Bare Act
The Himachal Pradesh Protection of Interests of Depositors (in Financial Establishments) Act, 1999
General199916 sections
This Act protects those who deposit money with financial establishments such as firms or companies that offer returns. It applies to individuals, partners, or associations running these schemes, excluding state-owned corporations and conventional banks. The law allows the State Government to attach the property of such entities if they default on repayment or attempt to deceive investors. By seizing assets, the government ensures that deposits can be recovered or losses compensated, providing essential security for public money intended for return and interest.
- 0. Preamble
- 1. Short title and commencement
- 2. Definitions.- In this Act, unless the context otherwise requires,-
- 3. Passed in Hindi by the Himachal Pradesh Vidhan Sabha. For Statement of Objects
- 4. Competent Authority
- 5. Default in repayment of deposit and interests honouring the commitment
- 6. Special Court
- 7. Powers of Special Court regarding attachment
- 8. Attachment of property of malafide transferees
- 9. Security in lieu of attachment
- 10. Administration of property attached
- 11. Appeal
- 12. Appointment of Special Public Prosecutor
- 13. Procedure and powers of Special Court regarding offences.-
- 14. Act to over-ride other laws.- Save as otherwise provided in this
- 15. Power to make rules
PDF: pending for this language.