21. (1) The undertaking of the Development Bank or the Fund 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 Development Bank or the Fund 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 Development Bank or the Fund in relation to such undertaking in the territory of Bangladesh.
Explanation The assets of the Development Bank or the Fund 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 the Development Bank or the Fund 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 asset situated in that country which form part of the undertaking of the Development Bank or the Fund to, or in, the Bank, the affairs of the Development Bank or the Fund in relation to such asset shall, on and from the commencement of this Order, stand entrusted to the chief executive officer for the time being of the Bank, and the chief executive officer may exercise all such powers and do all such acts and things as may be exercised or done by the Development Bank or the Fund for the purpose of effectively transferring such asset.
(3) The chief executive officer of the Bank shall, in exercise of the power 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 transfer or vesting, and may, either himself or through any person authorised by him in this behalf, realise any asset of the Development Bank or the Fund.
(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 having effect immediately before the commencement of this Order and to which the Development Bank or the Fund is a party or which are in favour of the Development Bank or the Fund shall, in so far as they relate to the undertaking of the Development Bank or the Fund which has vested in the Bank under Article 20, be of as full force and effect against or in favour of the Bank, and may be enforced or acted upon as fully and effectually as if in the place of the Development Bank or the Fund the Bank had been a party thereto or as if they had been issued in favour of the Bank.
(5) Subject to the other provisions of this Order and unless the Government otherwise directs, any suit, appeal or other proceeding of whatever nature pending on the date of commencement of this Order by or against the Development Bank or the Fund in relation to its undertaking which has vested in the Bank under Article 20 shall be deemed to be suit, appeal or other proceeding pending by or against the Bank, and may be continued or prosecuted and enforced by or against the Bank.
