Regulatory Alerts2023-05-24
Added
DFIM Circular No. 04: Indication of Public Limited Company under The Companies (2nd Amendment) Act, 2020
Financial institutions operating in Bangladesh must append the words "Public Limited Company" or "PLC" to their names to comply with Section 11C of the Companies Act 1994, as amended by the Companies (2nd Amendment) Act, 2020. This change requires institutions to amend their Memorandum and Articles of Association, for which Bangladesh Bank's prior approval is mandatory under Section 46 of the Financial Institutions Act 1993. Institutions are authorized to execute the necessary legal procedures for this name change and amendment internally without submitting separate applications to Bangladesh Bank. Following the amendment, institutions must apply to the Department for publication of the new name in the Gazette by submitting certified copies of the revised Memorandum and Articles of Association along with the Registrar of Joint Stock Companies and Firms (RJSC) certificate.