Dissolution of the Bangladesh Institute of Development Economics
19. Upon the commencement of this Act, the Bangladesh Institute of Development Economics, established by the erstwhile Government of Pakistan, Ministry of Education Notification No. S. R. O. 370 (K)/64, dated, the 1st May, 1964, hereinafter referred to as the Development Institute, shall, notwithstanding anything contained in the said Notification, stand dissolved and upon such dissolution-
(a) all assets of the Development Institute shall stand transferred to, and vested in, the Protishthan;
Explanation. The expression “assets” includes all rights, powers, authorities and privileges and all property, movable and immovable, cash and bank balances, grants and all other interests and rights, in or arising out of, such property and all books of accounts, registers, records and all other documents of whatever nature relating thereto;
(b) such liabilities or class of liabilities of the Development Institute as the Government may direct shall become the liabilities of the Protishthan;
(c) subject to the provisions of section 11(2), the existing Director of the Development Institute, becoming Chairman under section 9(5), all officers, Senior Fellows, Visiting Scholars, Research Associates and employees of the Development Institute shall be deemed to the Chairman, officers, Senior Fellows, Visiting Scholars, Research Associates and employees of the Protishthan and shall hold office on the same terms and conditions as were enjoyed by them immediately before the commencement of this Act and shall continue to do so unless and until their terms and conditions including remuneration are duly altered by the Protishthan:
Provided that the Board may alter their terms and conditions of service including remuneration whenever considered necessary for the sake of uniformity and in the interest of equity with other services and as necessary to confirm former positions in the Development Institute to corresponding positions in the Protishthan.