Where, during the pendency of any proceedings for the recovery of an amount due

by a person under this Regulation, that person creates acharge on, or parts with the possession by way of sale, mortgage, gift or exchange or any other mode of transfer whatsoever, any of his assets in favour of any other person, such charge or transfer shall be void against any claim by the Commissioner in respect of the amount which is the subject of proceedings, unless the other person-

1. (a) acted bonafide and without notice of the recovery proceedings; and
2. (b) has paid the fair market value for the assets. CHAPTER VIU