(1) The Government may, by notification, appoint an authority hereinafter called 'the Competent Authority' to exercise control over the properties attached by the Government or the authorised officer under section 3.
(2) The Competent Authority shall have such other powers as may be necessary for carrying out the purposes of this Act.
(3) On receipt of the orders of the Government or the authorised officer under section 3, the Competent Authority shall apply within fifteen days to the special court constituted under this Act for making an ad-interim order of attachment absolute.
(4) An application under sub-section (3) shall be accompanied by one or more affidavits, stating the grounds on which it is believed that the Financial Establishment has committed any default or is likely to defraud, 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 persons in whose name such property is believed to have been invested or purchased out of the deposits or any other property attached under section 3.
CHAPTER-III