(i)
(ii) ,.
(iii-) 1 The Court of District and Sessions Judge 0n application by the Com _petent av.thority psss such order or issue such direction as may be nece ssary for the equitable distribution among ti ~c depositors of the money realised from out of the property attached· Upcn receipt of an application under Section 4·, the Court of the District and Sessions Judge shall i11sue to the Financial Establishment or to any other pason whose property is atta ched by the Govt rnment under Sec t ion 3, a notice accompanied by an application and affidavit and the evidence, if any, recorded, calling upon him to show cause on a date to be specified in the notice as to why the order of att?.chment should not be made absolute.
The Court of District ?.nd Sessions Judge shall also issue such notice to all other persons represented to it as having or being likely to claim any interest or title in the property of the Financial Establishment or the pcxson to whom the notice is issued calling upon such person to appear on the same date specified in the notice and make objection if he so desires to attachment of the property or any pc;rtion thereof on the ground that he has an inte rest in such property or portion thereof.
Any person claiming an interest in the property attaehed or any portion th.ereof may, notwithstanding that no notice has been served upon him under this section, make ~n objec tion as aforesaid to the Gourt of District and Sessions Judge at any time before an order is passed under sub-section (iv) or sub-section (vi).
578 THE ASSAM GAZETTE. EXTRAORDINARY' JULY 21, 2000 ------ ----·-- - - -- ------ -
(iv) If 11 0 cause is shown and no r bjcctions are made c n c·r before the speci fied date the Court of District and Sessions Judgl:' ~ hall forthwith pass an ordc r maki ng tl ·e ad-interim order of attachment absdute .
(v) If cause is shown c.r any objection Central Act . d c "d h c - f n· v of 190g. is ma e as a1ort.sa1 t e ourt o 1strict and Session Judge shall proceed to in vcstig::).tc the same and in so doing, as regards the examina ti0n of the parties and ·in all other respects, the Cc urt cf Distri ct 2.nd Sessions Judge sh2.ll, subject to the pre.visions of tt is Act, follow the procedure and exercise ?.11 the powas of a Cc urt in hearing a suit under the Code ef Civil Procedure, 1908 and any person making an objectioP shall be required to adduce evidence to shc.w that on the date of the attc:d ment he had some interest in the property attached.
(vi) After investiga.tion under sub-sec tion (v), tbe Court of District and Sessi ons Judge shall pass an vrder making the ad-interim order of attachment absolute or varying it by releasing a portion c·f the property from 2.ttachment or cancelling the ad-interim order of attachment :
Provided that the Court of District and Sessions Judge shall not' release from attachment any interest, which it is satis fied that the Financial Establishment or the person referred to in the sub-section (i ), has in the property unless it _ is also satisfied that there will remain under attachment an amount or property of value not less than the-value that is ~required for re-payment to the depositors· of such Fin· ancial Establishmc nt.
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THE ASSAM GAZETTE, EXTRAORDINARY JULY 21, 2000 57~ Attachmc~t 8. (i) Where the assets available for of properties h f F' · 1 E bl' h malalde attac ment o a 1nancia sta JS ment Traasfcrees. or other person ref erred to in Section 3 are found to be less than the amount or value which such Financial Establish ment is required to repay to the de positors and where the Court of District and Sessions Judge is satisfied by affida vit or otherwise that there is reasonable cause for believing that the said Finan cial Establishment br.s transferred (whether after the commencement of thi1 Act or not) any of the property otherwise than in good faith and for consideration the Court of District and Sessions Judge may, by notice, require any transferee of such property (whether or nor he received the property directly from the said Financial Establishment) to appear on a date to be specified in the notice and she w cause why so much of the transferee's property as is equivalent to the proper value of the property transferred should not be attached.
(ii) Where the said transf erec does not appear and show cause on the speci fied date or where after investiga tic n in the manner provided in sub section (v) of Section 7, the Court of District and Sessions Judge is satisfied that the transfer of the property to the said transferee was not in good faith and for considera tion, the Court of District and Se1s~ ions Judge shall order the a ttachment of so much of the said transferee's property as is in the opinion of the Court of District and Sessions Judge equivalent to the proper value of the property transferred.
S 11 ecurifty in 9. Any Financial Establiament or cuo h h b . attachmeat. person W cse property as eon or is a bout to be attached under this Act, may, at any time, apply to the Court 580THE ASSAM GAZETTE EXTRAORDINARY_ JULY 21, 2000 of District and sessions Judge for perm- 1ss1on to give security in lieu of such attachment and where the security offered and given is in the opinion of the Court of District and Session Judge satisfactory and sufficient, it may cancel the ad-in terim order of attachment or, as the case may be, refrain from passing the order of attachment.
Administra- 16. The Court of District and Sesti on 'lf pro- • J d th }" t" f pcrty atta- s1ons u. ge I!lay, on . e app 1ca ion o cned. any person mterested m any property attached under this Act and after giving the Competent authmity an opportunity of being h.eard, make such orders as. the Court of District and Session Judge considers just and reasonable fo r - Appeal Special Public Prosecutor.
(i) providing from such of ,the prG perty attached as the applicant claims, an interest in such , sums as may be reasonably necessary for the maintenance o:f the applicant and of his family and for expenses connected with the defence of the applicant where criminal proce edings have been instituted against him in the -Court of District and Sessions Judge ur.der Seetion 5 : . - , .
(ii) safeguarding so far so may be practicable the interest of any busine ~ s affec ted by the attachment and par.ticularly in the interest of any partners in such business.
11. Any person including the Compe tent auth( rity:, if aggrieved by ::in order ( f the Court of District and Sessions judge, may appeal to the High Court within thirty days from the date cf order.
12. Government shall, by notification, app:)int an Advocate of not less than ten years standing as a Special Public Prosecu" tor for the purpos·.:- of conducting .the :ca:s:es.
falling under this Act fo · the Court Of District and Session J~1dge . .. .
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r- - THE ASSAM GA-ZETTE, EXTiRAORDINARY,JULY 21, 2000 581 Procedure 13. (1) The Gourt of District and Central Act and powers c:o. . • ~ J dg k . f 2 of 1974, ofthe court "1'.eSs1ons u e may ta . e congmzance o or Disrtjct the offence without the accused being Goand Sessions ' · d · c ·· 1 d • t · h Judge resar-mmrtte to 1t 1or tria an lll rymg t e ding offences a.c.cused per~on, shall fallow the procedure pre.scrib.ctcL in the_ Goqe of Crimin2:1 Proce dure, 19;73 for the trial of warrant cases by l\Iagis rra tes.
(ii) The provisions of the Code of Central Act Criminal Procedure, 19 73 shall apply to 2 oft 974, the procedings under this Act.
CHAPTER-V Act t O over- 14.. Save a.§ e>therwise provided in this rioe other Act, the provisions of this Act shall have law~ . effect notwithstanding anything consistant P_,wer to make rule.
therewith contained in any other law for the ti~~ being 'in force ·or any custom or usa~!' c?~. any in:~t!°~i_tien' ha~i-~g effect by virture of any such law.