Amendment status not verified — confirm the current text below against the official source.
When during the pendency of any proceeding under this Act, any operator or other person liable to pay any tax or any other amount under this Act. creates a charge on or parts with the possession by way of sale mortgage exchange or any other mode of transfer what so ever of any of his assets in favour of any other person with the intention to defeat the recovery of the tax or other amount from him under the Act. such charge or transfer shall be void as against any claim in respect of the tax or other amount found payable by the operator or such person on completion of the said proceeding: Provided that nothing in this section shall impair the rights of a charge holder or transferee in good faith for consideration] Inserted Act 4 of 1973.