38. (1) The Bank may ¹[, subject to other provisions of this Order,] 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 Agricultural Development Bank of Pakistan who is a citizen of Bangladesh and who owes allegiance to Bangladesh shall become, on the commencement of this Order, an officer or other employee, as the case may be, of the Bank and shall hold office in the Bank on the same terms and conditions and with the same rights and privileges as to the 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 Bank is terminated or until his remuneration or terms and conditions are duly altered by the Bank: Provided that an officer or other employee may, within such time as may be specified by the Bank, exercise his option not to continue in the service of the Bank. (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 Bank 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 Bank, and if such alteration is not acceptable to an officer or other employee, the Bank may terminate his employment by giving him compensation equivalent to three months' remuneration in the case of a permanent officer or other employee and one month's remuneration in the case of a 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 other employee may be entitled under the terms and conditions of his service. (4) No officer or other employee of the Agricultural Development Bank of Pakistan whose service is, by this Order, transferred to the Bank shall, notwithstanding anything contained in any law for the time being in force, be entitled to any compensation because of such transfer. (5) Every officer or other employee of the Bank, while performing duties under this Order, shall be deemed to be public servant within the meaning of section 21 of the Penal Code (Act No. XLV of 1860).