BUSINESS AND FUNCTION OF THE BANK PART 1 । Bangladesh Bank Order,1972
BUSINESS AND FUNCTION OF THE BANK PART 1 । Bangladesh Bank Order,1972
16. The Bank is authorised to carry on and transact the several kinds of business hereinafter specified, namely:-
(1) the accepting of money on deposit without interest form and the collection of money for the Government, local authorities, banks and other persons:
(1A) the accepting of money on deposit, with or without interest, form and the collection of money for foreign Governments, banks, companies, institutions or concerns or foreign nationals
(2) (a) the purchase, sale and rediscount of bills of exchange and promissory notes drawn on and payable in Bangladesh and arising out of bona fide commercial or trade transactions bearing two or more good signatures one of which shall be that of a scheduled bark, and maturing within one hundred eighty days from the date of such purchase or rediscourt exclusive of days of grace
(b) the purchase, sale and rediscount o bills of exchange and promissory notes, drawn on and payable in Bangladesh and bearing two or more good signatures one of which shall be the of a scheduled bank or the apex co-operative bank and drawn or issued for the purpose of financing seasonal agricultural operations or the marketing of crops and maturing within fifteen months from the date of such purchase or rediscount exclusive of days of grace
Explanation-For the purpose of this sub-clause-
(i) the expression “agricultural operations includes animal husbandry and allied activities jointly undertaken with agricultural operations,
(ii) “corps” include products or agricultural operations.
(iii) the expression “marketing of crops includes the processing of crops prior to marketing by agricultural producers or any organisation of such producers
(c) the purchase, sale and rediscount of bills of exchange and promissory notes drawn of and payable in Bangladesh and bearing two or more good signatures, one of which shall be that of the apex co-operative bank or a financial corporation and drawn or issued for the purpose of financing the production or marketing activities of cottage and small scale industries approved by the Bank and maturing within eighteen months form the date of such purchase or rediscount, exclusive of days of grace:
Provided that payment of the principal and interest of such bills of exchange of promissory notes is guaranteed by the Government to the satisfaction of the Bank.
(d) the making to a corporation declared eligible by the Government in consultation with the Bank of loans and advances –
(i) repayable on demand or no the expiry of fixed periods not exceeding ninety days from
the date of such loan or advance, against securities of the Government; or
(ii) repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Govemment of any maturity, or against bonds and debentures issued by the Corporation to which the loan or advance is made, and guaranteed by the Government and maturing within a periods not exceeding eighteen months from the date of such loan or advance
(e) the purchase, sale and rediscount of bills of exchange and promissory notes drawn on and payable in Bangladesh and bearing the signature of a scheduled bank, and issued or drawn for the purpose of holding or trading in securities of the Government and maturing within ninety days from the date of such purchase or rediscount, exclusive of days o grace
(f) the purchase, sale and rediscount of bills of exchange and promissory notes drawn of and payable in Bangladesh and bearing two or more apex co-operative bank or nay corporation approved by the Government and having as one of its objects the making of loans and advances in cash or kind, and issued for financing the development of agriculture of agricultural of animal produce or the needs of industry, having maturities not exceeding ten years from the date of such purchase of rediscount.
Provided that the Bank may form time to time issue to a corporation which may have dealings with the Bank under this sub-clause any directions which can be issued to banking company under the Banking Companies Ordinance, 1962 (LVII of 1962), and the event of anybody, while carrying out any direction hereunder, either wilfully making false statement of wilfully omitting to make material statement shall be punishable under sub-section (1) of section 83 of the said Ordinance, and in the event of any contravention or default in compliance with any direction, any Director or officer who is knowingly a party to the contravention of default shall be punishable under sub-section (5) of Section of the said Ordinance, and the provisions of Section 84 of the said Ordinance shall apply to such as if such corporation wore a banking company.
(g) the purchase, sale and rediscount of such Government guaranteed debentures issued by a public company or corporation established by or under any law for the time being in force as the Bank may from time to time approve in this behalf in to guarantee to the extent the Bank deems it issue or loans and debentures by the scheduled banks or financial instutions to rural credit institutiona (0 to guarantee of scheduled bank in agricultural credit operations to the extent the bank deems.
