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The Investment Corporation of Bangladesh Ordinance, 1976

( Ordinance NO. XL OF 1976 )

1[21A. (1) The Corporation may promote and establish subsidiaries in which the Corporation holds all or majority shares; such subsidiaries shall have their own Boards of Directors, and the Corporation may review their business objectives and supervise and control their performances.
(2) Notwithstanding anything in section 21 or any other provision of this Ordinance, each of the following businesses shall be carried on only by one of the three separate subsidiaries established for this purpose, namely-
(a) Merchant banking business including issuing, underwriting and portfolio management of securities;
(b) Mutual fund operations; and
(c) Stock brokerage:
Provided that-
(a) no such subsidiary shall commence the business specified above until it has been incorporated under the Companies Act, relevant licence has been obtained for this purpose and a notification has been issued by the Government in the official Gazette to the effect that the subsidiary is operational; and
(b) after such notification the Corporation shall not undertake any of the businesses specified above that may originate as a new business.]

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    Section 21A was inserted by section 10 of the Investment Corporation of Bangladesh (Amendment) Act, 2000 (Act No. XXIV of 2000)
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