The Bangladesh Shilpa Rin Sangstha Order, 1972 (President's Order)

( ACT NO. 128 Of 1972 )

WHEREAS it is expedient to establish a Sangstha to provide credit facilities and other assistance to industrial concerns and encourage and broaden the base of investment in Bangladesh and to provide for the vesting in the Sangstha of the undertakings of the Pakistan Industrial Credit and Investment Corporation Limited, the Investment Corporation of Bangladesh and the National Investment Trust Limited in Bangladesh and for matters connected therewith or incidental thereto;

 
 
 
NOW, THEREFORE, in pursuance of the Proclamation of Independence of Bangladesh, read with the Provisional Constitution of Bangladesh Order, 1972, and in exercise of all powers enabling him in that behalf, the President is pleased to make the following Order:-
 
 
 

CONTENTS

SECTIONS

1. (1) This Order may be called the Bangladesh Shi

2. In this Order, unless there is anything repugna

3. The provisions of this Order and any rule made

4. (1) On the commencement of this Order, there sh

5. (1) The head office of the Sangstha shall be at

[6. The authorised capital of the Sangstha shall b

7. (1) Subject to rules made under this Order, the

8. [(1) The Board shall consist of a Managing Dire

[9. (1) The Managing Director and other Directors

10. (1) The Managing Director shall be the chief e

11. No person shall be or shall continue to be a D

[11A. [(1) The Government shall appoint one of the

12. (1) The meetings of the Board shall be held at

13. The Board may appoint such committee or commit

14. All acts done by the Chairman or any other Dir

[15. (1) Every Director, officer or employee of th

16. The Sangstha may carry on, transact or do seve

17. [(1) The business provided for in Article 16 m

18.[Omitted]

19. (1) The Sangstha shall not undertake or transa

20. On the commencement of this Order, the underta

21. (1) The undertaking of any of the said financi

22. (1) The Sangstha may [, subject to other provi

23. (1) Where any property has vested in the Sangs

24. The Government shall give compensation to the

25. The Sangstha shall, by such date in each year

[26. (1) The Sangstha may issue and sell bonds and

27. (1) For the purpose of transacting any busines

28. [(1)] All loans granted to an industrial conce

29. (1) The Sangstha shall maintain proper account

30. (1) The Sangstha shall furnish to the Governme

31. (1) The Sangstha shall establish a reserve fun

[31A. The Sangstha may establish a fund to be call

32. Notwithstanding any agreement to the contrary,

32A.[Omitted]

33. [(1) Where] the Sangstha becomes entitled to r

34. (1) Where any industrial concern which is unde

35. (1) Without prejudice to the provisions of Art

36. The Board may, for the purpose of ensuring eff

[36A. The Board may, for the purpose of signing an

37. (1) Whoever wilfully makes a false statement o

38. (1) Anything done, action taken, order passed,

39. No provision of law relating to the winding up

[39A. (1) Notwithstanding anything contained in th

40. Any reference to the Credit and Investment Cor

41. If any difficulty arises in giving effect to t

42. The Government may, by notification in the off

43. (1) The Board [may, with the approval of the G

44. The Credit and Investment Corporation and the

45. The Investment Corporation Ordinance, 1966 (Or