Amendment status not verified — confirm the current text below against the official source.
(1) The Government may, by notification, appoint one or more authorities not below the rank of a District Magistrate or an Additional District Magistrate for such area or areas or for such case or cases as may be specified in the notification as the Competent Authority to exercise control over-the 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 including; (i) Upon receipt of the orders of the Government under Section 3, the Competent Authority shall apply within thirty days to the Special Court. for making the ad-interim order of attachment absolute and for a direction to sell the property so attached by public auction and realize the sa1e proceeds. (ii) An application under sub-section (3) shall be accompanied by one or more affidavits, stating the grounds on which the belief that the financial establishment has committed any default or is likely to defraud, is founded, the amount 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 or any property attached under Section 3. (iii) requiring assistance of any police authority or any other authority or person and on such requisition it shall be the duty of the police authority or such other authority or person to extend necessary assistance; (iv) requiring any person believed to be in possession of control over any money or assets of the financial establishment, to furnish necessary information, and to hand over possession of such assets to the Competent Authority and such person shall comply with the requisition without any loss of time; (v) appointing of a legal practitioner or chartered accountant or any other person whose services are necessary for taking possession of assets and realization of the assets of the Financial Establishment; (vi) selling, transferring or otherwise realizing any movable or immovable property belonging to or in the control of the Financial Establishment or selling the property belonging to or in the control of the Financial Establishment, by public auction or with the prior approval of the Special Court by private arrangements. Provided that the perishable items of assets shall be sold by public auction as soon as the Competent Authority deems fit; (vii) making payment as per the orders passed by the Special Court from out of the bank accounts; (viii) doing all and every act which would be necessary for the speedy realization of the assets of the Financial Establishment and (ix) For the purpose of crediting and dealing with the money realized by the Competent Authority, he shall open an account in any Scheduled Commercial Bank.