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15/07/2024
Laws of Bangladesh

The Bangladesh Shilpa Rin Sangstha Order, 1972 (President's Order)

( PRESIDENT'S ORDER NO. 128 OF 1972 )

16. The Sangstha may carry on, transact or do several kinds of business and acts hereinafter specified, namely:-
 
 
 
 
(a) assisting in the creation, expansion and modernisation of industrial concerns;
 
 
(b) encouraging, sponsoring and facilitating participation of capital, internal as well as external, in industrial concerns and acquisition or ownership of industrial investments, shares and securities;
 
 
 
 
(c) underwriting, managing and distributing the issue of stocks, shares, bonds, debentures and other securities either directly or through or jointly with any investment or financial institution;
 
 
 
 
(d) providing finance in the form of long or medium term loans or share participation;
 
 
 
 
(e) guaranteeing and counter guaranteeing loans, debts, credits, performance of contracts and obligations of any kind;
 
 
 
 
(f) administering as agent to the Government such loans and in such manner as the Government may direct;
 
 
 
 
(g) engaging in the business of investing and reinvesting in the owning and holding of securities and of discounting of purchase of shares and investment in such other securities as may be approved by the Board;
 
 
 
 
(h) 1[furnishing] managerial, technical and administrative advice to, and assisting in obtaining managerial, technical and administrative services by, any industrial concern or person;
 
 
 
 
2[(hh) engaging in research for industrial promotion and providing advisory and consultancy services;]
 
 
 
 
(i) facilitating investment by selling new floatations of existing or new industrial concerns without underwriting obligations;
 
 
 
 
(j) merchandising, buying, selling, holding or transferring of shares, stocks debentures, debenture stocks, bonds, obligations and securities;
 
 
 
 
(k) drawing, making, accepting, endorsing, negotiating, executing, issuing, discounting, buying and selling of bills
 
 
of exchange, promissory notes and other negotiable or transferable instruments;
 
 
 
 
(l) 3[issuing] or opening of letters of credit;
 
 
 
 
(m) drawing of bills of exchange and granting of letters of credit payable outside Bangladesh;
 
 
 
 
(n) lending money with or without security and making advance upon or holding in trust, or otherwise acquiring or 4[disposing] of, on commission or otherwise, any of the securities or investments;
 
 
 
 
(o) receiving money on time deposit, loan or otherwise on such terms as may be approved by the Board;
 
 
 
 
(p) taking over, running and selling of such industrial concerns as have failed to repay in full the loan taken from the Sangstha;
 
 
 
 
(q) opening and maintaining of Investors' Deposit Accounts and managing investment portfolios on behalf of individuals or institutions;
 
 
 
 
(r) purchasing and selling shares to the Investors' Deposit Account holders over the counter;
 
 
 
 
(s) providing professional counsel regarding investments and helping generally in broadening the base of investments and encouraging investment in sound projects, whether by issuing 5[Mutual Funds or Unit Trusts] or both in or outside Bangladesh or otherwise;
 
 
 
 
(t) constituting, promoting, issuing, organising, managing and administering Mutual Funds or Unit Trusts of any type or character and acquiring, holding, dealing, selling, paying or disposing of, or dealing in shares, certificates, or securities of, such Funds or Trusts;
 
 
(u) being a member of a stock exchange in Bangladesh;
 
 
 
 
(v) for purposes of, and in matters relating to, its business or object:
 
 
 
 
(i) purchasing or otherwise acquiring, owning, selling, transferring and exchanging any tangible or intangible, movable or immovable property and any right, title or interest in such property 6[absolutely,] temporarily or on hire or by hire purchase or on instalment or entering into joint venture or profit sharing arrangements with, or assisting in any way, any industrial concern or person on such terms and conditions as may be approved by the Board;
 
 
 
 
(ii) accepting and furnishing any undertaking or commercial guarantee for the performance of any obligation or the fulfillment of any contract or the repayment of any money;
 
 
 
 
(iii) accepting and furnishing any lien, charge, hypothecation or mortgage on any movable or immovable property or any bond or promissory note or bill of exchange;
 
 
 
 
(iv) entering into agreements and contracts and executing such documents as may be considered necessary or expedient;
 
 
 
 
7[(v) appointing attorneys, lawyers, counsels, consultants and agents;]
 
 
 
 
(vi) subsidising from time to time of the provident fund or other funds created for the benefit of its employees;
 
 
 
 
(w) receiving, recovering and paying interest, commission, fees and other charges and brokerage in connection with the business of the Sangstha;
 
 
 
 
(x) selling and realising all property, whether movable or immovable, which may in any way come into possession of the Sangstha in satisfaction or part satisfaction of its claims;
 
 
(y) generally doing all such acts and things as may be necessary, incidental, subsidiary or conducive to the transacting of any of the aforesaid business or acts including proceedings in 8[Courts] of law; and
 
 
 
 
(z) doing of such other acts and things for the purposes of giving effects to the provisions of this Order.

  • 1
    The word “furnishing” was substituted for the word “Furnishing” by section 5 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 2
    Clause (hh) was inserted by section 9 of the Bangladesh Shilpa Rin Sangstha (Amendment) Act, 1987 (Act No. XIX of 1987)
  • 3
    The word “issuing” was substituted for the word “Issuing” by section 5 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 4
    The word “disposing” was substituted for the word “deposing” by section 5 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 5
    The words “ Mutual Funds and Unit Trusts” were substituted for the words “ mutual funds and unit trust” by section 5 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 6
    The word and comma “absolutely,” were substituted for the word “absolutely” by section 5 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
  • 7
    Sub-clause (v) was substituted by section 9 of the Bangladesh Shilpa Rin Sangstha (Amendment) Act, 1987 (Act No. XIX of 1987)
  • 8
    The word “Courts” was substituted for the word “course” by section 5 of the Bangladesh Shilpa Rin Sangstha (Amendment) Ordinance, 1977 (Ordinance No. XIV of 1977)
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