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An Act made to
establish a Board for the purpose of promoting industrial
investments and offering facilities and assistance necessary for the
establishment of industries in non-governmental sectors
Whereas it is
expedient to establish a Board for the purpose of promoting
industrial investments and offering facilities and assistance
necessary for the establishment of industries in the
non-governmental sectors;
Now,
therefore, it is herewith enacted as follows:-
1. Short
title and commencement.- (1) This Act may be called the
Investment Board Act, 1989.
(2) It shall be deemed to have come into effect on 8th Pausha,
1395/22nd December, 1988, respectively.
2.
Definitions In this Act, unless there is anything repugnant in
the subject or context,-
(a)
"licence" means a licence granted under section 11 (4) in
connection with the establishment of any industry;
(b) "Chairman" means the Chairman of the Board;
(c) "Executive Committee" means the Executive Committee
constituted under section 8 (1);
(d) "rule" means any rule made under this Act;
(e) "non-governmental sector" means any such industrial sector
as has not been declared by the Government to be reserved for
the Government;
(f) "Board" means the Board established under section 4;
(g) "person" shall include any group of persons, company or
commercial organisation;
3. Act to
overrule other laws.- Notwithstanding anything to the contrary
contained in any other law for the time being in force, the
provisions of this Act and the rules made thereunder shall have
effect.
4.
Establishment of the Investment Board.- On commencement of this
Act, the Government shall, as soon as possible, by notification in
the official Gazette, establish the Investment Board.
5. Head
office.- The head office of the Board shall be situated in Dhaka
and it may, if necessary, set up branch offices at any place.
6.
Composition of the Board.- (1) The Board shall consist of the
following members, namely:-
(a) the
Chairman;
(b) the Minister in charge of the ministry or department
relating to industry, who shall also be its Vice-Chairman,
ex-officio;
(c) the Minister in charge of the ministry or department
relating to finance, ex-officio;
(d) the Minister in charge of the ministry or department
relating to electricity, fuel and mineral resources, ex-officio;
(e) the Minister in charge of the ministry or department
relating to commerce, ex-officio;
(f) the Minister in charge of the ministry or department
relating to cloth, ex-officio;
(g) the Minister in charge of the ministry or department
relating to jute, ex-officio;
(h) the Minister in charge of the ministry or department
relating to planning, ex-officio;
(i) the Governor of the Bangladesh Bank, ex-officio;
(j) the Secretary of the ministry or department relating to
industry, ex-officio;
(k) the Secretary of the ministry or department relating to
finance, ex-officio;
(l) the Secretary of the ministry or department relating to
domestic resources, ex-officio;
(m) the President of the Federation of Bangladesh Chambers of
Commerce and Industries, ex-officio;
(n) the President of the Bangladesh Chamber of Industries,
ex-officio;
(o) the Chairman of the executive committee, who shall also be
its Secretary, ex-officio;
(2) The
Chairman of the Board shall be the President of the Republic or any
person nominated by him from amongst the members of the Board who
are ministers.
(3) The Board may also nominate and include not more than four
further members.
(4) No act or proceeding of the Board shall be illegal nor any
question relating thereto be raised merely on the ground of the
existence of a vacancy in, or any defect in the constitution of, the
Board.
7.
Functions.- The functions of the Board shall be as follows,
namely:-
(a) to
give all kinds of opportunity for the investment of domestic and
foreign capital for the purpose of swift industrialisation in
non-governmental sectors;
(b) to implement the policy of the Government in connection with
the investment of capital in the industries in non-governmental
sectors;
(c) to prepare and implement a schedule of industrial
investments in non-governmental sectors;
(d) to prepare a schedule of areas for the establishment of
industries in non-governmental sectors and to create special
facilities for such areas;
(e) to approve and registrate all industrial projects provided
with domestic and foreign capital in non-governmental sectors;
(f) to assign sectors and facilities for investment in
industries in non-governmental sectors and to widely propagate
such sectors and facilities at home and abroad;
(g) to devise and implement well-defined strategies for the
development of investments in industries in non-governmental
sectors;
(h) to create structural advantages for industries in
non-governmental sectors;
(i) to determine the conditions for the employment of foreign
officers, experts and employees required for industries in
non-governmental sectors;
(j) to formulate and implement policies for the transfer and
gradual local generating of technologies in non-governmental
sectors;
(k) to render the assistance required for the rehabilitation of
sick industries in non-governmental sectors;
(l) to finance and render assistance in the financing of,
important new industries in non-governmental sectors;
(m) to make such arrangements as are required for the collection
of investment capital for industries in non-governmental
sectors;
(n) to collect, compile, analyse and distribute all kinds of
industrial data and to set up therefore a data-bank;
(o) to take any measure necessary for the performance of the
functions mentioned above.
