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Investment Board Act : Act No. XVII OF 1989


Determination of import entitlement:

  1. If, an industry set up in the private sector, other than a textile industry or an industry or an industry falling within the jurisdiction of the Bangladesh Export Processing Zones Authority or of the Bangladesh Small and Cottage Industries Corporation, is in need of import entitlement for importing machineries, spares of machineries, raw-materials and packing materials for its own use, it may, in the form and manner prescribed by rules, apply to the Board for such entitlement.

  2. The Board shall, issue to the applicant a clearance so that such machineries, speares of machineries, raw materials and packing materials may be imported in accordance with the import entitlement determined by the Board after considering the application.

Royalty and fees:

If an industry set up in the private sector, other than an industry falling falling within the jurisdiction of Export Processing Zones Authority, is required to pay to a foreign national or a foreign organisation any royalty or any fees in respect of technical know-how or technical assistance, that industry shall, in the manner prescribed by the Board, apply to the Board for determination of such royalty or fees; and the royalty or fees determined by the Board shall be payable by the industry.

Duties of other concerned authorities regarding an approved industrial project:

  1. If, at the time of approving in industrial project, the Board sends to any person or authority any decision under section 11, that person or authority shall take necessary steps so that the decision is implemented within the time-limit specified by the Board.

  2. If such person or authority fails or is unable to take, within the time limit specified by the Board, proper steps pursuant to such decision, the Board may, after considering the circumstances of the case, issue direction for taking proper step pursuant to the decision, and upon such direction the concerned person or authority shall be bound to take necessary step accordingly.

Cancellation of approval:

If an industrial project approved under section 11 contravenes any of the provisions of this Act or any rules made thereunder or violates any of the conditions relating to the approval, the Board may in the manner prescribed by rules, cancel the approval of the project.

Inspection, etc.

The Executive Council or a person or authority appointed by it may inspect the progress of the implementation of an industrial project approved under section 11 and shall, after such inspection, submit to the Board a report of the inspection.

Declaration of industrial area:

For carrying out the purposes of this Act, the Government may, by notification in the official Gazette, declare one or more areas specified therein to be an industrial area or areas.

Acquisition of land for industrial areas:

If any land situated in an area declared under section 17 to be an industrial area is required for any industrial project approved under section 11, such land shall be deemed to be required for public purpose and it may be requiesitioned or acquired for such purpose under the provisions of the Acquisition and Requisition of Immovable Property Ordinance, 1982 (11 of 1982).

Committee:

The Board may appoint one or more committees to assist it in the performance of its functions.

Appointment of officers and other employees:

The Board may, for the proper performance of its functions, appoint such number of officers and other employees and consultants or advisers as it may deem fit.

Delegation of powers:

The Board may, by order, delegate to the Executive Council or the Executive Chairman or a member of the Executive Council or a Committee appointed by the Board any of its powers or functions under this Act or the rules made thereunder.

Power to make rules:

The Government may, by notification in the official gazette, make rules for carrying out the purposes of this Act.

Abrogation and Preservation:

  1. Biniog Board Ordinance, 1988 (Ordinance No. 32, 1988) is hereby abrogated.
  2. In spite of such abrogation the acts and measures taken under abrogated Ordinance shall be treated to have been done or adopted under this Act.
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