This document provides information about the Bank Companies Act of 1991 that was amended in 2013 and the Financial Institutions Act of 1993 in Bangladesh. It introduces the team at the bank and provides details on the acts such as their purpose of establishing banking regulations, licensing requirements for financial institutions, business rules on deposits, credits, investments, and properties, and punishments for offenses.
An Outlook on Indonesian Banking Sector Regulation Post P2SK Law.pdfAHRP Law Firm
Banking is any matter related to banks, which cover institutional aspects, business activities, and methods as well as processes in the carrying out of business activities. The enactment of the P2SK Law led to several changes to previous banking-related regulations, including Law 7/1992 and Law 21/2008, in order to achieve the aims and objectives of the P2SK Law.
2018 was an interesting year for legal changes in corporate, finance and technology sector and the “Way of Doing Business” in India which dominated the headlines and we can expect 2019 to continue in the same way. Our article- Key Legal Developments in 2018 highlights some of the key legal changes of 2018 that you should take the time to understand and be prepared for. It’s important for any business owner to be aware of the changes affecting their business & put in place suitable safeguards. Failing to be prepared is often costly in terms of money, resource & time.
An Outlook on Indonesian Banking Sector Regulation Post P2SK Law.pdfAHRP Law Firm
Banking is any matter related to banks, which cover institutional aspects, business activities, and methods as well as processes in the carrying out of business activities. The enactment of the P2SK Law led to several changes to previous banking-related regulations, including Law 7/1992 and Law 21/2008, in order to achieve the aims and objectives of the P2SK Law.
2018 was an interesting year for legal changes in corporate, finance and technology sector and the “Way of Doing Business” in India which dominated the headlines and we can expect 2019 to continue in the same way. Our article- Key Legal Developments in 2018 highlights some of the key legal changes of 2018 that you should take the time to understand and be prepared for. It’s important for any business owner to be aware of the changes affecting their business & put in place suitable safeguards. Failing to be prepared is often costly in terms of money, resource & time.
Transitioning Sharia Business Units Mandatory and Elective Spinoffs from Conv...AHRP Law Firm
The Indonesian Government has enacted Law No. 4/2023 to strengthen the financial sector and encourage growth in financial services. A key amendment under this law is the directive for Conventional Commercial Banks to spin off their Sharia Business Units (UUS), as detailed in the revised Law No. 21/2008. OJK Reg. No. 12/2023 further outlines the steps for both mandatory and elective UUS spinoffs, underscoring the government's commitment to paving the way for a more robust and responsive financial services sector. Find out more our insights about this topic in our Legal Brief publication.
This PPT contains the procedure for incorporation of banks and nbfc according to rbi guidelines. For detailed guidelines one can visit https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=2651
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
Transitioning Sharia Business Units Mandatory and Elective Spinoffs from Conv...AHRP Law Firm
The Indonesian Government has enacted Law No. 4/2023 to strengthen the financial sector and encourage growth in financial services. A key amendment under this law is the directive for Conventional Commercial Banks to spin off their Sharia Business Units (UUS), as detailed in the revised Law No. 21/2008. OJK Reg. No. 12/2023 further outlines the steps for both mandatory and elective UUS spinoffs, underscoring the government's commitment to paving the way for a more robust and responsive financial services sector. Find out more our insights about this topic in our Legal Brief publication.
This PPT contains the procedure for incorporation of banks and nbfc according to rbi guidelines. For detailed guidelines one can visit https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=2651
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
10. Section
18
Section 18 [1] –
Provision relating transaction with
director, officers and staffs of the
banking company
Section 18[8]-
Banking Company shall in corporate
12. Financial Institution
Act 1993
Published in September 30,1993
Recovery of debts due to bank
Made to provide license to financial institution
35 financial institutions in Bangladesh are now under this act
13. Licensing
No person shall carry on financial business without a license
to run a financial institution issued by Bangladesh Bank.
The Bangladesh Bank may impose on any license to run a
financial institution such conditions as it thinks fit.
The Bangladesh Bank may at any time, after giving an
opportunity for a hearing, alter any condition of a license to
run a financial institution and may add new conditions.
14. Licensing
For granting a license under this section, the
Bangladesh Bank require-
The financial institution.
The characteristics of the management.
The sufficiency of capital structure and the
earning capacity.
The purposes mentioned in the memorandum.
The public interest.
15. Business
Rules
Section 13 –
Acknowledgement of
receipt of deposit
Section 14-
Restriction on
credit transfer
Section 15-
Restriction on
financial institution
Section 16-
Restriction on
investment
17. Punishment
& offence
Carrying financial institution without
holding license.
Not cooperating in investigation under
section.
Giving wrong information to attain
license.
Disregarding the regulations of
Bangladesh Bank.
Power of Bangladesh Bank to impose
fine.
