Institution Act, 1993
(XX VII OF
3 of the Act explicitly provides that this Act will have an overriding effect
on any other existing law.
Bank Limited and others Vs Bangladesh Bank and ors, 20 BLD (AD) 159.
25(3) of Act is a barring provision making certain persons ineligible for being
appointed as directors of a financial institution. Until there is an exercise
of power of exemption under section 48, the bar remains as a permanent provision
in the Act. When an exemption is given the bar under section 25(3) is relaxed,
but when the exemption is withdrawn the legal consequence is the revival of the
permanent bar under section 25(3), which will affect the existing nominee
directors including petitioner Nos. 2—5. The question of prospectively and
retrospectively does not arise in these circumstances. It is a case of certain
section of an act remaining in abeyance as if in a state of hibernation because
of an exemption granted and the revival of it as soon as the exemption is
Leasing Ltd. and ors. Vs Bangladesh Bank and ors., 19BLD (AD) 223.