Assam Protection of Interest of Depositors (In Financial Establishments) Act, 2000
No: 6 Dated: Jul, 21 2000
ASSAM PROTECTION OF INTERESTS OF DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) ACT, 2000
ASSAM ACT No. VI OF 2000
An Act to protect the deposits made by the public in the Financial Establishments and matters relating thereto.
It is hereby enacted in the Fifty-first Year of the Republic of India as follows :
CHAPTER -I
1. Short title Extend and commencement. - (i) This Act may be called the Assam Protection of Interest of Depositors (In Financial Establishments) Act, 2000
(ii) It extends to the whole of Assam.
(iii) It shall come into force at once.
2. Definition:- In this Act, unless the context otherwise requires,
(i) 'Competent authority' means the authority appointed under section 4;
(ii) 'Deposit' means the deposit of a sum of money made with a Financial Establishment for a fixed period, for interest or return in any kind,
(iii) 'Financial Establishment' means an individual, an association of individuals or a firm carrying on business of receiving deposits under any scheme or arrapgement or in any other manner but does not include a company registered uner the Companies act, 1956 or a Corporation or a Co-operative Society owned or controlled by any State Government or the Central Government or a Banking Company as defined under Section b(c) of the Banking Regulation Act, 1949 or a non-banking financial company as defined in clause (f) of Section 45--1 of the Reserve Bank of India Act, 1934;
(iv) Government' means the State Government of Assam.
3. Attachment of properties on default of re· turn of deposits:- Notwithstanding any-thing contained in any other law for the time being in force :-
(i) Where, upon complaints received from a depositor or number c•f depositors, that any Financial Establishment defaults the return cf deposits after maturity, or
(ii) Where the Government have reason to believe that .any Financial Establishment is acting in a calculated manner with an intention to defraud the depositors and if the G0vernmc nt are satisfied that such Financial Establishment is not likely to return the deposits, the Government may in order to protect the interests of the depositors of such Financial Establishment, pass an ad-interim order attaching the money or other property alleged to have been prc cured either in the name of the Financial Establishment or in the name of any other pcrscn from and out of the deposit collected by the Financial Establishment, or if it transpires that such money or other preperty is not available for attachment or not sufficient for repayment of the deposits, such other property of the said Financial Establishment or the promoter, manager or member of the said Financial Establishment as the Government may think fit and transfer the control over the said money or property to tho competent authority.