PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT । Bangladesh Bank Order,1972

PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT । Bangladesh Bank Order,1972

Bangladesh Bank Order,1972

PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT । Bangladesh Bank Order,1972

PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT [ Bangladesh Bank Order,1972  ]

Whereas, it is necessary to establish a central bank in Bangladesh to regulate the issue of currency and the keeping of reserves and manage the monetary and credit system of Bangladesh with a view to stabilising domestic monetary value preserving the par value of the Bangladesh Taka promoting and maintaining a high level of production, employment and real income in Bangladesh and fostering growth and development of country’s productive resources in the best national interest.

Now, THEREFORE, in pursuance of the Proclamation of Independence of Bangladesh, read with the Provisional Constitution of Bangladesh Order, 1972, and in exercise of all powers enabling him in that behalf, the President is pleased to make the following Order:

 PRELIMINARY [ CHAPTER 1 ]

1.           (1) This Order may be called the Bangladesh Bank Order, 1972.

(2) It extends to the whole of Bangladesh.

(3) It shall come into force at once and shall be deemed to have taken effect December, 1971.

2.           In this Order, unless there is anything repugnant in the subject or context,

(a) appointed day” means the 16h day of December, 1971. on the 16″ day of

(b) approved foreign exchange” means currencies declared as such by any notification under Article 18

(c) “Bank” means the Bangladesh Bank

(d) “Bank Notes” means notes made an issued by the Bank in accordance with Article 23

(e) “Board” means the Board of Directors of the Bank

(f)”Co-operative Bank” means any co-operative society of co-operative bank including the apex co operative bank registered under Co-operative Societies Act, 1912 (Act II of 1912), or any other law for the time being in force relating to co-operative societies, one of objectives of which is to provide financial accommodation to its members,

(g) “Director” means a Director of the Bank.

(h) “Governor” and “Deputy Governor” means respectively the Governor and Deputy Governor of the Bank

(i)”Government” means the Government of the People’s Republic of Bangladesh

(j)”Scheduled Bank” means a bank for the time being included in the list of banks maintained under sub-clause (a) of clause (2) of Article 37

(k) “State Bank” means the State Bank of Pakistan constituted under the State Bank of Pakistan Act, 1956 and

(l) Taka coin” means one Taka coin and one Taka note and two taka coin and two Taka note which are legal tender in Bangladesh.

PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT [ Bangladesh Bank Order,1972  ]

ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT [ CHAPTER II ]

3.      (1) There shall be a bank to be called the Bangladesh Bank for the purposes or carrying on the business of central banking and it shall be deemed to have been established on the appointed day.

(2) The Bank shall be a body corporate by the name of the Bangladesh Bank, having perpetual succession and a               common seal, and shall by the said name sue and be sued.

4.     (1) The capital of the Bank shall be Taka three crores.

(2) The entire capital of the Bank shall stand vested in and allotted to, the Goverment.
(3) The capital of the Bank may, subject to the approval of the Govemment, be increased by a resolution of the     Board, and any capital so increased shall be subscribed for by the Government in such form and manner as may be  determined by the Government.

(4) On the appointed oven shares of the State Bank held in Bangladesh which have not already vested in the         Government by or under any other law for the time being in force, she fres virtue of this Order, be deemed to have   been vested in, and allotted to, the Goverment from any trust, mortgage, charge, lien, interest, or other   encumbrance whatsoever.

(5) The Government au pay such compensation in respect of the shares vested in the Government under clause (4) as may be determined by it and such compensation shall be distributed among the shareholders of the State Bank in Bangladesh in the manner as may be determined by the Government Provided that the total compensation payable under this clause shall not exceed the total paid up value of the shares held by the shareholders, among whom such compensation is to be distributed.

5.         (1) On the appointed day the entire undertaking of the State Bank in and in relation of Bangladesh shall be deemed to have been transferred to, and vested in, the Bark

(2) The undertaking of the State Bank so transferred and vested shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable. including all lands, buildings, cash balances, reserve funds, investments, and debts or actionable claims, any security or negotiable Instrument, and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership.

possession, power or control of the State Bank in relation to Bangladesh whether such property is situated within or without Bangladesh, and all books of account, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind of the State Bank in relation to the undertaking within the territory of Bangladesh.

