Amendment status not verified — confirm the current text below against the official source.
Insertion of new section 3A and section 3B after section 3 of the Bihar Act, 18 of 2002-- The following new section 3A and 3B shall be inserted, after section 3 of the said Act :- "3A Power to enter premises and inspect certain documents - (1) The Competent Authority or any other authority not below the rank of the Sub divisional - Officer under him, for the furtherance of the purposes of this Act may enter and inspect any premises, where any register, book, record, paper, application, information in electronic storage and retrieval device or medium, instrument or proceedings are kept and to inspect them and to take such notes and extracts as it may deem necessary. (2) Every person having in his custody or maintaining such register, book, record, paper, application, instrument or proceedings shall at all reasonable times produce or permit the Competent Authority or any other authority authorized by the Competent Authority to inspect them to take notes and extracts as it may deem necessary and if necessary seize and impound them : Provided that no residential accommodation (not being a place of business cum residence) shall be so entered into and searched except on the authority of a search warrant issued by a Magistrate having jurisdiction over the area, and all searches under this section shall, so far as may be, be made in accordance with the provisions of the Code of Criminal Procedure, 1973. 3B Search, Seizure and confiscation of property and its management - (1) where the Competent Authority, upon information and after such enquiry as he thinks fit and necessary, has reason to believe that any financial establishment or the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment— (a) has committed any act which constitutes an offence under sub-section (1) of section 3; or 7 बहार गजट (असाधारण), 16 अगः त 2013 (b) is in possession of any material of crime involved in an offence under sub- section (1) of section-3; or (c) is in possession of any records relating to an office under sub-section (1) of section-3; or (d) is in possession of any property relating to an office under sub- section (1) of section 3; such Competent Authority may, subject to the rules made in this behalf, authorize any officers--- (i) to enter, with such assistance as may be required, and search any building, place, vessel, vehicle or aircraft where he has reason to suspect that such records or proceeds of crime are kept; (ii) to break /open the lock of any door, box, locker, safe, almirah etc; (iii) where such officer has reason to believe that any property found in such search is likely to be concealed, transferred or dealt with any manner which will result in disposal of such property, he may make order for seizure of such record or property; (iv) to place marks of identification on such records or make or cause to be made extracts or copies there from; (v) to prepare a statement or an inventory of such records or property; (vi) to examine on oath any person who is found to be in possession or control of any record or property, in respect of all or any of the matters relevant for the purpose of any investigation under the Act. (2) Where it is not practicable to seize such record or property of any financial establishment or the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment, the officer authorized under sub-section (1), shall report the same to the Competent Authority who may, in such manner as may be prescribed, make an order to freeze/attach such property whereupon the property shall not be transferred or otherwise dealt with, except with the prior permission of the officer making such order, and a copy of the order shall be served on the person concerned. (3) Where the Competent Authority has made an order under sub-section (1) or sub-section (2), it shall, within thirty days from the date of the publication of an order under sub-section (1) or sub-section (2), as the case may be, make an application supported by an affidavit stating the grounds on which such Competent Authority has issued the said order under that sub-section, to the Designated Court and the Designated Court shall, after giving an opportunity of being heard to the person concerned, make an order of confiscating such seized or freezed property of the financial establishment or the property of every person including the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment in the same manner as mentioned in section 4. (4) Where an order of confiscation of seized or freezed property of the financial establishment or the property of every person including the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment has been made under sub-section (3), all right and title in such property shall vest to the Competent Authority free from all encumbrances. 8 बहार गजट (असाधारण), 16 अगः त 2013 (5) The Competent Authority may, in writing, appoint as many officers as it thinks fit, to perform the functions as an Administrator. (6) The Administrator appointed under sub -section (5), shall receive and manage the property in such manner, and subject to such conditions, as may be prescribed. (7) The Administrator shall, in such manner as may be prescribed, take such measures to dispose of the property which is vested in the Competent Authority appointed by the State Government, to protect the interest of the depositors."