Quote:
Originally Posted by Navo
What the newspapers meant to say is that GB is a statutory public authority, as the Appellate Division of the Supreme Court declared that Grameen Bank is a statutory public authority and Dr. Yunus is a public servant back in 2011 after Dr. Yunus brought a writ petition against the Government of Bangladesh.
Anyway, I think I partly answered your question about GB's legal status here.
What I would add to that is, the "3%" is a misnomer. The fact that GB claims that the Government owns 3% is itself a violation of their governing ordinance as section 7 of the Ordinance states that the Government owns 25% of the share capital and the Bank 75%. Furthermore, and very importantly, it is very clear from this section and its legislative history (before the Bank was allowed 40% share and the Govt. 60% share) that the Government can simply amend the Ordinance to change the ratio of the share capital. It's a key difference form an ordinary articles of association.
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Thanks for insight. This effectively means that the govt can "nationalize" the bank by increasing their share, whenever they want to.
BTW in reference to your link, cricket_pagol (me) is not the same as CricketpagolChele
