The ODISHA PROTECTION OF INTERESTS OF DEPOSITORS (IN FINANCIAL ESTABLISHMENT) ACT, 2011
odisha · 2013
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The Odisha Protection of Interests of Depositors Act, 2011, applies statewide and starts immediately.
- S. 2Section 2 defines key terms used in the Odisha Protection of Interests of Depositors Act, 2011.
- S. 3Section 3 allows the government to attach properties to protect depositors if a financial establishment defaults on deposits or defrauds them.
- S. 4Section 4 empowers the government to appoint a Competent Authority to manage attached properties and sell them to recover depositors' funds.
- S. 5Section 5 mandates financial establishments in Odisha to report business details and quarterly financial returns to local authorities.
- S. 6Section penalizes management of financial establishments for failing to repay deposits or interest, with up to ten years imprisonment and fines.
- S. 7Section 7 allows the Competent Authority to compound offenses under Section 6 by repaying owed amounts to depositors.
- S. 8Section 8 establishes a Designated Court with exclusive jurisdiction over matters under the Act, transferring any related pending cases to it.
- S. 9Powers of Designated Court regarding attachment, sale, etc
- S. 10Section 10 allows courts to attach property of transferees if a financial establishment made a malafide transfer to avoid repaying depositors.
- S. 11Section 11 allows financial establishments to apply for permission to provide security instead of attachment, which may cancel or prevent the attachment order.
- S. 12Section 12 allows a Designated Court to order the administration of attached property to support applicants and safeguard business interests.
- S. 13Section 13 allows any aggrieved party to appeal a Designated Court order to the High Court within 30 days.
- S. 14Section 14 appoints experienced advocates as special public prosecutors for designated courts to handle cases.
- S. 15Section 15 outlines the procedure and powers of the Designated Court in trying financial establishment offences.
- S. 16Section 16 overrides any conflicting laws, customs, or instruments, prioritizing this Act's provisions.
- S. 17Section 17 protects government entities and officials from lawsuits for actions taken in good faith under the Act.
- S. 18Power to make rules :- The Government may, by notification, make rules to carry out the purposes of this Act
- S. 19The section allows the government to issue orders to resolve difficulties in implementing the Act, but only within two years of its commencement.