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The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

Transfer of undertakings of existing Bima Corporations
14. (1) On the commencement of this Act, there shall be transferred to and vested in-
 
 
 
 
(a) the Jiban Bima Corporation the entire undertakings of the Surma Jiban Bima Corporation and the Rupsa Jiban Bima Corporation established by the Order, hereinafter in this Act referred to as the existing Bima Corporations; and
 
 
 
 
(b) the Sadharan Bima Corporation the entire undertakings of the Karnaphuli Bima Corporation and the Teesta Bima Corporation established by the Order, hereinafter in this Act referred to as the existing Bima Corporations.
 
 
 
 
(2) The undertakings transferred to and vested in a Corporation under sub-section (1) shall be deemed to include all business, assets, rights, powers, authorities and privileges and all property, movable or immovable, cash balances, reserve funds, investments, deposits and all other rights and interests in, or arising out of, such property as were immediately before the commencement of this Act in the ownership, possession, power or control of the existing Bima Corporations in relation to the undertakings within or without Bangladesh, and all books of account, registers, records and all other documents of whatever nature relating thereto, and shall be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the existing Bima Corporations.
 
 
(3) If, according to the laws of any country outside Bangladesh, the provisions of this Act by themselves are not effective to transfer or vest any asset situated in that country which forms part of the undertakings of an existing Bima Corporation to, or in, the Corporation concerned, the affairs of the existing Bima Corporations in relation to such assets shall, on and from the commencement of this Act, stand entrusted to the chief executive officer for the time being of the Corporation concerned, 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 existing Bima Corporations for the purpose of effectively transferring such asset.
 
 
 
 
(4) The chief executive officer of the Corporation concerned shall, in exercise of the power conferred on him by sub-section (3), 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 existing Bima Corporations.
 
 
 
 
(5) 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 Act and to which an existing Bima Corporation whose undertaking has been transferred to and vested in a Corporation under sub-section (1) is a party or which are in favour of such existing Bima Corporation shall, in so far as they relate to such undertaking of the existing Bima Corporation, be of as full force and effect against or in favour of the Corporation, and may be enforced or acted upon as fully and effectually as if in the place of the existing Bima Corporation the Corporation had been a party thereto or as if they had been entered into or issued in favour of the Corporation.
 
 
 
 
(6) Any suit, appeal or other proceeding of whatever nature pending on the date of the commencement of this Act by or against an existing Bima Corporation in relation to any of its undertakings shall be deemed to be suit, appeal or other proceeding pending by or against the Corporation in which the undertaking has vested under sub-section (1), and may be continued or prosecuted and enforced by or against the Corporation.
 
 
(7) The Government may, for the purpose of removing any difficulty arising out of, or in connection with, the transfer of any undertaking of an existing Bima Corporation to a Corporation or any matter supplemental or incidental to, or consequential upon, such transfer or any other matter specified in this section, make such order as it considers expedient and any such order shall be deemed to be, and given effect to, as part of the provisions of this Act.

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