From American Banker (subscription required) By VICTORIA FINKLE July 3, 2014 Last year's push by some...
Banking Companies Act No. 14
(enacted in 1991)
The Banking Companies Act No. 14 governs the operations of banking companies in Bangladesh. The act specifies that it shall not apply to co-operative banks or any other financial institution registered under the Cooperative Societies Ordinance of 1985, except for certain inspections and directions. The act was amended by amendments in 1993 and 1995, both of which can be found under “Related Amendments”, and further amended in 2003 and 2005 (copies currently unavailable).
The articles of the act deal with the following aspects of banking companies:
- Prohibited activities;
- Acquisition and undertaking; and
- Suspension of business, winding up and disposal of winding up proceedings.
The final articles deal with provisions in case of violation of the act.