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BSRS Order’72 to be amended

By Sohel Manzur
An ordinance titled ‘Bangladesh Shllpa Rin Sangstha (Amendment) Ordinance. 1992" will be promulgated soon, according to official sources.
President Abduj- Rahman Biswas has already signed the Ordinance that is now awaiting notification In the official gazette, the sources say.
According to the Ordinance. the Sangstha will be deemed to be a banking company for the purposes of Bank Companies Act 1991 and Bang ladesh Bank Order, 1972 and any other law for the time being in force relating to banking companies.
The government has amended five articles, replaced two and abolished one of the pre vlous BSRS Order, 1972 through the Ordinance. A new article and a clause have also been added in the order.
The authorised capita) of the company has been fixed at Taka 200 mtlbon that would be subscribed by the government and it may also be increased
from time to time as per requirement.
According to the Ordinance, the Board of Directors will consist of a Managing Director and eight other Directors. The government will appoint them at any time, and may also terminate the appointments without assigning any reason.
The Managing Director and the Directors will hold office for certain periods and on certain terms and conditions
The new Article, added with four clauses after Article 39 as Article 39A is, ‘(1) Notwithstanding anything contained in the Order, the Government may, if in the na-tlonal interest tt deems It expedient so to do. transfer, by agreement, the entire undertaking of the Sangstha to any company registered under the Companies Act, 1913 (VII of 1913), on such terms and conditions as may be settled with such company. (2) Where the entire undertaking of the Sangstha has been transferred
under clause 1. the Sangstha shall, on such date as the Government may, by order notified in the official gazette, specify, stand dissolved, (3) Where the undertaking of the Sangstha has been transferred under clause 1,— (a) all the contracts entered into and all matters and things engaged to be done by, with or for. the Sangstha shall be deemed to have been entered into or. as the case may be. engaged to be done by, with or for the company; (b) all suits and other legal proceedings Instituted by or against the Sangstha shall be deemed to be suits and other legal proceedings by or against the company. (4) The Government may, for the purpose of removing any difficulty In relation to the transfer of the undertaking of the Sangstha under clause 1 or the dissolution of the Sangstha under clause 2. make such order as it considers expedient and any such order shall be dee med to be. and given effect to as, part of the provisions of this Order.’
There is also an explanation of the term 'undertaking' In the ordinance. According to the explanation. The under taking of the Sangstha includes Hs business, projects, schemes, assets, properties, movable and Immovable, cash balance. reserved funds. Investments. rights, powers, au thortties and privileges Including rights and Interests In. or arising out of, such properties and all books of ac counts, registers, records and all other documents of whatever nature relating there to and its borrowings, liabilities and obligations of whatever nature."