(3) Subject to the provisions of this Order all contracts, deeds, bonds, agreements, powers of attomey, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the State Bank is a party or which are in favour of the State Bank shall-

(a) if they are exclusively for the purposes of for the business of the undertaking of the State Bank in Bangladesh, or

(b) if they are partly for the purposes in sub-clause (a) and partly for any other purpose to the extent and subject to such conditions and limitation, as the Government may determine, 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 place of the State Bank, the Bank has been a party thereto or as if they had been issued in favour of the Bank.

PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT [ Bangladesh Bank Order,1972  ]

6     (1) All suits, appeals, or other legal proceedings of whatever nature pending on the appointed day be or against the State Bank in relation to its undertaking which has vested in the Bank under Article 5, shall be deemed to be suits, appeals and other legal proceedings pending by or against the Bank and may be continued and enforced by or against the Bank.

(2) Notwithstanding anything contained in any other law for the time being in force, where any proceeding for the winding up of a banking company under the Banking Companies Ordinance, 1962, is pending before the High Court of Bangladesh immediately before the appointed day in which the State Bank was appointed as Official Liquidator, the Bank shall be substituted in place of the State Bank as the Official Liquidator and shall be deemed always to have been so

substituted

7.     Subject to the provisions of this order and any other law for the time being in force, any person being a citizen of Bangladesh who, immediately before the appointed day, was an employee of the State Bank shall, as from that day, continue to be an employee of the Bank on the same terms and conditions as were applicable to him immediately before that day.

8.       (1) The Head Office of the Bank shall be at Dhaka. (2) The Bank shall have Offices at Dhaka, Chittagong, Khulna, Bogra, Rajshahi and Sythet and may establish other offices, branches, and agencies in Bangladesh or with the prior approval of the Government anywhere outside Bangladesh.

PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT [ Bangladesh Bank Order,1972  ]

9.       (1) The Government may from time to time give such direction to the Bank as it may, after consultation with the Governor, consider necessary in the public interest.
(2) Subject to any such direction the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Board of Directors which may exercise all the powers and do all acts and things that may be exercised or done by the Bank Provided the until the first Board is constituted the Governor may exercise or powers and do all acts and things as are required to be exercised or done by the Board.

(3) The Board shall consist of-

(a) the Governor

(b) a Deputy Governor to be nominated by the Governor

(c) four Directors to be nominated by the Govemment, from amongst  opinion of the Goverment, have had experience and shown banking, trade, commerce, industry, or agriculture persons who, in the capacity in the Seld of

(d) three Government officials to be nominated by the Government.

10.       (1) The Governor of the Bank shall be the Chief Executive Officer and shall, on behalf of the Board direct and control the whole affairs of the Bank.

(2) In the matters not specifically required by this Order or by regulations made thereunder, to be done by the Board, the Governor shall have powers of general superintendence and direction of the affairs and business of the Bank and may exercise all powers and do all acts and things which may be exercised or done by the Bank.

(3) The Governor shall be appointed by the Government on such salary and terms and conditions as may be determined by the Government except that neither the salary of the Governor nor his other terms and conditions of services shall be varied to his disadvantage after his appointment.

(4) One or more Deputy Governors shall be appointed by the Government on such salary and on such terms and conditions as the Government may determine except that neither the salary of a Deputy Governor nor his other terms and conditions shall be varied to his disadvantage after his appointment.

(5) Subject to the provisions of clause (7) the Governor or a Deputy Governor shall hold office for such period not exceeding five years as the Government may fix when appointing them, and shall be eligible for re-appointment.

(6) The Governor and a Deputy Governor shall devote their wholetime to the affairs of the Bank

(7) The Goverment may require the Governor or a deputy Governor to hold an office other than in the Bank, in which event the Governor or the Deputy Governor shall vacate his office, and the period during which he holds the other office shall not count towards his tenure of office as Govemor or Deputy Governor, as the case may be.

(8) The Governor, or a Deputy Governor, as the case may be, may, in addition to his duties as the Govenor or a Deputy Governor, be entrusted by an order of the Government with such duties for such period as may be specified in the order.

