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03/02/2023
Laws of Bangladesh

The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

Dissolution of the Jatiya Bima Corporation
32. (1) On the commencement of this Act, the Bangladesh Jatiya Bima Corporation established by the Order, hereinafter in this section referred to as the said Corporation, shall stand dissolved and the entire undertaking of the said Corporation shall stand transferred to, and vested in, the Government.
 
 
(2) The undertaking transferred to and vested in the Government under sub-section (1) shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable or immovable, cash balances, reserve funds, investments, deposits and all other rights and interests in, or arising out of, such property as were immediately before the commencement of this Act in the ownership, possession, power or control of the said Corporation in relation to the undertaking, and all books of account, registers, records and all other documents of whatever nature relating thereto, and shall be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the said Corporation in relation to such undertaking.
 
 
(3) All contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the commencement of this Act and to which the said Corporation is a party or which are in favour of the said Corporation shall, in so far as they relate to such undertaking of the said Corporation, be of as full force and effect against or in favour of the Government, and may be enforced or acted upon as fully and effectually as if in the place of the said Corporation the Government had been a party thereto or as if they had been entered into or issued in favour of the Government.
 
 
(4) Any suit, appeal or other proceedings of whatever nature pending on the date of the commencement of this Act by or against the said Corporation in relation to its undertaking shall be deemed to be suit, appeal or other proceeding pending by or against the Government and may be continued or prosecuted and enforced by or against the Government.
 
 
(5) The Government may make such arrangements or take such measures with respect to the officers and other employees of the said Corporation as it thinks fit; and, until the Government otherwise directs, such officers and employees shall be deemed to be in their respective employment on the same terms and conditions as were in force immediately before the commencement of this Act, and such officers and employees may also be transferred to such Corporation as the Government may specify.
 
 
(6) Where an officer or other employee of the said Corporation is transferred to a Corporation under sub-section (5) he shall hold his office or service in that Corporation on such terms and conditions as that Corporation may decide :
 
 
Provided that an officer or other employee may, within such time as may be specified by the Corporation to which he is transferred, exercise his option not to continue in the service of that Corporation.
 
 
(7) No officer or other employee of the said Corporation shall be entitled to any compensation for any arrangement or measure made or taken by the Government in respect of him or for his transfer to any Corporation or for the loss of his office or service, and no such claim shall be entertained by any Court, tribunal or other authority.
 
 
(8) Notwithstanding anything contained in this Act the Government may, by order in writing, transfer to such Corporation as may be specified therein the whole or a part of the undertaking vested in it under sub-section (1); and on such transfer, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments in respect of such undertaking shall be of as full force and effect against or, as the case may be, in favour of the Corporation, and may be enforced or acted upon as fully and effectually as if in the place of the Government the Corporation had been a party thereto or as if they had been entered into or issued in favour of the Corporation; and all suits, appeals or other proceedings pending by or against the Government in relation to such undertaking shall be deemed to be suits, appeals or other proceedings pending by or against the Corporation.

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Ministry of Law, Justice and Parliamentary Affairs