The Mizoram Protection of Interest of Depositors (In Financial Establishment) (Amendment) Act, 2011

The Mizoram GazetteEXTRA ORDINARY
VOL - XL    Aizawl,    Wednesday     20.7.2011      Asadha     29,   S.E.   1933,   Issue  No. 303
Published by Authority
RNI No. 27009/1973                    Postal Regn. No. NE-313(MZ) 2006-2008 Rs. 1/- per page
NOTIFICATION
No. H.12018/115/2002-LJD,  the 18th  July, 2011.   The following Act of the Mizoram Legislative Assembly
which received the assent of the Governor of Mizoram is hereby published for general information.
The Mizoram Protection of Interest of Depositors (In Financial Establishment) (Amendment) Act,
2011(Act. No. 11 of 2011).
{Received the assent of the Governor of Mizoram on the 8th July, 2011}
AN
ACT
to amend the Mizoram Protection of Interest of Depositors (in financial establishment) Act 2002
(Act No 14 of 2002) hereinafter referred to as the Principal Act
It is enacted by the Legislature of the State of Mizoram in the sixtysecond year of the Republic
of Inida as follows :-
1) This Act may be called the Mizoram Protection of Interest
of Depositors (in financial establishment) (Amendment)
Act, 2011
2) It shall come into force from the date of its publication in
the Mizoram Gazette
1) In section 2 of the Principal Act, clause (b) shall be substi-
tuted by the following, namely :-
1. Short Title and
Commencement :
2. Amendment
of Section 2
“ (B) “Deposit” includes and shall be deemed always to have in-
cluded any receipt of money or acceptance of any valuable com-
modity 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”.
2) Clause (c) shall be substituted by the following, namely:-
“(c) “Financial Establishment” means any person or a group of indi-
viduals or a firm or a company incorporated under the Compa-
nies Act 1956 carrying on business of receiving deposits under
any scheme or arrangement or in any other manner and will
include any other Non-Banking Finanical Companies but does
not include a Corporation or a Co-operative Society owned or
controlled by any State Government or the Central Govern-
ment or a Banking Company as defined under clause (c) of
section 5 of the Banking Regulation Act, 1949”.
1. Section 3 of the Principal Act shall be substituted by the fol-
lowing, namely:-
“(1) (i) Every financial establishment shall intimate the
Competent Authority of the area, about its business in the
area
(ii) The financial establisment shall file a copy of such
periodical statement to the Competent Authority as may be
required to be filed, under any law, with any other supervi-
sory authority including the Reserve Bank of India (RBI).
(iii) The Competent Authority at his discretion may at
any time direct any financial establishment carrying on busi-
ness in the area of jurisdiction of the Competent Authority
to furnish in such form, at such intervals and within such
time, such statement, as may be specified in a general or a
special order.
(iv) Whoseover contravenes the provisions of this sec-
tion shall be punished with imprisonment which may extend
to six months or with a fine which may extend to twenty
thousand rupees or with both.
“(2) (i) The Government or the District Magistrate in their
respective jurisdiction or Superintendent of Police in charge
of the Economic Offence Wing of the Police Department,
suo moto or on receipt of any complaint may cause investiga-
tion of a complaint or fraudulent transaction referred to in this sec-
tion. The District Magistrate or the Superintendent of Police in
charge of the Economic Offence Wing of the Police Department
shall forward his report together with the complaint to the Govern-
ment at the earliest.
3. 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-303/20113
Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram
Printed at the Mizoram Government Press,  Aizawl.   C/650

‹ Prev All Mizoram acts Next ›