Bank Co. Act

Act NO. 14 of 1991

An Act made to make provisions for banking companies

Whereas it is expedient to make provisions for banking companies therefore the following Act is hereby passed:

Chapter I

Preliminary

/ 1. Short title.- (1) This Act may be called the Banking Companies Act, 1991.

(2) It shall be deemed to have come into force on 14th February 1991.

2. Application of other Acts.- The provisions of this Act shall be in addition to, and not, save as hereinafter expressly provided, in derogation of, the Companies Act, 1913 (VII of 1913) , and any other Act for the time being in force.

3. Limited application of this Act to co-operative banks and other financial institutions. Nothing in this Act shall apply to a co-operative bank or any other financial institution registered under the Co-operative Societies Ordinance, 1985 (Iof 1985) or any other Act for the time being in force relating to co-operative banks:

Provided that the Bangladesh Bank may carry out inspections of and issue directions to co-operative banks as prescribed for banking companies under section 44 and 45 of this Act.

4. Power to suspend operation of this Act.- (1) The Government if, on a representation made by the Bangladesh Bank in this behalf it is satisfied that it is expedient so to do, may by notification in the official Gazette suspend for at most 60 days the operation of all or any of the provisions of this Act in relation to any specified banking company.

(2) The Government may, by notification in the official Gazette, extend from time to time, the period of any suspension under sub-section (1) for such period or periods, not exceeding 60 days at one time, as it thinks fit, so however that the total period does not exceed one year.

(3) Notifications issued under this section shall be submitted to the national parliament as follows:

a) if it is in session, within 10 days of the issue of the notification, and

b) if it is not in session, within 10 days of the beginning of...