Act/Law wise: Judgment of Supreme Court of Bangladesh

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Financial Institution Act, 1993
Section/Order/Article/Rule/Regulation Head Note
Section 3

Section 3 of the Act explicitly provides that this Act will have an overriding effect on any other existing law. The City Bank Limited and others Vs Bangladesh Bank and ors, 20 BLD (AD) 159. ....View Full Judgment

Sections 25(3) and 48

Section 25(3) of Act is a barring provision making certain persons ineligible for being appointed as directors of a financial institution. Until there is an exercise of power of exemption under section 48, the bar remains as a permanent provision in the Act. When an exemption is given the bar under section 25(3) is relaxed, but when the exemption is withdrawn the legal consequence is the revival of the permanent bar under section 25(3), which will affect the existing nominee directors including petitioner Nos. 2—5. The question of prospectively and retrospectively does not arise in these circumstances. It is a case of certain section of an act remaining in abeyance as if in a state of hibernation because of an exemption granted and the revival of it as soon as the exemption is withdrawn. Phoenix Leasing Ltd. and ors. Vs Bangladesh Bank and ors., 19BLD (AD) 223. ....View Full Judgment