In addition to banking activity, a banking company may engage in all or any of the following forms of business, namely:- .. a) lending, withdrawing or accepting money;. Provided that such opportunity need not be given if, in the opinion of the Bangladesh Bank, any delay would be prejudicial to the interests of the banking company or its depositors. Provided that the Bangladesh Bank may, by notification in the Official Gazette, in respect of any such bank, vary the conditions regarding the amount of paid-up capital and reserves required under this sub-section:.
Provided that the Bangladesh Bank may, by notification in the gazette after consultation with the Government, vary the terms and conditions for any bank relating to the amount of paid-up capital and reserves required under this sub-section. For the purposes of this Article, "liability" does not include the paid-up capital or cash reserves or the credit balance in the profit and loss account of the banking company or the amount of any loan taken from the Bangladesh Bank. Provided that information regarding such opening shall be provided to Bangladesh Bank within one week from the date of opening.
Explanation.- Unless there is a direction of the Bangladesh Bank to the contrary, in the case of special banks, year in this section means quinquennium. Power of the Bangladesh Bank to give directions.- (1) Where the Bangladesh Bank is satisfied that-. Restrictions.- (1) No person other than the Governor of the Bangladesh Bank shall issue a direction under section 46 or 47:.
Further powers and functions of Bangladesh Bank.- (1) Bangladesh Bank may- a) warn or prohibit banking companies generally or any banking company in particular before entering into any particular transaction or class of transactions. In this Chapter, "company", in relation to a banking company registered outside Bangladesh, means a company of a company in Bangladesh.
Moratorium in respect of a banking company and reconstruction or amalgamation of banking companies.- (1) Notwithstanding anything contained in the forgoing provisions of this chapter or in any
Power of the High Court Division to decide all claims relating to banking companies. The High Court Division shall, except as otherwise expressly provided in section 80, consider and decide any of the following matters whether arising before or after the date of the order for the winding up of a banking company or before or after the commencement of this Act, namely: .. a) claims brought by or against a banking company that is being wound up, including its branches in Bangladesh; Transfer of pending suits.- (1) Where an order of winding up has been made in respect of a banking company, no proceeding or suit shall be instituted by or against the banking company immediately before the commencement of this Act or before the date of the winding up. An order making the order after such commencement shall, if in respect of such suit or proceeding the High Court Division has exclusive jurisdiction under this Act, be executed except in the manner hereinafter provided. List of debtors.- (1) Notwithstanding anything contained in any other law for the time being in force, the High Court Division may, in the manner hereinafter prescribed, settle a list of the debtors of a banking company which is being wound up.
Provided that the Division of the High Court may, if it thinks fit, entertain any application even after the expiry of the said period of thirty days. a) apply to a debt that is secured by a mortgage on real estate and in which a third party is interested; or .. b) interfere with the rights of the official liquidator to recover a debt owed to the banking company under any other law currently in force. Provided that the official liquidator, in the case of proof of such copies, shall certify that the copies are true copies of the original entries and that the entries are in business books or otherwise. documents of the banking company that he has. Provided that if the person to be examined is, in the opinion of the High Court Division, acquitted of any charge against him or proposed, the High Court Division may allow him such costs as it thinks fit.
Special provisions on punishment of crimes in relation to banking operations in liquidation. PCS. company in liquidation or against any director, manager or officer thereof, the High Court Division may, if it thinks fit, take cognizance of and summarily try that charge. 2) When examining an offense pursuant to subsection 1898), be charged at the same trial. The Government, pursuant to Section 77, applies the provisions of Section 235 of the Companies Act and Section 85 of this Act as far as possible to this banking company, as they apply to a banking company that is being liquidated, as if the executive order sanctioning the reconstruction or amalgamation were a order for liquidation of the banking company; and any application by the official liquidator referred to in the said section 235 shall be construed as an application by the Government. Special provisions for banking companies working under schemes or arrangements on the commencement of the Act.- Where a compromise or arrangement in respect of a banking company.
Special provisions for banking companies working under schemes or arrangements at the commencement of the Act.- Where any compromise or arrangement in respect of a banking company
Bangladesh Bank to provide advice in liquidation proceedings. - When in a proceeding for the winding up of a banking company in which a person other than the Bangladesh Bank has been involved. Power to inspect. - (1) The Bangladesh Bank may, on the direction of the Government or the High Court Division, cause the inspection by its officers of any banking company which is being wound up in its entirety or of the balances thereof. all his books and accounts. Authority to request refunds and information. The Bangladesh Bank may at any time, by notice in writing, require the liquidator of a banking company to provide the same within the time specified in the notice or at such later time as the Bangladesh Bank may determine. The Bank may allow any statement or information relating to the liquidation of the banking company and it is the duty of the liquidator to comply with such requirements.
Explanation.- For the purposes of this section and section 93, a banking company which operates under a compromise or arrangement but is prohibited from receiving new deposits, so far as possible, shall be deemed to be a banking company in liquidation. District judge to assist the bankruptcy administrator in taking over the assets of bankrupt banks.- (1) If the official bankruptcy administrator or a special official appointed under this law decides so.
District Magistrate to assist liquidator in taking charge of property of banking companies being wound up.- (1) If the official liquidator or a special officer appointed under this Act deems it
Jurisdiction of High Court Division to make rules.- The High Court Division may make rules consistent with the other provisions of this Act and the rules made under section 121 for the purpose of dealing with the following matters, namely:- .. a) manner , on which investigations and procedures from Chapters 6 and 7 take place;. Government's power to make rules about record keeping. - The Government may make rules after consultation with the Bangladesh Bank and by notification in the Official Gazette. Choice of payment of deposited money.- (1) If an individual or several persons jointly deposit money with the bank in his or her own name, this individual depositor may separately or, depending on the case, a group of depositors, together in the prescribed manner, choose the person who in the event of the death of an individual depositor or all joint depositors, a cash deposit is handed over to her:
If any person contravenes any other provision of this Act, or any order or direction given, or any condition imposed, or any rule thereunder, he shall be punished for such contravention with a fine which may extend to Takas Two Thousand, and if he continues to persist in such a violation, a new fine will be imposed. This may amount to up to one hundred Takas for each day the offense continues, starting with the first day of the offence. Restriction on name change by a banking company. Notwithstanding anything contained in section 11 of the Companies Act, the Government shall not express its approval to the change of name of a banking company unless the Bangladesh Bank declares in writing that it has no objection to such change. Amendment of the Memorandum of a Banking Company. Notwithstanding anything contained in the Companies Act, no application for confirmation of amendment of memorandum of a banking company shall be maintainable unless the Bangladesh Bank certifies that there is no objection to such amendment.
Certain claims for damages are barred.- No person shall have any contractual or other right to any compensation whatsoever for any loss arising from the operation of any provision contained in sections and 77 of this Act or from the compliance of a. banking company by any order or direction given to it under this Act. In particular, and without prejudice to the generality of the foregoing authority, such rules shall specify all or any of the following subjects, namely:- .. a) specifying all particulars to be included in the returns required under this Act; . The Government may, after consultation with the Bangladesh Bank, by notification in the Official Gazette, declare that any or all of the provisions of this Act shall not apply to any banking company or to any particular banking company either generally or for such period as may be specified.
