(1) The State Government may while issuing the order under sub-section (1) of section 4 appoint any of its officer not below the rank of the Deputy Collector as the Competent Authority to exercise control over the money and the properties attached under section 4.
(2) The Competent Authority shall have such other powers as may be necessary for carrying out the purposes of this Act.
(3) The Competent Authority shall, apply within thirty days from the date of the publication of the order referred to in sub-section (I) to the Designated Court, accompanied by one or more affidavits stating the grounds on which the State Government has issued the order referred to in section 4 and the amount of money or other property believed to have been acquired out of the deposits and the details, if any, of persons in whose name such property is believed to have been invested or acquired or any other property attached under section 4, for such further orders as found necessary.