37. (1) Every officer or other employee of the said Bank who is serving under the said Bank anywhere within the area of administrative Division of Rajshahi shall become, on the commencement of this Ordinance, an officer or other employees, 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 of service are duly altered by the Bank: Provided that an officer or other employee may, within such time as may be specified by the Government, exercise his option not to continue in the service of the Bank and may opt to serve in the said Bank: Provided further that any other officer or employee of the said Bank may, within such time as may be specified by the Government, exercise his option to serve as an officer or employee of the Bank. (2) Option exercised by an officer or other employee under sub-section (1) shall be given effect to both by the said Bank and the Bank subject to availability of posts. (3) No officer or other employee of the said Bank whose service is, by this Ordinance, 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.