(1) Whenever any person has died leaving assets within any State exceeding rupees [ten lakhs] in value, and the High Court for that State is satisfied that there is imminent danger of misappropriation, deterioration or waste of such assets, requiring immediate action, the High Court may, upon the application of the Administrator-General or of any person interested in such assets or in the due administration thereof, forthwith direct the Administrator-General--
(a) to collect and take possession of such assets, and
(b) to hold, deposit, realise, sell or invest the same according to the directions of the High Court, and, in default of any such directions, according to the provisions of this Act so far as the same are applicable to such assets.
(2) Any order of the High Court under sub-section (1) shall entitle the Administrator-General--
(a) to maintain any suit or proceeding for the recovery of such assets;
(b) if he thinks fit, to apply for letters of administration of the estate of such deceased person;
(c) to retain out of the assets of the estate any fees chargeable under rules made under this Act; and
(d) to reimburse himself for all payments made by him in respect of such assets which a private administrator might lawfully have made.