(3) (a) the purchase and sale of approved foreign exchange
(b) the purchase, sale and rediscount of bits of exchange shading treasury bills drawn if or on any place in countries whose currency has been declared as approved foreign exchange and maturing within one hundred and eighty days from the date of purchase Provided that no such purchase, sale of rediscount shall be made in Bangladesh except with a scheduled Bank
(c) the keeping of balances with banks in countries whose currency has been declared as approved foreign exchange
(4) the making to Local Authorities, scheduled banks or co-operative banks of advances and kans repayable on demand or on the expiry fixed periods not exceeding ninety days against the security of-
(a) stocks funds and securities, other than immovable property, in which a trustee is authorised to invest trust money by any law for the time being in force in Bangladesh
(b) gold or silver or documents of title to the same ;
(c) soch ills of exchange and promissory notes as are eligible for purchase or rediscount by the bank and
(d) promissory notes of any scheduled bank supported be documents of title relating to goods, such documents having been transferred, assigned or pledged to any such bank as security, for a cash credit or overdraft granted for bona fide commercial or trade transactions or for the purpose of financing seasonal agricultural operations or the marketing of crops:
(5) the making of loans and advances out of the Rural Credit Fund established under Article 60 for the purposes specified therein,
(6) the making of loans and advances out of the Agricultural Credit Stabilisation under Article 61 for the purposes specified therein
(7)the making of loans and advances out of the Industrial Credit Fund established under Article 62
Fund established for the purposes specified therein
(8) the making of loans and advances out of the Export Credit Fund established under Article 63 for the purposes specified therein
(9) the making to the Government of advances repayable in each case not later than three months from the date of the making of the advance
(10) the making to institutions or banks, specially established for he purpose of promoting agricultural or industrial development in the country or co-operative banks of advances and loans of such amounts and on such terms and conditions as the Doard may decide form time to time.
(11) the purchase holding and sale of shares and debentures of any company or corporation or institution as may be decided in consultation with the Government
(12) the issue and purchase of telegraphic transfers, demand drafts and other kinds of remittances made payable at its own branchos, offices or agencies
(13) the drawing accepting, making and issue, on its own account or account of the Government, as the case may be of any bit of exchange, hundi, promissory note or engagement for the payment within or without Bangladesh, of Bangladesh or foreign currency payable to bearer or to a banker on demand, but no such business shall be carried on or transacted without the previous approval of the Government,
(13A) the issue of its own negotiable securities on such rate of interest as the Bank may decide
(14) (a) subject to sub-clause) the purchase and sale of securities of countries whose currency has been declared 23 approved foreign exchange with an unexpired currency of not more than ten years.
(b) the restrictions relating to maturity shall no apply to securities held by the Bank on the date on which this Order comes into force or any securities that may be received as assets including those transferred to and vested in the Dank under Article 5
(15) (a) the purchase and sale of securities of the Government, or of such securities of a Local Authority as may be specified in this behalf by the Government by notification in the Official Gazette on the recommendation of the Board
(b) securities, debentures and shares fully guaranteed as to principal and interest by the Goverment shall be deemed for the purpose of this clause to be securities of the Goverment
(c) the amount of such securities held at any time in the Banking Department shall be so regulated that the total value of such securities shall not exceed the aggregate amount of the capital of the Bank the Reserve Fund and four-fifths of the Liabilities of the Banking Department in respect of deposits
(16) the custody of monies, securities and other articles of value and the collection of the proceeds whether principal, Interest or devidends of any such securities.
(17) the sale and realisation of all property, whether movable or immovable which may in any way come into the possession of the Bank in satisfaction, or part satisfaction of any of its claims
(18) the acting as agent to the Goverment, or any Local Authority in the transaction of any of the following kinds of business, namely
(a) the purchase and sale of gold or silver or approved foreign exchange
(b) the purchase, sale, transfer and custody of bills of exchange, securities or shares in any company
(c) the collection of the proceeds, whether principal, interest or dividends, or any securities or shares
(d) the remittance of such proceeds, at the risk of the principal, by bills of exchange payable either in Bangladesh or elsewhere
(e) and the management of public debt
(19) the purchase and sale of gold coin and gold or silver bullion
(20) the opening of and account with or the making of any agency arrangement with, and the acting as agent or correspondent of a bank incorporated in any country outside Bangladesh or the principal currency authority of any country under the law for the time being in force in that country or any international or regional bank formed by such principal currency authorities, and the investing of the funds of the Bank in the shares and securities of any such international or regional bank.