8.
Executive Committee.- (1) There shall be an Executive Committee
to the Board, which shall consist of one Chairman and no more than
six members.
(2) The Chairman and the other members of the Executive Committee
shall be appointed by the Government and the period and terms and
conditions of their service shall be determined by the Government.
(3) The Chairman of the Executive Committee shall be called the
Executive Chairman and he shall function as the chief executive
officer of the Board.
(4) The Executive Committee shall render advice and assistance to
the Board so that it may discharge its functions properly, it shall
be responsable for the implementation of any decision of the Board
and shall exercise all powers and discharge all duties entrusted by
the Board.
(5) If the office of the Executive Chairman becomes vacant or if for
reason of absense, sickness or others he is unable to discharge his
functions, any member of the Executive Committee nominated by the
Government shall function as Executive Chairman until a newly
appointed Executive Chairman takes up office or the Executive
Chairman is again able to discharge his functions.
9.
Meeting.- (1) Subject to the other provisions of this section,
the Board may regulate the proceedings of its own meetings, and of
the meetings of the Executive Committee.
(2) The meetings of the Board shall, after consent of its Chairman,
be summoned by its secretary, and shall be held at least once in
three months at such place and time as may be determined by the
Chairman.
(3) The meetings of the Board shall be presided over by its Chairman
and, in his absence, by its Vice-Chairman and, in the absence of
both, by any member nominated by the members which are present at
the meeting from among themselves.
(4) All meetings of the Executive Committee shall be summoned by
order of the Executive Chairman, and shall be held at such time and
place as may be determined by him.
(5) All meetings of the Executive Committee shall be presided over
by the Executive Chairman and, in his absence, by any member
appointed by him.
10.
Registration.- (1) All industries established in
non-governmental sectors except industries under the control of the
Bangladesh Export Processing Zones Authority, the Bangladesh Small
and Cottage Industries Organization, textile industries set up on
their own capital and industrial undertakings licensed by the Board
shall be registered in the prescribed manner.
(2) All industries registered under this Act shall be deemed to be
industries licensed by the Board under this Act and all facilities
offered by the Board in the case of licensed industries shall also,
in view of their application, be offered in the case of such
industries.
11.
Licensing of industrial undertakings etc. .- (1) Any person
intending to establish in a non-governmental sector any industry
other than an industry under the control of the Bangladesh Export
Processing Zones Authority and the Bangladesh Small and Cottage
Industries Organization, if he wants a licence for an industrial
undertaking proposed by him, shall make an application to the Board
in the manner and form prescibed by the Board.
(2) Notwithstanding anything contained in sub-section (1), the
Government may from time to time, by notification in the official
Gazette, on recommendation of the Board, exempt any industry or
industrial undertaking from the application of this section.
(3) The Board may, for better consideration of an application
received under sub-section (1), give order to the applicant to
supply any information required in the opinion of the Board and the
Board may take advice from any Authority concerned with any matter
relating to the proposed industrial undertaking.
(4) Where on consideration of an application an undertaking has been
considered fit for approval, the Board shall, under the strict
conditions of its consideration, approve the scheme and grant a
licence to the applicant, and shall determine in such licence the
period within which to implement the scheme and to start production.
(5) The Board may, when approving any industrial undertaking under
sub-section (4), pass, subject to its relevance, and transfer to the
person or authority concerned, clear resolutions in respect of all
matters necessary for the timely implementation of industrial
undertakings, especially in respect of all or any of the following
matters, namely:-
(a) the
amount and conditions of foreign credits and suppliers' credits;
(b) the allotment of land in industrial areas in the possession
or under the control of the Government or any local authority,
except the Bangladesh Export Processing Zones Authority and the
Bangladesh Small and Cottage Industry Organization;
(c) the period of allocation of electricity, gas and water;
(d) the period of allocation of drains;
(e) the period of allocation of all kinds of telecommunication;
(f) the period of exemption from charges by the Customs
Authority in the case of imported equipments, spare parts and
raw material;
(g) the period of bestowal of a licence in repect of
environmental pollution;
(h) all other facilities required for the acceleration of
establishing industries.
(6) Every
resolution passed by the Board under sub-section (5) in respect of
any matter shall be deemed to be a resolution passed by a person or
authority authorised or competent to pass public or legal
resolutions on the matters concerned and shall be implemented in
accordance therewith.
