Vidhi Codex

Bare Act

The Uttarakhand Protection of Interests of Depositors (in Financial Establishments) Act, 2005

General200522 sections

This Act regulates financial establishments in Uttarakhand that accept deposits from the public, applying to the management of these entities. It matters because it imposes strict penalties for fraudulent defaults, where an establishment fails to repay promised money or services. The law ensures that individuals responsible for mismanagement face imprisonment for up to six years and significant fines, protecting depositors from financial loss and ensuring accountability within the state's financial sector. By defining specific offenses and punishments, it aims to deter financial misconduct and safeguard the interests of those who entrust their money to these organizations.

Start reading →Read full ActSections
  1. 1. Short title, Extent and commencement
  2. 2. Definitions
  3. 3. Fraudulent default by Financial Establishment
  4. 4. Attachment of properties on default of return of deposits
  5. 5. Appointment of competent Authority
  6. 6. Duties and powers of Competent Authority
  7. 6A. Provisions regarding information to be provided by the Financial Establishment
  8. 7. Assessment of assets and deposit liabilities
  9. 8. Report by the Competent Authority
  10. 9. Power of the Designated Court regarding realization of assets and payment to depositors
  11. 10. Constitution of Designated Court
  12. 11. Power of Designated Court regarding Attachment
  13. 12. Attachment of property of mala-fide transferees
  14. 13. Security in lieu of attachment
  15. 14. Administration
  16. 15. Appeal
  17. 16. Special public prosecutor
  18. 17. Procedure and powers of Designated Court regarding offences
  19. 18. Act to override other laws
  20. 19. Protection of action taken in good faith
  21. 20. Power to make Rules
  22. 21. Power to remove difficulties

PDF: pending for this language.