Print View

[Section Index]

The Government-owned Newspapers (Management) Act, 1975

( ACT NO. XLI Of 1975 )

Dissolution of certain companies
6. (1) Notwithstanding anything contained in the Companies Act 1913 (VII of 1913), or in any other law for the time being in force, or in any trust or wakf or in any deed or other instrument, the companies specified in the Schedule shall, upon the commencement of this Act, stand dissolved.
 
 
 
 
(2) Upon the dissolution of the companies under sub-section (1)-
 
 
 
 
(a) all such assets, rights, powers and privileges and properties, movable and immovable, of the dissolved companies, including shares thereof and their shares in any other company, corporation or trust, as have not already vested in the Government under the Bangladesh Abandoned Property (Control, Management and Disposal) Order,1972 (P.O.No. 16 of 1972), hereinafter referred to as the said Order, and all printing presses, cash and bank balances, reserve funds and investments of the dissolved companies and all other interest and rights in, or arising out of, such property of, or in the possession, power or control of, the dissolved companies shall stand transferred to and vest in the Government;
 
 
 
 
(b) all debts and liabilities incurred, all obligations undertaken, all contracts entered into and all engagements made by, or with, and all matters and things engaged to be done by, with or for, any of the dissolved companies for the purpose of, or in relation to, its business and functions shall stand transferred to, and be deemed to have been incurred, undertaken, entered into or made by, with or for, the Government;
 
 
 
 
(c) any sum payable to, or recoverable by, any of the dissolved companies for the purpose of, or in relation to, any of its business and functions shall be payable to, or recoverable by, the Government;
 
 
(d) any reference to any of the dissolved companies in any deed, bond, power-of-attorney, grant of legal representation and other instrument of whatever nature for the purpose of, or in relation to, the business and functions of such company shall, except where the context otherwise requires, be construed as reference to the Government and such deed, bond, power, grant or instrument shall have effect accordingly;
 
 
 
 
(e) all suits, appeals and other legal proceedings instituted by or against any of the dissolved companies for the purpose of, or in relation to, its business and functions before its dissolution under this section shall be deemed to be suits, appeals and legal proceedings by or against the Government and may be continued or proceeded with accordingly;
 
 
(f) unless in the case of any person the Government by special order terminates his appointment or services and until the Government determines and redefines the terms and conditions of service, the services of all officers and other employees of the dissolved companies shall, notwithstanding anything contained in any contract or agreement or in the conditions of service, stand transferred to the Government on such terms and conditions as were applicable to them immediately before the dissolution of those companies; and
 
 
 
 
(g) no officer or other employee of any of the dissolved companies whose services are, by or under this Act, terminated or transferred to the Government shall be entitled to any compensation on account of such termination or transfer.
 
 
 
 
(3) For the avoidance of dispute it is hereby declared that the properties of the dissolved companies as have vested in the Government under the said Order shall for all purposes whatever cease to be abandoned property within the meaning of the said Order and shall accordingly cease to be subject to the provisions of that Order.

Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs