Amendment status not verified — confirm the current text below against the official source.
Competent authority.--( 1) The Government may, by notification in the Gazette, appoint competent authorities for such areas or such cases as may. be specified therein, to exercise control over the money and properties attached under section 3. (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, within thirty days from the date of receipt of the order of the Government under section 3, apply before the Special Court for making the ad-interim order of attachment absolute. (4) An application under sub-section (3) shall be accompanied by one or more affidavits, stating that financial establishment has committed default or grounds identified which are likely to defraud depositors as stated in section 3, the details of money or value of other property believed to have been procured by means of the deposit, and the details, if any, of persons in whose name such property is believed to have been invested or purchased out of the deposits and the details of the properties attached under section 3. (5) The competent authority shall make an application before the court having jurisdiction to try sin1ilar cases or deal with the subject matter pertaining to money or property belonging to a financial establishment or any person specified in section 3 situated within the territorial jurisdiction of that court for appropriate orders. (6) For. the purpose of crediting and dealing with the money realised by the competent authority, it shall open an account in any scheduled commercial bank.