(i) The Government may, by notification, ap point an authority hereinafter called ''the Competent authority" to exercise control over the properties attached by the Govern ment under Section 3.
, (ii) The d~mr:etent authority sha11 have such oth~r powers as may Ge necessary for oar rying out the purposes of this Act· 576 THE ASSAM GAZETTE EXTRAORDINARY JULY 21 , 2oei> ' '
(iii) Upon receipt of the orders of the Gov ernment under Section 3, the Competent authority shall apply within fifteen days to the Court of District and Session Judge of the competent juris diction for making the ad-interim order of attachment absolute.
(iv) An application under sub-~. ection {iii) shall be accompanied by one or more affidavits, stating the grounds on which the belief that the Financial Establishment has committed any default or is likely to defraud, js founded, the amount of money or value of other property believed to have been procured by means of the deposit, and the details, if any, of per:::.ons in whose name such property is believed to have been invested or purchased out of the deposits or any other pro perty attached under Section 3.
CHAPTER-III Puuishment 5.
for default Notwithstanding anything cont~ined in Chapter II, wrere any Financial Establisment defaults the return of the deposit or defaults the pay~ mc. nt of interest on the deposit, every person responsible for the management of the affairs of the Financial Establisment shall be punished with imprisonment for a term which may extend to ten years and with fine which extend to one lakh of rupees and such Financial Establishment is also liable for fine which may extend to one lakh of rupees.
iu Repayment of dero~it and interests.
Competent Court.
CHAPTER-iV