WHEREAS it is expedient to make provisions for the administration of Banks with head offices in Pakistan, formerly known as West Pakistan. NOW, THEREFORE, in pursuance of the Proclamation of Independence of Bangladesh and in exercise of all powers enabling him in that behalf, the Acting President is pleased to make the following Order:-
(1) This Order may be called the Bangladesh (Administration of Banks) Order, 1971.
(2) It shall come into force at once.
(1) Where any Bank having offices and branches in Bangladesh has its head office in Pakistan, formerly known as West Pakistan, the Government of Bangladesh may, notwithstanding anything contained in any law for the time being in force or in any instrument or document relating to the incorporation or registration of the Bank, by notification in the official Gazette, appoint an Administrator for the management and control of the affairs of the Bank in Bangladesh.
(2) Where an Administrator is appointed for any Bank under clause (1), the Board of Directors of the Bank shall cease to function in respect of the Bank in Bangladesh and all the powers and duties of the Board of Directors or, as the case may be, Local Board of the Bank of Bangladesh shall vest in the Administrator.
(3) The Administrator shall hold office for such period and on such terms and conditions as the Government of Bangladesh may specify.
(4) In addition to the powers and duties of the Board of Directors, an Administrator shall also have the powers and duties of the Chief Executive of the Bank in Bangladesh and shall be wholly responsible for the management of its affairs in Bangladesh.
An Administrator shall exercise his powers and discharge his duties under the direct supervision and control of the Government of Bangladesh and shall submit to the Government of Bangladesh such statements and furnish such information as the Government of Bangladesh may direct or require from time to time.
This Order shall also apply to a Bank in Bangladesh which is a subsidiary to a Bank mentioned in clause (1) of article 2.
No action taken under this Order shall be called in question by or before any Court.