Dhaka, Aug 23 (UNB) - President Zillur Rahman has promulgated an ordinance amending the Grameen Bank Ordinance, 1983 giving more power to the Grameen Bank chairman to choose its managing director.

The ordinance will be addressed as ‘Grameen Bank (Amendment) Ordinance, 2012’, according to a gazette notification issued by the legislative and parliamentary affairs division of the Law Ministry on Thursday.

The amendment to the Grameen Bank Ordinance, 1983 has been brought replacing its subsections 2 and 3 of section 14 with two new ones.

The new subsection 2 states: “The Chairman in consultation with the Board shall constitute a Selection Committee of not less than three and not more than five members for the purpose of selecting a candidate for appointment as Managing Director”.

The new subsection 3 says: “The Selection Committee shall recommend a panel of three candidates for appointment as Managing Director and preference shall be given to persons having knowledge and experience in rural economy and finance or in the field of microfinance.”

While briefing reporters at his office, Law Minister Shafique Ahmed on Thursday said the President promulgated the ordinance amending the Grameen Bank Ordinance, 1983 on Wednesday as parliament is now in recess.

He said the ordinance will be passed as an act by Jatiya Sangsad later.

On August 2, the Cabinet approved a proposal for amending the Grameen Bank Ordinance, 1983.