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The Banking Company Act (Amendment), (Bangladesh) 1993
Amendments to the Banking Company Act, 1991, of Bangladesh
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This document presents the Banking Company Act (Amendment), 1993, that amends the previous Act of 1991 in Bangladesh. It makes amendments to the following aspects of the law:
- Definition of a depositor;
- Replacement of the term "modareka" with "mudaraba";
- Definition of paid-up and reserve fund;
- Restrictions on buying shares of a bank;
- Correction of misprinted terms;
- Substitution of more appropriate phrases or terms;
- Amendment to the article that deals with the management of a banking company;
- Insertion of a new section on special audit on any of the activities of a banking company as deemed necessary by the Bangladesh Bank.
Further, the document reinforces the application of amendments proposed by the Banking Company (Amendment) Ordinance, 1993 through this Act.
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