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08/12/2022
Laws of Bangladesh

The Rajshahi Krishi Unnayan Bank Ordinance, 1986

( Ordinance NO. LVIII OF 1986 )

Transfer of assets, etc.
36. (1) On the commencement of this Ordinance, the entire undertaking of the Bangladesh Krishi Bank, established under the Bangladesh Krishi Bank Order, 1973 (P.O. No. 27 of 1973), hereinafter referred to as the said Bank, in relation to the area within the administrative Division of Rajshahi shall, unless otherwise directed by the Government, stand transferred to, and vest in, the Bank.
 
 
 
 
(2) The undertaking of the Bangladesh Krishi Bank in relation to the area within the Administrative Division of Rajshahi shall, unless otherwise directed by the Government, be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investment and all other rights and interests in, or arising out of, such property as were immediately before the commencement of this Ordinance in the ownership, possession, power or control of the said Bank in relation to the undertaking within the area of the Administrative Division of Rajshahi and all books of accounts, registers, records and all other documents of whatever nature relating
 
 
thereto and shall, unless the Government otherwise directs, also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the said Bank in relation to such undertaking in the area within the Administrative Division of Rajshahi.
 
 
 
 
(3) Unless otherwise expressly provided by this Ordinance and unless the Government otherwise directs, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representative and other instruments of whatever nature subsisting or having effect immediately before the commencement of this Ordinance and to which the said Bank is a party or which are in favour of the said Bank, so far as they relate to the undertaking of the said Bank which has vested in the Bank under sub-section (1) shall be of as full force and effect against or in favour of the Bank, and may be enforced or acted upon as fully and effectively as if in the place of the said Bank, the Bank had been a party thereto or as if they had been issued in favour of the Bank.
 
 
 
 
(4) Subject to other provisions of this Ordinance and unless the Government otherwise directs, any suit, appeal or other proceedings of whatever nature pending on the date of commencement of this Ordinance by or against the said Bank in relation to the undertaking which has been vested in the Bank under sub-section (1) shall be deemed to be suit, appeal or other proceedings by or against the Bank and may be continued or proceeded with and enforced by or against the Bank.

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