Amendment status not verified — confirm the current text below against the official source.
Procedure in relation to certain Trust properties: In the case of any person referred to as ‘associate’, if the competent authority, on the basis of the information and materials available to it, for reasons to be recorded in writing believes that any property held in trust is illegally acquired property, it may serve a notice upon the author of the trust by him, or as the case may be, the contributor of the assets out of or by means of which such property was acquired by the trust and the trustees, calling upon them within a period of thirty days specified in the notice, to explain the source of money or other assets out of or by means of which such property was acquired or, as the case may be, the source of money or other assets which were contributed to the trust for acquiring such property and thereupon such notice shall be deemed to be notice served under section 60E and all the other provisions of this Act shall apply accordingly. Explanation:- For the purposes of this section “illegally acquired property” in relation to any property held in trust, includes,- (i) any property which if it had continued to be held by the author of the trust or the contributor of such property to the trust would have been illegally acquired property in relation to such author or contributor; (ii) any property acquired by the trust out of any contributions made by any person which would have been illegally acquired property in relation to such person had such person acquired such property out of such contributions. 60 I. Certain transfers to be null and void- Where after the making of an order under sub-section (1) of section 60C or the issue of notice under section 60E or under section 60F, any property referred to in the said order or notice is transferred by any mode whatsoever, such transfer shall, for the purpose of the proceedings under this Act, be ignored and if such property is subsequently forfeited to the State Government under section 60F, then, the transfer of such property shall be deemed to be null and void.