Print

06/12/2022
Laws of Bangladesh

The Bangladesh Banks (Nationalisation) Order, 1972 (President's Order)

( PRESIDENT'S ORDER NO. 26 OF 1972 )

 
 
11. 1[(1) The Managing Director shall be appointed by the Government in consultation with Bangladesh Bank, on such terms and conditions as the Government may determine.]
 
 
 
 
(2) The Managing Director shall-
 
 
 
 
(a) be a whole-time officer and the chief executive of the bank;
 
 
 
 
(b) exercise such powers, perform such functions and discharge such duties as may be entrusted by the Government or as may be prescribed or as may be assigned by the Board from time to time.
 
 
 
 
2[(3) The Government, in consultation with the Bangladesh bank, may remove the Managing Director from his office, if he –
 
 
 
 
(a) becomes incapable of performing his duties; or
 
 
 
 
(b) has done any act which is manifestly detrimental to the interest of the bank; or
 
 
 
 
(c) is or at any time has been convicted of an offence which, in the opinion of the Government, is an offence involving moral turpitude; or
 
 
 
 
(d) has been sentenced by a Court for a term of imprisonment exceeding one year; or
 
 
 
 
 
 
 
 
(e) found to be a lunatic or of unsound mind; or
 
 
 
 
(f) is or at any time has been adjudicated insolvent; or
 
 
 
 
(g) has defaulted in payment of dues of banks and financial institutions; or
 
 
 
 
(h) absents himself from three consecutive meetings of the Board without leave of absence granted by the Chairman.]

  • 1
    Clause 1 was substituted by section 3 of the Bangladesh Bank (Nationalisation) (Amendment) Act, 2003 (Act No. X of 2003)
  • 2
    Clause 3 was added by section 3 of the Bangladesh Bank (Nationalisation) (Amendment) Act, 2003 (Act No. X of 2003)
Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs