Vidhi Codex

(IN FINANCIAL ESTABLISHMENT) ACT. 2014

The Nagaland Protection of Interest of Depositors (in Financial Establishment) Act, 2014

General201414 sections

This law protects people who put money into financial establishments in Nagaland, such as companies or firms that accept deposits for interest or services. It applies to these businesses but excludes banks and government-owned cooperatives. The main purpose is to safeguard public funds when these establishments fail to return deposits, pay interest, or provide promised services, or if they are suspected of fraud. To ensure depositors get their money back, the government is given the power to attach and seize the assets of these businesses or their owners, transferring control to a designated authority to facilitate repayment.

Start reading →Read full ActSections
  1. 0. Preamble
  2. 1. Short title, extent and commencement.
  3. 2. It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint.
  4. 3. -11
  5. 4. Competent Authority.
  6. 5. CHAPTER-Ill
  7. 6. Special Court:
  8. 7. Any pending case in any other Courtto which the provisions of the Act apply shall stand transferred to the Special Court.
  9. 8. 292
  10. 9. Security in lieu of attachment:-
  11. 10. order under sub-section (6) of Section 7.
  12. 11. Appeal:-
  13. 12. Special Public Prosecutor:-
  14. 13. Prosecutor (for each of the Special Court) for the purpose of conducting the cases in the Special Court.

PDF: pending for this language.