22. (1) The Sangstha may [, subject to other provisions of this Article,] appoint or employ such persons as it considers necessary for the efficient performance of its functions on such terms and conditions as it may determine.
(2) Every officer or other employee of the said financial institutions in Bangladesh shall become, on the commencement of this Order, an Officer or other employee, as the [case may be], of the Sangstha and shall hold office or service in the Sangstha on the same terms and conditions and with the same rights and privileges as to Provident [Fund, gratuity], pension and other matters as were enjoyed by him immediately before such commencement and shall continue to do so unless and until his employment in the Sangstha is terminated or until his remuneration or terms and conditions are duly altered by the [Sangstha:]
Provided that an officer or other employee may, within such time as may be specified by the Sangstha, exercise his option not to continue in the service of the [Sangstha:]
Provided further that the Government may alter the terms and conditions of service of an officer or employee if such alteration is considered necessary for the sake of uniformity and in the interest of equity in service.
(3) Notwithstanding anything contained in any terms and conditions of service or in any award, settlement or agreement for the time being in force, the Sangstha may, with the prior approval of the Government, alter the remuneration (whether by way of reduction or otherwise) and other terms and conditions of service of any officer or other employee of the Sangstha, and if such alteration is not acceptable to an officer or other employee, the Sangstha may terminate his employment by giving him compensation equivalent to three months' remuneration in case of a permanent officer [or other employee] and one month's remuneration in case of temporary officer [or other employee].
Explanation The compensation to an officer or other employee under clause (3) shall be in addition to any pension, gratuity or other benefit to which the officer or employee may be entitled under the terms and conditions of his service.
(4) If any question arises as to whether or not any person was an officer or other employee of any of the said financial institutions immediately before the commencement of this Order, the question shall be referred to the Government whose decision shall be final and binding on the parties.
(5) The transfer of service of any officer or other employee from any of the said financial institutions to the Sangstha shall not entitle any such officer or other employee to any compensation, other than the compensation mentioned in clause (3), and no such claim shall be entertained by any Court, tribunal or other authority.
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