Amendment status not verified — confirm the current text below against the official source.
( 1) Notwithstanding anything contained in any other law for the time being in force,— (a) where upon complaints received from the depositors or otherwise, the State Government is satisfied that any financial establishment has failed— (i) to return the deposit after a specified period or on demand by the depositor, or (ii) to pay interest or other assured benefit accrued on such deposit, or (iii) to provide the services promised against such deposit; or (b) where the State Government has reason to believe as recorded in writing that any financial establishment is acting in a manner detrimental to the interest of the depositors with an intention to defraud them; or (c) where the State Government is satisfied that any financial establishment is not likely— (i) to return the deposit, or (ii) to make payment of interest accrued on such deposit, or (iii) to provide benefits assured on such deposit, or (iv) to provide the services against which the deposit is received, (d) where the State Government is satisfied that any financial establishment committing a default in repayment of deposit fraudulently, has transferred (whether after the commencement of the Act or not) any of the property otherwise than in good faith and for consideration, it may, in order to protect the interest of the depositors of such financial establishment, by an order to be published in the Official Gazette and after recording reasons in writing, attach the money or other property acquired either in the name of such financial establishment or in the name of any other person on behalf of such financial establishment: Provided that if it is found that such money or other property as referred to above is not available for attachment or is not sufficient for repayment of the deposits, the State Government may attach— (a) firstly, such other property believed to have been acquired with the money collected by way of deposits by such financial establishment; and (b) secondly, the personal assets of the promoter, partner, director, manager, member, employee or any other person responsible for the management of the said financial establishment; and (c) thirdly, the personal property of a person who has borrowed money from such financial establishment to the extent of his default. PART IV] THE KOLKATA GAZE! IL, EXTRAORDINARY, MAY 14, 2015 7 The West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013. (Sections 6, 7.) (2) On the publication of the order under sub-section (1), all the properties and assets of the financial establishment and the persons mentioned therein, shall forthwith vest in the Competent Authority appointed by the State Government and shall remain vested pending further order from the Designated Court. (3) Save as otherwise specially provided in any other law, the attachment shall be made in the manner provided for attachment of property in execution of decree under Order XXI, Rules 43, 43A, 46, 47, 49, 50, 51 and 54 of the Code of Civil Procedure,