LEGAL OPINION REGARDING LONG OVERDUE OUTSTANDING LOCKER RENT OF MOTIJHEEL BRANCH

Mr. Z

Address….

Dear Sir,

RE: LEGAL OPINION REGARDING LONG OVERDUE OUTSTANDING LOCKER RENT OF MOTIJHEEL BRANCH

We refer to your letters dated 04.06.2005 on the above subject.

We have perused the contents of the letter. We understand that most of the locker holders of Bank 1 are not maintaining any communication/transaction with the Bank for more than ten years. In such situation you have sought our opinion whether section 35 of The Bank Companies Act, 1991 will be applicable for the lockers/locker holders.

Our opinion:

We are of the opinion that the section 35 of The Bank Companies Act, 1991 may be applicable for the lockers that have not been operated by the locker holders for ten years or above.

And the said section will be applicable only if any ‘Valuable Articles’ are found in the said lockers after break open of the same. After finding any Valuable Article by the Bank those shall be deemed as unclaimed by the locker holders from the last date of communication with the Bank with regard to the lockers.

On the other hand, if any Valuable Article founded in the lockers which will be break open but will be less than ten years as non-operated, section 35 of The Bank Companies Act, 1991 will be applicable for the said Valuable Article when non-operation of the related lockers will be completed ten years.

Should you have any query, do not hesitate to revert to us.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

Mr. Z

Address….

Dear Sir,

RE: LEGAL OPINION REGARDING LONG OVERDUE OUTSTANDING LOCKER RENT OF MOTIJHEEL BRANCH

We refer to your letters dated 04.06.2005 on the above subject.

We have perused the contents of the letter. We understand that most of the locker holders of Bank 1 are not maintaining any communication/transaction with the Bank for more than ten years. In such situation you have sought our opinion whether section 35 of The Bank Companies Act, 1991 will be applicable for the lockers/locker holders.

Our opinion:

We are of the opinion that the section 35 of The Bank Companies Act, 1991 may be applicable for the lockers that have not been operated by the locker holders for ten years or above.

And the said section will be applicable only if any ‘Valuable Articles’ are found in the said lockers after break open of the same. After finding any Valuable Article by the Bank those shall be deemed as unclaimed by the locker holders from the last date of communication with the Bank with regard to the lockers.

On the other hand, if any Valuable Article founded in the lockers which will be break open but will be less than ten years as non-operated, section 35 of The Bank Companies Act, 1991 will be applicable for the said Valuable Article when non-operation of the related lockers will be completed ten years.

Should you have any query, do not hesitate to revert to us.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

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