(21) (a) subject of sub-clauses (b) and (c), the borrowing of money for purposes of the business or the bank and the giving of security for money so borrowed
(b) no money shall be borrowed under this clause form any person in Bangladesh other than a scheduled bank for a period exceeding three months and an amount not at any time exceeding the amount of the capital of the Bank
(c) no money shall be borrowed under this clause from any foreign national in or outside Bangladesh other than foreign and intemational banks, companies, Institutions or concems
(22) the making and issue of bank notes subject to the provisions of this Order
(23) the performance of the functions of the Bank under the International Financial Organisations Order, 1972
(24) establish credits and give guarantees
(25) the exercise of powers and functions and the performance of duties entrusted to the under this Order or under any other law for the time being in force and
(26) generally, the doing of all such matters and things as may be necessary, incidental to of Bank consequential upon the exercise of its powers or the discharge of its duties or functions under this Order
17. (1) Where, in the opinion of the Board or of the Governor, circumstances so warrant, the Bank may. notwithstanding any limitation contained in sub-clauses (a) and (b) of clause (2) or sub-clauses (a) and (b) of clause (3) or clause (4) of Article 16-
(a) purchase, sell or discount any of the bills of exchange or promissory notes specified in sub- clause (a) or sub-clause (b) of clause (2) or sub-clause (b) of clause (3) o Article 16 though such bill or promissory note does not bear the signature of a scheduled bank, or
(b) make advances or loans repayable on demand or on the expiry or fixed periods no exceeding ninety days against the various forms of security specified in clause (4) of Article 16 or against the security of goods or when the advance or loan is made to a banking company against such other form of security as the Bank may consider sufficient.
(2) Notwithstanding anything to the contained in any other law for the time being in force where a banking company, to which and advance or loan has been made order the provisions of sub clause (b) of clause (1) is wound up, any sum due to the Bank in respect of such advance or loan shall, subject only to the claims, if any, of any other banking company in respect of any prior claim or advance made by such banking company against any security, be a first charge on the assets of the baking company.
18. On the recommendation of the Board the Government may, by notification in the Official gazette. declare the currency of any country to be such banking company to be approved foreign exchange for all or any of the purposes this Order.
19. The Bank shall not, except as authorised under this Order-
(1) engage in trade or otherwise have a direct interest in any commercial, industrial or other undertaking except such interest as it may in any way ecquire in the course of the satisfaction of any of its claims, but all such interest shall be disposed of at the earliest possible moment.
(2) purchase the shares of any other bank or of any company or grant advances or loans upon the security of any such shares
(3) advance money on the mortgage, or otherwise on the security, of immovable property or documents of title relating thereto, except where such advance os made to any of its employees for building or purchasing a house for his personal use against the security or the house.
(4) become the owner of any immovable property except where ownership is necessary for the use of such property by the Bank, or for the residence, recreation or welfare of its employees
(5) make unsecured advances and loans and
(6) draw or accept bills payable otherwise than on demand.
20. (1) The bank shall undertake to accept monies for account of the Goverment, and to make payments up to the amount standing to the credit of their accounts and to carry out its exchange, remittance and other banking operations, including the management of the public debt.
(2) (a) The Government shall entrust the Bank, on such conditions as may be agreed upon between the Goverment and the Bank, with all their money, remittance, and banking transactions in Bangladesh, and, in particular, shall deposit free of interest all its balances with the Bank
(b) Nothing in this clause shall be deemed to prevent the Goverment from carrying on money transactions, at places where the Bank has no office, branch or agency or from holding at such places such balances as it may require.
(c) The Goverment shall entrust the Bank, on such conditions, as may be agreed upon
(3) In the event of any failure to reach agreement on the conditions referred to in this Article, the Government shall decide the conditions and its decision shall be final.
(4) Any agreement made under this Article shall be laid, as soon as may be after it is made. before the Legislature.
21. The Bank shall make public from time to time the standard rate at which it is prepared to buy or rediscount bills of exchange or other commercial paper eligible for purchase under this Order
22. The Bank shall sell to or buy from any authorised dealer in Bangladesh approved foreign exchange at such rates of exchange at such places and on such conditions as the Government may from time to time by general, or special order determine.
Explanation-In this Article “authorised dealer” means a person for the time being authorised under section 3 of the Foreign Exchange Regulation Act, 1947 to deal in foreign exchange.
BUSINESS AND FUNCTION OF THE BANK PART 2 । Bangladesh Bank Order,1972
23. (1) The Bank shall have the sole right to issue Bank Notes made payable to bearer on demand in Bangladesh in accordance with the provisions hereinafter made.
(2) Any person contravening this authority or committing any other offence specified in Article 35
shall be liable to the penalties mentioned therein.
