Amendment status not verified — confirm the current text below against the official source.
Amendment of Section 3 : Ex-303/2011 2 “(ii) Notwithstanding anything contained in any other law for the time being in force:- “(a) Where, upon complaint received from any depositors or otherwise, the Government is satisfied that any Financial Establishment has failed- “(i) to return the deposit after maturity or on demand by depositor : or “(ii) to pay interest of other assured benefit : or “(iii) to provide the service against such deposit”, or “(b) Where the Government have reason to believe that any Fi- nancial Establishment is acting in a calculated manner with an intention to defraud the depositors and if the Government are satisfied that such Financial Establishment in not likely to return the deposits, the Government may in order to pro- tect the interests of the depositors of such Financial Estab- lishment, passed an ad-interim order attaching the money or other property alleged to have been procured either in the name of the Financial Establishment, or in the name of any other persons from and out of the deposit collected by the Financial Establishment, or if it transpires that such money or other property is not available for attachment or not suffi- cient for repayment of the deposits, such other property of the said Financial Establishment or the promoter, manager or member of the said Financial Establishment as the Gov- ernment may think fit and transfer the control over the said money or properties to the Competent Authority”. Secretary, Law & Judicial Department, Govt. of Mizoram. Ex-303/2011 3 Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/650