(7) No person shall, without the prior consent of the Board, use the
facilities granted under sub-section (5) for any purpose other than
the industrial undertaking concerned.
(8) The Board may, in the case where an industrial undertaking
licensed under sub-section (4) is a company registered under the
Companies Act, 1913 (VII of 1913), in respect of all matters
connected with the issue of its capital and the sale of its shares,
exercise all the powers and discharge all the functions which the
Government may exercise anddischarge under the Capital Issue
(Continuance of Control) Act, 1947 (XXI of 1947).
(9) Where there appears any difficulty in starting production in any
industrial undertaking within or after the expiry of the period
determined in its licence, the producer concerned may apply to the
Board for removal of such difficulty and the Board shall, in view of
such application, attempt to render adequate assistance.
(10) The Board may, from time to time, in repect of any industrial
undertaking licensed under sub-section (4), call for such
informations as it may require from the scheme producer.
12.
Determination of import quotas.- (1) Where there is need for
import quotas for the import of equipments, spare parts, raw
materials and package materials for any industrial institution
established in a non-governmental sector, except industries under
the control of the Bangladesh Export Processing Zones Authority and
the Bangladesh Small and Cottage Industries Organization and textile
industries, the institution shall make an application in the
prescribed manner and form to the Board.
(2) The Board shall, after consideration of the application,
determine the import quotas and grant the licence required for the
import of the equipments, spare parts, raw materials and package
materials stated therein in accordance with the import quotas.
13.
Royalties and fees.- Where any industrial institution
established in a non-governmental sector, except any industry under
the control of the Bangladesh Export Processing Zones Authority, has
to pay any royalties or fees for technical knowledge or technical
assistance to any foreign person or institution, the industrial
institution concerned shall, in such manner as may be prescribed by
the Board, make an application to the Board for determination of the
said royalties or fees and shall pay the royalties or fees
determined by the Board.
14. Duties
of other authorities concerned with licensed industrial
undertakings.- (1) Where, on occasion of the approval of any
industry under section, the Board transmits any resolution to any
person or authority, such person or authority shall, within such
period as may be prescribed, take adequate measures for the
implementation of such resolution.
(2) Where such person or authority fails, or is incapable, to take,
within the period determined by the Board, adequate measures in
accordance with its resolution, the Board may, after consideration
of the matter, give adequate direction for taking measures in
accordance with the said resolution and the person or authority
concerned shall be bound to take measures in accordance with such
direction.
15.
Cancellation of licence.- Where any industrial undertaking
licensed under section 11 transgresses any provision of this Act or
of any rule made thereunder or breaks any condition relating to the
licence, the Board may, in such manner as may be prescribed, cancel
the licence of the industrial undertaking.
16.
Supervision, investigation, etc..- The Board or any person or
authority appointed by it may supervise the progress of the
implementation of any industrial undertaking licensed under section
11 and shall submit a report of such supervision to the Board.
17.
Declaration of industrial area.- The Government may, for
carrying out the purposes of this Act, by notification in the
official Gazette, declare one or more areas specified in the
notification to be industrial areas.
18.
Requisition of land for industrial areas.- Where any land
situated in an area which has been declared to be an industrial area
under section 17 is required for any industrial undertaking licensed
under section 11, such land shall be considered to be required in
the public interest and shall be confiscated or requisitioned in
accordance with the provisions of the Acquisition and Requisition of
Immovable Property Ordinance, 1982 (11 of 1982):
19.
Committees.- The Board may, if necessary, appoint one or more
committees to give it assistance in the discharge of its duties and
the duties and responsibilities of every such committee shall be
determined by the Board.
20.
Officers and employees of the Board.- The Board may appoint such
number of officers and other employees and advisers or counsellors
as may be required for the proper discharge of its duties.
21.
Delegation of powers.- The Board may, by order, delegate any of
its powers or duties under this Act or any rule made thereunder to
the Executive Committee or the Executive Chairman or any member of
the Executive Committee or any Committee appointed by the Board.
22. Power
to make rules.- The Government may, by notification in the
official Gazette, make rules on occasion of the implementation of
the purposes of this Act.
23. Repeals
and savings.- (1) The Investment Board Ordinance, 1988 (
Ordinance No.32, 1988) stands herewith repealed.
(2) Notwithstanding such repeal, any actions done or measures taken
under the repealed Ordinance shall be deemed to have been done or
taken under this Ordinance. |