24 . (1) Subject to the provisions of clause (2) all Bank Notes, Coins and Currency Notes and those
which were in circulation in Bangladesh on the appointed day shall continue to be legal tender at any place in Bangladesh for the amount expressed therein and shall be guaranteed by the Government.
(2) On the recommendation or the Board, the Government, may, by notification in the official Gazette, declare that with effect from such date as may be specified in the notification, any series of Bank Notes of any denomination shall cease to be legal tender save at such offices. branches and agencies, if any, of the Bank as may be specified in the notification
25. Notwithstanding anything contained in Article 24 no Pakistan Bank note of the denominational value of five rupees and one hundred rupees issued before 8 day of June, 1971 shall be legal tender in payment or an account of amount expressed therein.
26. (1) The issue of Bank Notes shall be conducted by the Bank in an issue department which shal te and kept wholly distinct from the Banking Department and the assets of the issue Department shall not be subject to any liability other than the liabilities or the Issue Department as delined in Article 32
(2) The Issue Department shall not issue Bank Notes to the Banking Department or to any person except in exchange for Bank Notes or for such coin, bullion, approved foreign exchange o securities as are permitted under this Order to form part of the assets or the Issue Department
27. The Bank Notes made and issued by the Bank shall be in such denominations and of such design form and material as may be approved by the Government on the recommendations of the Board
28. The Bank shall not reissue Bank Notes which are tom, defaced or excessively soiled.
29. Notwithstanding anything contained in any enactment or rule or law to the contrary, no person shiss as of right be entitled to recover form the Government or the Bank the value or any lost, stole mutilated or imperfect Bank Notes
30. (1) The assets of the Issue Department shall not be less than the total of its liabilities and shatte maintained as follows
(a) of the total amount of the assets, assets or such value as the Government in consultatio with the Bank, may, by notification in the official Gazette, specify shall be held in gold coins gold bullion, silver bullion, special Drawing Right, Asian Monetary Units, Islamic Dinars or approved foreign exchange, and
(b) the remainder of the assets shall be held in-
(i) Taka coins
(ii) Taka securities of any maturity
(iii)such bills of exchange and promissory notes payable in Bangladesh as are eligible for purchase by the Bank under sub-clauses (a), (b) and (f) of clause (2) of Article 16
(iv) Promissory notes obtained by the Bank in respect of advances and loans made under clause (4) of Article 16 against such securities as are mentioned in sub-clauses (a) and (b) of that clause, and
(V) Promissory notes obtained by the Bank in respect of advances and loans made under clause (10) of Article 16. (2)
(2) For the purposes or this Article-
(a) gold coin, gold bullion and silver bullion shall be valued at the market value of the fine gold or silver content thereof, as the case may be.
(b) Taka coin shall be valued at its face value, and
(c) Taka securities and securities specified in clause (4) shall be valued at the market value for the time being obtaining or face value whichever is less.
(3) Of the gold coin and gold or silver bullion held as assets not less than seventeen-twentieths shall be held in the custody of the Bank including its branches, offices of agencies, and the gold or silver belonging to the Bank which is in any other bank or in any mint or treasure or in transit may be reckoned as part or the assets.
(4) For the purposes of this Article the approved foreign exchange which may be held as part of the assets shall be in any of the following forms, namely
(a) balances standing to the credit of the Bank with the principal currency authority of a country whose currency is an approved foreign exchange, or at any bank in such country.
(b) bills of exchange bearing two or more good signatures having a maturity not exceeding one hundred and eight days and drawn on and payable at any place in a country whose currency is an approved foreign exchange and
(c) securities of a Goverment with an unexpired currency of not more than five years and payable in a currency which is an approved foreign exchange
31. Notwithstanding anything contained in the foregoing provisions, the Bank may, with the previous sanction of the Goverment, for periods not exceeding six months in the first instance, which may with the like sanction be extended from time to time by periods not exceeding three months at a time hold as assets gold coin, gold or silver bullon, Special Drawing Rights, Asian Monetary Units, Islamic Dinars or approved foreign exchange of less aggregate amount than that required by sub-clause (a) of clause (1) of Article 30
32. (1) The liabilities of the issue Department shall be an amount equal to the total of the amount of the Bank Notes for the time being in circulation
(2) For the purposes of this Article any Bank Notes which has not been presented for payment within forty years from the first day of July following the date of its issue shall be deemed not to be in circulation and the value thereof shall notwithstanding anything contained in clause (2) of Article 26 be paid by the Issue Department to the Banking Department but any such Bank Note it subsequently presented for payment, shall be paid by the Banking Department.
