ordinance No. XX of 1986)
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Ministry of Law, Justice and Parliamentary Affairs