Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Act, 2014
No: 20 Dated: Aug, 25 2015
THE ASSAM PROTECTION OF INTERESTS OF DEPOSITORS (IN FINANCIAL ESTABLISHMENTS) (AMENDMENT) ACT, 2014
ASSAM ACT NO. XX OF 2015
An Act further to amend the Assam Protection of Interests of Depositors (In Financial Establishments) Act, 2000
Preamble:- Whereas it is expedient further to amend the Assam Protection of Interests of Depositors (In Financial Establishments) Act, 2000, hereinafter referred to as the principal Act.
It is hereby enacted ih the Sixty-fifth Year of the Republic of Indiaas follows;
1. Short title, extent and commencement:-(i) This Act may be called the Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Act, 2014.
(ii) It shall have the like extent as the principal Act
(iii) It shall come into force at once.
2. Insertion of new section 3C:- In the principal Act, after section 38, the following new section 3C shall be inserted, namely :-'
3C. "Provisions ofsection 438 of the Cr.P.C not to apply:- Notwithstanding anything contained in section 438 ofthe Code of Criminal Procedure, 1973. no Court shall grant anticipatory bail to any person apprehending arrest in connection with an offence under this Act."
3. Insertion of new section 5A:- In the principal Act, after the existing section 5, the following new section SA shall be inserted and the existing section 5A shall be renumbered as section 58, namely :-
5A. "Compounding of offences:-(1) An offence punishable under section 5 may, before the institution of the prosecution, be compounded by the competent authority or after the institution of the prosecution, be compounded by the competent authority with the permission of the Court of District and Session Judge, on payment of the entire amount' due to the depositors with or without interest.
(2) Where. an offence has been compounded under subsection(I), no proceeding or further proceeding, as the case may be, shall be taken or continued against the offender, in respect of the offence so compounded and the offender. if in custody. shall be discharged forthwith."