GOVERNMENT OF WEST BENGAL
LAW DEPARTMENT
Legislative

No. 632-L. Dated 14th May, 2015.

NOTIFICATION

West Bengal Act XXIX of 2013
THE WEST BENGAL PROTECTION OF INTEREST OF DEPOSITORS IN FINANCIAL ESTABLISHMENTS ACT, 2013.

An Act to protect the interest of depositors in financial establishments in West Bengal and to provide for the matters connected therewith or incidental thereto.

  1. Short title, extent and commencement.
  2. Definitions.
  3. Fraudulently default in payment of deposit after a specified period or otherwise by financial establishments.
  4. Intimation of business.
  5. Attachment of properties on default of return of deposits etc.
  6. Power to enter premises and inspect certain documents.
  7. Search, seizure and confiscation of property and its management.
  8. Competent Authority.
  9. Powers of Competent Authority.
  10. Assessment of assets and deposit liabilities.
  11. Permission for making part payment.
  12. Designated Court.
  13. Jurisdiction of Designated Court.
  14. Powers of Designated Court regarding attachment.
  15. Powers of Designated Court regarding realisation of assets and payment to depositors.
  16. Attachment of property of mala fide transferees.
  17. Security in lieu of attachment.
  18. Administration of property attached.
  19. Appeal.
  20. Special public prosecutor.
  21. Procedure and powers of Designated Court regarding offences.
  22. Act to override other laws.
  23. Protection of action taken in good faith.
  24. Power to make rules.
  25. Power to remove difficulties.

No. 632-L dated 14.05.2015, Source