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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

13. (1) No person shall be or shall continue to be a Director-
 
1[ (a) who is a Member of the Legislature or a local Government; or
 
(b) who has defaulted in payment of dues of the Government or of any banking company or any financial institution; or]
 
(c) who is, or at any time has been, adjudicated an insolvent or has suspended payment or has compounded with his creditors; or
 
(d) who is found lunatic or becomes of unsound mind; or
 
(e) who is an officer or employee of any 2[ banking company] or any financial institution; or
 
(f) who is a Director of 3[ any banking company or financial institution], but he shall not be disqualified or cease to be a Director if he is a Director of a bank which is a society registered under the 4[ সমবায় সমিতি আইন, ২০০১ (২০০১ সনের ৪৭ নং আইন)] or any other law for the time being in force relating to co-operative societies; or
 
(g) who absents himself from three consecutive meetings of the Board, without leave from the Board; 5[ or
 
(h) 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.]
 
(2) Nothing in sub-clause (b) of clause (1) of this Article shall apply to the Government official nominated as Director under sub-clause 6[ (d)] of clause (3) of Article 9.
  • 1
    Sub-clauses (a) and (b) were substituted by section 9 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 2
    The words “banking company” were substituted for the word “bank” by section 9 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 3
    The words “any banking company or financial institution” were substituted for the words “any bank other than the Bank” by section 9 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 4
    The words, comma, figures and brackets [সমবায় সমিতি আইন, ২০০১ (২০০১ সনের ৪৭ নং আইন)] were substituted for the words, comma and figures “Co-operative Societies Act, 1912” by section 9 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 5
    The word “or” and sub-clause (h) were added by section 9 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 6
    The brackets and letter “(d)” were substituted for the brackets and letter “(c)” by section 5 of the Bangladesh Bank (Amendment) Ordinance, 1976 (Ordinance No. LVI of 1976)
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