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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