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

( PRESIDENT'S ORDER NO. 127 OF 1972 )

Chapter III

BUSINESS AND FUNCTIONS OF THE BANK

19. The Bank shall not, except as authorised under this Order-
 
 
(1) engage in trade or otherwise have a direct interest in any commercial, industrial or other undertaking except such interest as it may in any way acquire in the course of the satisfaction of any of its claims, but all such interest shall be disposed of at the earliest possible moment;
 
 
1[* * *]
 
 
(3) advance money on the mortgage, or otherwise on the security, of immovable property or documents of title relating thereto, except where such advance is made to any of its employees for building or purchasing a house for his personal use against the security of the house;
 
 
 
 
(4) become the owner of any immovable property except where ownership is necessary for the use of such property by the Bank, or for the residence, recreation or welfare of its employees;
 
 
(5) make unsecured advances and loans;
 
 
(6) draw or accept bills payable otherwise than on demand; and
 
 
2[ * * * ]

  • 1
    Clause (2) was omitted by section 12 of the Bangladesh Bank (Amendment) Act, 2003 (Act No. IX of 2003)
  • 2
    Clause (7) was omitted by section 5 of the Bangladesh Bank (Amendment) Act, 1975 (Act No. XXXIII of 1975)
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