The Asian Reinsurance Corporation Ordinance, 1978 [Repealed]
Act No. XXVII of 1978
Enacted: 1978-01-01
Chapter 1
General
17574.1.Short title
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:- Short title 1. This Ordinance may be called the Asian Reinsurance Corporation Ordinance, 1978 .
17575.2.Definitions
Definitions 2. In this Ordinance, unless there is anything repugnant in the subject or context ,- (a) “Agreement” means the Agreement establishing the Asian Reinsurance Corporation; (b) “Corporation” means the Asian Reinsurance Corporation established by the Agreement.
17576.3.Financial Provisions
Financial Provisions 3. (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.
17577.4.Certain provisions of the Agreement to have force of law
Certain provisions of the Agreement to have force of law 4. (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.
17578.5.Power to take steps to discharge obligations and liabilities under the Agreement
Power to take steps to discharge obligations and liabilities under the Agreement 5. 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.