(9) No person shall hold office as Governor

(a) who is a member of the Legislature

(b) who s employed in any capacity in the public service of Bangladesh or holds any office of position for which any salary or other remuneration is payable out or public funds

(c) who is a Director, officer or employee of any other bank or of any other business concer Provided that nothing in this sub-clause shall apply where the Governor is entrusted additional duties under clause (8)

(d) who has reached the age of sixty-five years.

(10) The Government may grant leave to the Governor and Deputy Governor for such period and on such terms and conditions as may be specified by the Government

(11) Where the Governor during his term of office is incapacitated or is absent on deputation, of otherwise, the Government may appoint any person qualified under clause (9) but who may be qualified under sub-clause (b) of that clause to act for the time being as the Governor his place.

PRELIMINARY & ESTABLISHMENT, INCORPORATION, CAPITAL AND MANAGEMENT [ Bangladesh Bank Order,1972  ]

11.         (1) Meetings of the Board shall be convened by the Govemor at least six times in each year and at least once in each quarter.

(2) Any three Directors may require the Governor to convene a meeting of the Board at any time and the Governor shall forthwith convene a meeting accordingly.

(3) The Govemor or, if for any reason he is unable to attend, the Deputy Governor nominated under sub-clause (b) of clause (3) of Article 9, shall preside at meetings of the Board and in the event of any equality of votes, shall have a second or casting voto. Incase the Deputy Governor is abo unable to attend for any reason, any other Director, authorised by the Governor shall preside over the meeting of the Board and shall have a second or casting vote.

(4) No act or proceedings of the Board shall be questioned on the ground merely of the existence of any vacancy in, or any defect in the constitution of, the Board.

12.              (1) There shall be an Executive Committee consisting of-

(a) the Governor

(b) the Director nominated under sub-clause (b) of clause (3) of Article 9

(c) one Director elected by the board from amongst the Directors nominated under sub-clause (c) of clause (3) of Article 9 and

(d) one Director appointed by the Government from amongst the Directors nominated under

sub-clause (d) of clause (3) of Article 9. (2) Except when the Board is in session, the Executive Committee shall deal with and decide any matter within the competence of the Board and shall keep minutes of its proceedings, which

shall be submitted to the Board for information at its next meeting.

13.                (1) No person shall be or shall continue to be a Director-

(a) who is a Member of the Legislature or

(b) who is a salaried Goverment official or

(c) who is, or at any time has been, adjudicated and Insolvent or had suspended payment or has compounded with his creditors or

(d) who is found lunatic or become of unsound mind or

(e) who is an officer or employee of any bank or any financial institution or (who is a director of any bank other than the Bank, but he shall not be disqualified or cease to be a Director if he is a Director of a bank which is a society registered under the Co- operative Societies Act, 1912 or any other law for the time being in force relating to co- operative societies or

(g) who absents himself from three consecutive meetings of the Board, without leave form the Board. (2) Nothing in sub-clause (b) of clause (1) of this Article shall apply to the Government Official nominated as Director under sub-clause (d) of clause (3) of Article 9.

14.             (1) The directors nominated under sub-clause (c) of clause (3) of Article 9 shall hold office for three years.                      (2) A Director nominated sub-clause (d) of clause (3) of Article 9 shall hold office at the pleasure of the Government.

(3) Directors shall on the expiry of their term of office be eligible for renomination.

15.             (1) The Government may remove form office-

(a) the Governor of a Deputy Governor it he becomes permanently incapable of performing his duties or subject to any of the disqualification’s specified in clause (9) of Article 10 or has done any act which is a breach of the trust reposed in him, or if his continuance in office is regarded as manifestly opposed to the interests of the Bank and

(b) any Director.

(2)

(a) The Governor, a Deputy Governor or Director may resign his office by statement to that effect in writing signed by him and addressed to the Government:

(b) A statement of resignation by a Deputy governor or d Director shall be addressed as above through the Governor

(c) on the acceptance of such a resignation by the Government, the office shall become vacant

(3) any Director vacating office under this Article shall not be eligible to become a Director until the expiry of the term of office for which he was nominated and

(4) In the event of a vacancy occurring, the Government shall fill the vacancy by nominating another Director.

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