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

( PRESIDENT'S ORDER NO. 128 OF 1972 )

32. Notwithstanding any agreement to the contrary, the Sangstha may, by notice, require any industrial concern to which it has granted any loan or any person who is liable for payment of such loan forthwith to repay the loan in full, if-
 
 
 
 
(a) 1[it] appears to the Sangstha that information, false or misleading in any material particular, has been given in the application for the loan; or
 
 
 
 
(b) the industrial concern has failed to comply with the terms of any agreement with the Sangstha in the matter of the loan; or
 
 
 
 
(c) there is a reasonable apprehension that the industrial concern is unable to pay its debts or may go into liquidation; or
 
 
 
 
(d) the property pledged, mortgaged, hypothecated or assigned to the Sangstha as security for the loan, is not insured or kept insured by the industrial concern to the satisfaction of the Sangstha or has, in the opinion of the Sangstha, depreciated in value by more than twenty percent and further security to the satisfaction of the Sangstha is not given; or
 
 
 
 
(e) without the permission of the Sangstha, machinery or other equipment or any asset is removed from the premises of the industrial concern without being replaced; or
 
 
 
 
(f) without permission of the Sangstha, any property of the industrial concern is sold, transferred, exchanged or alienated in any manner; or
 
 
(g) without prior approval of the Sangstha in writing, the management of the industrial concern has been changed or altered; or
 
 
 
 
(h) without any satisfactory reason, the industrial concern or the person responsible for payment of the loans has failed to attend or reply to the enquiries made by the Sangstha or failed to supply the papers or 2[documents] asked for by the Sangstha; or
 
 
 
 
(i) for any other reason, it is necessary, in the opinion of the Sangstha, to protect the interest of the Sangstha or of the industrial concern.

  • 1
    The word “it” was substituted for the word “It” by section 13 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 2
    The word “document” was substituted for the word and comma “document,” by section 13 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
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