Act No.24 of 1987

An Act made to further amend the Bangladesh Industrial Enterprises (Nationalisation)
Order, 1972;

Whereas it is expedient to further amend the Bangladesh Industrial Enterprises (Nationalisation)
Order, 1972 (P.O. No.27 of 1972), for the purposes appearing hereinafter;

Now, therefore, it is hereby enacted as follows:-

1. Short title.- This Act may be called the Bangladesh Industrial Enterprises (Nationalisation)
(Amendment) Act, 1987.

2. Amendment of Article 4 of P.O. No.27 of 1972.- In Article 4 of the Bangladesh Industrial
Enterprises (Nationalisation) Order, 1972 (P.O. No.27 of 1972), heretoafter referred to as the
said Order,-

     (a) for clause (2) the following clause (2) shall be substituted, namely:-
     "(2) The Government may, if in the national interest it deems it expedient so to do,
     sell or otherwise transfer to a Corporation or to any other person, in such manner
     and on such terms and conditions as it deems fit, any scheduled industrial enterprise
     or any other industrial enterprise or any share or proprietary or other interest therein,
     vested in the Government under clause (1).";
     (b) for paragraph (b) of clause (4) the following paragraph shall be substituted,
     namely:-
     "(b) take such measures, including consequential changes in the relevant
     memorandum or articles of association, as may be necessary to facilitate the sale or
     transfer of the industrial enterprise under clause (2) or to enable the industrial
     enterprise to function under the Companies Act, 1913 (VII of 1913).";
     (c) after clause (4) the following clauses shall be inserted, namely:-
     "(4A) Where the Government sells or otherwise transfers under clause (2) any
     industrial enterprise or any share or proprietary or other interest therein, the
     provisions of the Companies Act, 1913 (VII of 1913), relating to holding of
     meetings, balance sheet, minimum subscription, prospectus, statement in lieu of
     prospectus, filing of returns in respect of such industrial enterprise or transfer of such
     share or interest for the period preceding the sale or transfer shall be deemed not to
     have been applicable thereto.
     (4B) Where the Government sells or otherwise transfers under clause (2) any
     industrial enterprise or any share or proprietary or other interest in fovour of a
     Corporation or Company in which the Government or the Corporation hold the
     majority shares, no tax, fee, levy or charge under any law shall be payable in respect
     of such sale or transfer.".

3. Amendment of Article 17 of P.O. No.27 of 1972.- After clause (4) of Article 17 of the said
Order the following clause (5) shall be inserted, namely:-

     "(5) The Corporation may hold shares or interest in any scheduled industrial
     enterprise or in any other industrial enterprise or in any company; and may manage
     the affairs of any enterprise or company in which it holds shares or interest if the
     enterprise or company so requests.".

4. Repeal and savings.- (1) The Bangladesh Industrial Enterprises (Nationalisation)
(Amendment) Ordinance, 1987 (VII of 1987) stands herewith repealed.
(2) Notwithstanding such repeal, all acts done, actions or proceedings taken under the said Order
amended by the Ordinance shall be deemed to have been taken under the said Order amended
by this Act.