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.] ]
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.] ]
1. Subs. by Act 52 of 1953, s. 10, for Part IIIA (w.e.f. 30-12-1953).
2. The words ", which has been ordered to be wound up" omitted by Act 55 of 1963, s. 23 (w.e.f. 1-2-1964).
3. Subs. by Act 1 of 1984, s. 36, for "Chief Presidency Magistrate or the District Magistrate" (w.e.f.15-2-1984).
4. Subs. by Act 55 of 1963, s. 23, for certain words (w.e.f. 1-2-1964).
5.. Subs. by s. 23, ibid., for sub-section (2) (w.e.f. 1-2-1964).