The Mizoram Protection of Interests of Depositors (In Financial Establishment) (Second amendment) Act, 2018 (Act No. 4 of 2018)

The Mizoram GazetteEXTRA ORDINARY
Published by AuthorityRNI No. 27009/1973  Postal Regn. No. NE-313(MZ) 2006-2008
VOL - XLVII       Aizawl,    Tuesday 17.4.2018    Chaitra 27,      S.E. 1940,      Issue      No. 212
NOTIFICATION
No.H.12018/45/2011-LJD, the 12 th April, 2018. The following Act is hereby published for gen-
eral information.
The Mizoram Protection of Interests of Depositors (In Financial Establishment)
(Second amendment) Act, 2018
(Act No. 4 of 2018)
(Received the assent of the Governor of Mizoram on 03.04.2018)
1) This Act may be called the Mizoram Protection of Inter-
ests of Depositors (in Financial Establishment) (Second
Amendment) Act, 2018.
2) It shall come into force on the date of publication in the
official gazette.
1) In Clause (b) of Section 2 of the Mizoram Protection of
Interests of Depositors (in Finnancial Establishment) Act,
2002 (herein referred to as the Principal Act), the follow-
ing shall be substituted, namely-
(b) “Deposit” includes and shall be deemed always to have
included any receipt of money or acceptance of any valu-
able commodity by any Financial Establishment to be
returned after a specified period or otherwise, either in
cash or in kind or in the form of a specified service with
or without any benefit in the form of interest, bonus, profit
or in any other form but does not include :-
(i) amount raised by way of share capital or by way of de-
benture, bond of any other instrument covered under the
guidelines given and regulations made, by the Securities
and Exchange Board of India, established under the Se-
curities and Exchange Board of India Act, 1992.
(ii) amounts contributed as capital by partners of a firm;
(iii) amounts received from a Scheduled Bank or a Co-opera-
tive Bank or any other banking company as defined in
clause (C) of section 5 of the Banking Regulation Act,
1949.
Ex-212/2018 2
1. Short title,
extend and
commencement
THE MIZORAM PROTECTION OF INTERESTS OF DEPOSITORS
 (IN FINANCIAL ESTABLISHMENT) (SECOND AMENDMENT ACT, 2018
AN
ACT
to further amend the Mizoram Protection of Interests of Depositors (in Financial Establishment)
Act, 2002.
It is enacted by the Legislature of the State of Mizoram in the sixtyninth year of the Republic of
India as follows :-
2. Amendment
of Section 2
Central
Act 15
of 1992
Central
Act 10
of 1949
Ex-212/20183
(iv) any amount received from the Industrial Development
Bank of India, or a State Financial Corporation, or any
financial Institution specified in or under section 4A of
the Companies Act, 1956, or any other institution that
may be specified by notification by the Government in
this behalf.
(v) any amount received from an individual or a firm or an
association or individuals, registered under any enactment
relating to money lending which is for the time being in
force in the State of Mizoram; and
(vi) any amount received by way of subscription in respect of
a Chit;
Explanation I - “Chit” has the meaning as assigned to it
in clause (b) of section 2 of the Chit Funds Act, 1982;
Explanation II - Any Credit given by a seller to a buyer
on the sale of any property (whether movable or immov-
able) shall not be deemed to be deposit for the purposes
of this clause.
2) In section 2 of the Principal Act, the following clause (e)
to (k) shall be inserted, namely:-
(e) “Depositors” means a person who has made deposits with
Financial Establishment;
(f) “any other officers authorized by Government in order to
carry out the purpose of this Act” means an Officer em-
powered by the Government, by notification in the Offi-
cial Gazette, in order to carry out the purposes of this
Act;
(g) “the Deputy Commissioner” means the Deputy Commis-
sioner and District Magistrate of the District;
(h) “the Superintendent of Police of the District” means the
Senior-most Police Officer In-charge of the Police Dis-
trict and shall be deemed to have included his Sub-ordi-
nate officers;
(i) “The Bureau of Investigation (Economic Offences)”
means the Bureau of Investigation (Economic Offences)
under the Govt. of Mizoram;
Central
Act 1
of 1959
Central
Act 40
of 1982
Ex-212/2018 4
Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram
Printed at the Mizoram Government Press,  Aizawl.   C/200
(j) “Competent Regulatory Authority” means and includes
Reserve Bank of India (RBI), Securities and Exchange
Board of India (SEBI), Insurance Regulatory and Devel-
opment Authority (IRDA), Registrar of Companies
(ROC), Registrar of Cooperative Societies, Govt. of
Mizoram or any other Authority empowered by the Cen-
tral or State Government from time to time by a notifica-
tion in the official Gazette;
(k) “Competent Court” means the Court of District and Ses-
sions Judge of Competent Jurisdiction or the Special Court
constituted under this Act.”
: In section 4 of the Principal Act, the following sub-sec-
tion (5) may be inserted as follows, namely:-
(5) “For the purpose of crediting and dealing with the money
r e a l i z e d b y th e C om p e te n t A u th or i ty , h e s h a l l op e n a n
account in any Scheduled Bank.”
: In sub-section (2) of section 13 of the Principal Act, the
following clause (a) & (b) may be inserted as follows,
namely :-
“(a) Not-withstanding anything contained in section 438 of
the Code of Criminal Procedure, 1973 (Central Act 2 of
1974), no Court shall grant anticipatory bail to any per-
son booked under this Act.”
(b) Every Financial Establishment shall furnish a quarterly
return within one month of the expiry of each quarter of a
financial year to the Deputy Commissioner and the Su-
perintendent of Police of the district in respect of its busi-
ness and financial position, the area of its investment and
the location of investments of moneys made by it within
and outside the State, if any and such other particulars as
may be prescribed.”
Secretary,
Law & Judicial Deptt.
Govt. of Mizoram.
3. Amendment
of Section 4
4. Amendment
of Section 13

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