Section 15Section 15

s. 15

15 (1) Subject to the provisions of Article 15 and rules made under this Order, it shall be the function of- [(a) a general subsidiary Corporation to carry on all kinds of general insurance and re-insurance business, whether in or outside Bangladesh; and (b) a life subsidiary Corporation to carry on all kinds of life insurance and re-insurance business, whether in or outside Bangladesh.] (2) Without prejudice to the generality of the foregoing provisions, every subsidiary Corporation shall, in particular, have power- (a) to acquire, hold and dispose of any property for the purpose of its business; (b) to transfer the whole or any part of its insurance business carried on outside Bangladesh to any other person or persons, if in the interest of the Corporation it is expedient so to do; (c) to carry on any other business which may seem to the Corporation to be capable of being conveniently carried on in connection with its business and calculated directly or indirectly to render profitable the business of the Corporation; (d) to do all such things as may be incidental or conducive to the proper exercise of any of the powers of the Corporation.

1. 1. Sub-clauses (a) and (b) were substituted by section 2 of the Bangladesh Insurance (Nationalisation) (Amendment) Order, 1972 (President's Order No. 133 of 1972)