The Asian Reinsurance Corporation Ordinance, 1978

An Ordinance to provide for the implementation of the Agreement establishing the Asian Reinsurance Corporation. WHEREAS the People’s Republic of Bangladesh is a signatory to the Agreement establishing the Asian Reinsurance Corporation and it is expedient to provide for the implementation of that Agreement and for carrying out the obligations of the Republic as a member of that Corporation and for matters connected therewith; NOW, THEREFORE, in pursuance of the Proclamations of the 20th August, 1975, and the 8th November, 1975, and in exercise of all powers enabling him in that behalf, the President is pleased to make and promulgate the following Ordinance:-

Section 1. Short title

This Ordinance may be called the Asian Reinsurance Corporation Ordinance, 1978.

Section 2. Definitions

In this Ordinance, unless there is anything repugnant in the subject or context ,-

Section 3. Financial Provisions

(1) Subscription of the shares of the capital stock of the Corporation shall be arranged by the Government pursuant to provisions of Article III of the Agreement.

(2) If the Sadharan Bima Corporation participates in the purchase of the Capital stock by an arrangement made under Article III of the Agreement, it shall be paid its proportionate share of any sums received from the Corporation which are related to subscriptions made towards capital stock.

Section 4. Certain provisions of the Agreement to have force of law

(1) Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the force of law in Bangladesh.

Section 5. Power to take steps to discharge obligations and liabilities under the Agreement

The Government may take all such steps and make all such arrangements as may be considered necessary to enable it to discharge its financial obligations and other liabilities under the Agreement.

Section 6. Power to make rules

The Government may, by notification in the official Gazette, make rules for carrying out the purposes of this Ordinance.