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

( PRESIDENT'S ORDER NO. 128 OF 1972 )

[ 31st October, 1972 ]

21. (1) The undertaking of any of the said financial institutions shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property as were immediately before the commencement of this Order in the ownership, possession, power or control of the said financial 1[institutions] in relation to the undertaking within the territory of Bangladesh or in relation to the business of such undertaking outside Bangladesh, and all books of accounts,
 
 
registers, records and all other documents of whatever nature relating thereto and shall, unless the Government otherwise directs, also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the said financial 2[institutions] in relation to such undertaking within the territory of Bangladesh.
 
 
 
 
Explanation - The assets of any of the said financial institutions shall be deemed to include any sum payable by or in respect of any industrial concern or person in Bangladesh on account of any financial assistance taken by or for it or him from any office of any of the said financial institutions in or outside Bangladesh.
 
 
 
 
(2) If, according to the laws of any country outside Bangladesh, the provisions of this Order by themselves are not effective to transfer or vest any assets situated in that country which form part of the undertaking of any of the said financial institutions to, or in, the Sangstha, the affairs of the said financial 3[institutions] in relation to such assets shall, on and from the commencement of this Order, stand entrusted to the 4[Managing Director], for the time being, of the Sangstha, and he may exercise all powers and do all such acts and things as may be exercised or done by the said financial 5[institutions] for the purpose of effectively transferring such assets.
 
 
(3) The 6[Managing Director] of the Sangstha shall, in exercise of the powers conferred on him by clause (2), take all such steps as may be required by the laws of any such country outside Bangladesh for the purpose of effecting such 7[transfer or] vesting, and may either himself or through any person authorised by him in this behalf, realise any such assets of the said financial 8[institutions].
 
 
 
 
(4) Unless otherwise expressly provided by this Order and unless the Government otherwise directs, all contracts, deeds, bonds. agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or 9[having] effect immediately before the commencement of this Order and to which any of the said financial institutions is a party or which are in favour of the said financial 10[institutions] shall, in so far as they relate to the undertaking of the said financial 11[institutions], which has vested in the Sangstha under Article 20, be of as full force and effect against or in favour of the Sangstha, and may be enforced or acted upon as fully and effectually as if in the place of the said financial 12[institutions], the Sangstha had been a party thereto or as if they had been issued in favour of the Sangstha.
 
 
(5) Subject to the other provisions of this Order and unless the Governmer otherwise directs, any suit, appeal or other proceeding of whatever nature pending on the date of commencement of this Order by or against any of the said financial institutions in relation to its undertaking which has vested in the Sangstha under Artilce 20 shall be deemed to be suit, appeal or other proceeding pending by or against the Sangstha, and may be continued, prosecuted and enforced by or against the Sangstha.
  • 1
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 2
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 3
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 4
    The words “Managing Director” were substituted for the words “chief executive officer” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 5
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 6
    The words “Managing Director” were substituted for the words “Chief Executive Officer” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 7
    The words “transfer or” were substituted for the words “transfer of” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 8
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 9
    The word “having” was substituted for the word “have” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 10
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 11
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 12
    The word “institutions” was substituted for the word “institute” by section 8 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
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