Central Act
Section 45S. Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.
The Banking Regulation Act, 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.] ]