33 (1) The Bank shall issue Taka coin on demand in exchange for Bank Notes and Bank Notes on demand in exchange for coin which is legal tender in Bangladesh.
(2) The Bank shall in exchange for Bank Notes of ten taka or upwards supply Bank Notes of lower
value or coins which are legal tender in Bangladesh under the Bangladesh Coinage Order 1972, in such quantities as may in the opinion of the Bank be required for circulation. The Goverment shall supply such coins to the Bank on demand and if it fails to do so at any time the Bank shall be released during the period of such failure from obligation to supply them to the public.
(3) The Government shall take over from the Bank at such times and in such quantities as the Bank may, with the previous approval of the Government, determine Taka coins which are not required for purposes or circulation against payment.
34. The Goverment shall not reissue any Taka coins taken over under clause (3) of Article 33 nor put into circulation any Taka coln except through the Bank and the Bank shall not dispose of Taka coin otherwise than for purposes of circulation or by delivery to the Goverment under the preceding Article.
35. (1) No person in Bangladesh other than the Bank or as expressly authorised by this Order, the Goverment shall draw accept, make or issue any Bill of Exchange, Hundi, Promissory Note of engagement for the payment of money payable to bearer on demand, or borrow, owe or take up any sum or sums of money on the Bills. Hundis or notes payable of bearer on demand of any such persons, but such Cheques, or Drafts, Including Hundi, payable to bearer on demand of otherwise may be drawn on a person’s account with a banker.
(2) Notwithstanding anything contained in the Negotiable Instrument Act, 1881, no person in Bangladesh other than the Bank, or as expressly authorised by this Order, the Goverment shall make or issue any Promissory Note expressed to be payable to the bearer of the instrument.
(3) Any person contravening the provision of this Article shall be punishable upon conviction with fine which may extend to double the amount of the Bill, Hundi, Promissory Note or engagement in respect whereof the offence is committed
(4) No prosecution under this Article shall be instituted except on complaint made in writing on behalf of the Bank.
36. (1) Subject to clause (2) every scheduled bank shall maintain with the Bank a balance the amount of which shall not at the close of business on any day be less than five per cent of the total of demand and time liabilities of such bank in Bangladesh.
(2) The requirements of this Articles as to the maintenance of balances in the Bank may from time
to time, by notification in the Official Gazette, be varied or, for such period and subject to such condition as may be specified in the notification, be dispensed with by the Government.
(2A) Notwithstanding anything contained in clauses (1) and (2), the Bank may, by notification in the Official Gazette, direct that every scheduled bank shall with effect from such date as may be specified in the notification, maintain with the Bank in addition to the balance prescribed by or under clause (1) or (2) an additional dally balance the amount of which shall not be less than the rate or amount specified in the notification..
(2B) Where any scheduled bank maintains, in pursuance of a notification issued under clause (2A). any balance with the Bank, the amount of which is not less than that required to be maintained by such notification, the Bank may pay to the scheduled bank interest at such rate or rates as may be determined by the Bank from time to time on the amount by which such balance actually maintained is in excess of the balance which the scheduled bank would have to maintain if no such notification was issued
Provided that no interest shall be payable on any such amount actually maintained is in excess of the balance required to be maintained under clause (2A).
Explanation- For the purposes of this Article liabilities shall not include the paid-up capital or the reserves, or any credit balance in the profit and loss account of such bank or the amount of any loan taken from the Bank.
(3) Every scheduled bank shall send to the Bank retums signed by two responsible officers of such bank containing such information as may be deeded necessary for carrying out the purposes and objects of this Order at such periods of time as the Bank may form time to time direct.
(4) If at the close of business on any day before the day fixed for the next retum under the preceding clause, the balance held at the Bank by any scheduled bank is below the minimum fixed by clause (1) or varied under clause (2) or required to be maintained under clause (2A) such scheduled bank may be ordered by the Bank to pay the Bank in respect of such day pen Interest at a rate three per cent above the Bank in respect of such day penal interest at a rate three per cent above the Bank rate on the amount by which the balance with the Bank falls sho to the fixed minimum, and if on the day on which the nest return is due such balance is t below the fixed minimum as disclosed by this moct of that donal interest may be increased to a rate five per cent above the Bank Rate in respect of that day and each subsequent day on which the balance held at the Bank at the close of business on the day is below the fixed
minimum.
