Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up

Section 45S of the Banking Regulation Act, 1949 deals with chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up. For the purpose of enabling the official liquidator or the special officer appointed under sub-section (3) of section 37 to take into his custody or under his control, all property, effects and actionable claims to which a banking company is or appears to be entitled, the official liquidator or the The Act came into force on 16 Mar 1949.

¹[45S. Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.--(1) For the purpose of enabling the official liquidator or the special officer appointed under sub-section (3) of section 37 to take into his custody or under his control, all property, effects and actionable claims to which a banking company ²*** is or appears to be entitled, the official liquidator or the special officer, as the case may be, may request in writing the ³[Chief Metropolitan Magistrate or the Chief Judicial Magistrate], within whose jurisdiction any property, books of account or other documents of such banking company may be situate or be found, to take possession thereof, and the ³[Chief Metropolitan Magistrate or the Chief Judicial Magistrate], as the case may be, shall, on such request being made to him,--

⁴[(a) take possession of such property, books of accounts or other documents, and (b) forward them to the official liquidator or the special officer].

⁵[(2) Where any such property and effects are in the possession of the ³[Chief Metropolitan Magistrate or the Chief Judicial Magistrate], as the case may be, such Magistrate shall, on request in writing being made to him by the official liquidator or the special officer referred to in sub-section (1), sell such property and effects and forward the net proceeds of the sale to the official liquidator or the special officer:

Provided that such sale shall, as far as practicable, be effected by public auction.

(3) For the purpose of securing compliance with the provisions of sub-section (1), the ³[Chief Metropolitan Magistrate or the Chief Judicial Magistrate], may take or cause to be taken such steps and use or cause to be used such force as may, in his opinion, be necessary.

(4) No act of the ³[Chief Metropolitan Magistrate or the Chief Judicial Magistrate] done in pursuance of this section shall be called in question in any court or before any autority.] ]

Section 45S, The Banking Regulation Act, 1949 (Act 10 of 1949).