(1) Government shall appoint any of its officers not below the rank of the Assistant Collector Ist class or a Class-I Officer as the Competent Authority to exercise control over the money and the properties attached by the Government under section 4.
(2) The competent Authority shall, apply within fifteen days from the date of the publication of the said order, to the Designated court, accompanied by one or more affidavits stating the grounds on which the Government has issued the said order under 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 a Designated Court may find necessary.
(3) The Competent Authority may also make an application to any Special Court or Designated Court or any other judicial forum established or constituted or entrusted with the powers by any other State Government under any similar enactment for adjudication any issue or subject matter pertaining to money or property or assets belonging to or ostensibly belonging to a Financial Establishment or any person notified under this Act situated within the territorial jurisdiction of that Special Court or Designated Court or any judicial forum as the case may be, for passing appropriate orders to give effect to the provisions of this Act.
Duties and powers of Competent Authority