(5) When under the provisions of clause (4) penal interest at the increased rate of five per cent above the Bank Rate has become payable by a scheduled bank, if thereafter on the day fond o the nest retum under clause (3) the balance held at the Bank is still below the fixed minimum as disclosed by this retum-
(a) every director and officer of the scheduled bank, who is knowingly and wilfully a party to the default, shall be order of the Bank be punishable with fine which may extend to Taka five hundred and with a further fine which may extend to Taka five hundred for each subsequent day on which the default continues; and
(b) the Bank may prohibit the scheduled bank from receiving after the said day any fresh deposit, and if default is made by the scheduled bank in complying with such prohibition every director and officer of the scheduled bank who is knowingly and wilfully a party to such default or who through negligence or otherwise contributes to such default or who through negligence of otherwise contributes to such default shall by order of the Bank be punishable in respect of each default with fine which may extend to Taka five hundred for each day after the first on which a deposit received in contravention of such prohibition is retained by the scheduled bank.
Explanation- In the sub-clause “Officer” Includes manager, Secretary, Branch Manager and Brach Secretary
(6) Any scheduled bank failing to comply with the provisions of clause (3) shall by be liable to pay to the Bank a penalty of Taka one hundred for each day during which the failure order of the Bank continues.
(7) Whoever in any retum under this Article wilfully or recklessly makes a statement false in any material particular or wilfully or recklessly omits to state a material particular shall by order of the Bank be punishable with fine which may extend to Taka one thousand in respect of each such return.
(8) The penalties imposed by clauses (4), (5), (6) and (7) shall be payable on demand made by the Bank and in the event of refusal by the defaulting bank, director or officer to pay on such demand, may be levied by a direction of the Civil Court having jurisdiction in area where an office of the defaulting bank is situated, such direction being made only upon application made in this behalf to the court by the Bank, with the previous sanction of the Government.
37 (1) The Bank shall maintain at all its offices and branches an up-to date list of banks declared by to be scheduled banks under sub-clause (a) or clause (2).
(2) The Bank shall, by notification, in the official Gazette-
(a) declare any bank to be scheduled bank which is carrying on the business of banking in Bangladesh and which
(i) is a banking company as defined in clause of section 5 of the Banking Companies Ordinance, 1962, or a co-operative bank, or a corporation or a company incorporated by or established under any law in force in any place in or outside Bangladesh
(ii) has a paid-up capital and reserves of an aggregate value of not less than Taka fifty lakhs
Provided that in the case of a co-operative bank, an exception may be made by the bank
(iii) satisfies the Bank that its affairs are not being conducted in a manner detrimental the interests of its depositors
(b) Direct the descheduling of any scheduled bank which ceases to fulfill the requirements mentioned in sub-clause (a) or goes into liquidation or otherwise wholly or partly ceases to carry on banking business:
provided that the Bank may, on application of the scheduled bank concerned and subject to such conditions, if any, as it may impose, defer the making of a direction under sub-clause (b) for such period as the Bank considers reasonable to give the scheduled bank an opportunity of fulfilling the requirements mentioned in paragraphs (i) and (ii) of sub-clause 9a)
(c) alter the description in the list of scheduled banks whenever any scheduled bank changes its name.
38. The Bank may requise (3) of Arich with which it has any transactions under Article 16 to furnish returns referred to in clause (3) of Article 36 and if it does so require, the provisions of clauses (6). (7) and (8) of article 36 shall apply, so far as may be, to such Corporation as if it were a scheduled bank.
39. The Bank shall compile and publish in such manner and at such times as the Goverment may direct, a consolidated statement from such information as may be received under this Order.
40. (1) The Bank had prepare and transmit to the Government a weekly account of the on Department and of the Banking Department in such form as the Goverment may, by notification in the Official Gazette direct. The Goverment shall cause these accounts to be published weekly in the Official Gazette.
(2) The Bank shall also, within two months from the date on which the annual accounts of the Bank are closed, transmit to the Govemment a copy or the annual accounts signed by the Board on the working of the Bank throughout the year and the Government shall cause such accounts and report to be published in the Official Gazette.
41 (1) No suit or other legal proceedings shall lie against the Bank or any of its Officer for anything which is in good faith done or intended to be done in pursuance of Article 36 or Article 37 or Article 38 or Article 39 or Article 40 or in pursuance of the provisions of Chapter IV
(2) No suit or other legal proceedings shall lie against the Bank or any of its officers for any damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of Article 36 or Article 37 or Article 38 or Article 39 or Article 40, or in pursuance or the provisions of Chapter IV.
(139)