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The Bangladesh Krishi Bank Order, 1973 (President's Order)

( PRESIDENT'S ORDER NO. 27 OF 1973 )

37. (1) On the commencement of this Order, the entire undertakings of the Agricultural Development Bank of Pakistan shall stand transferred to, and vested in, the Bank.
 
 
 
 
(2) The undertaking of the Agricultural Development Bank of Pakistan 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 Agricultural Development Bank of Pakistan in relation to the undertaking within the territory of 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 Agricultural Development Bank of Pakistan in relation to such undertaking in the territory of Bangladesh.
 
 
 
 
(3) 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 Agricultural Development Bank of Pakistan is a party or which are in favour of the Agricultural Development Bank of Pakistan, in so far as they relate to the undertaking of the Agricultural Development Bank of Pakistan which has vested in the Bank under clause (2), 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 Agricultural Development Bank of Pakistan the Bank had been a party thereto or as if they had been issued in favour of the Bank.
 
 
 
 
(4) 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 Agricultural Development Bank of Pakistan in relation to the undertaking which has been vested in the Bank under clause (2) shall be deemed to be suit, appeal or other proceeding by or against the Bank, and may be continued or prosecuted and enforced by or against the Bank.

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