The Mizoram Protection of Interests of Depositors (In Financial Establishment) (Second amendment) Act, 2018 (Act No. 4 of 2018)

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008 VOL - XLVII Aizawl, Tuesday 17.4.2018 Chaitra 27, S.E. 1940, Issue No. 212 NOTIFICATION No.H.12018/45/2011-LJD, the 12th April, 2018. The following Act is hereby published for gen- eral information. The Mizoram Protection of Interests of Depositors (In Financial Establishment) (Second amendment) Act, 2018 (Act No. 4 of 2018) (Received the assent of the Governor of Mizoram on 03.04.2018) Ex-212/2018 2 THE MIZORAM PROTECTION OF INTERESTS OF DEPOSITORS (IN FINANCIAL ESTABLISHMENT) (SECOND AMENDMENT ACT, 2018 AN ACT to further amend the Mizoram Protection of Interests of Depositors (in Financial Establishment) Act, 2002. It is enacted by the Legislature of the State of Mizoram in the sixtyninth year of the Republic of India as follows :- 1. Short title, 1) This Act may be called the Mizoram Protection of Inter- extend and ests of Depositors (in Financial Establishment) (Second commencement Amendment) Act, 2018. 2) It shall come into force on the date of publication in the official gazette. 2. Amendment of Section 2 1) In Clause (b) of Section 2 of the Mizoram Protection of Interests of Depositors (in Finnancial Establishment) Act, 2002 (herein referred to as the Principal Act), the follow- ing shall be substituted, namely- (b) “Deposit” includes and shall be deemed always to have included any receipt of money or acceptance of any valu- able commodity by any Financial Establishment to be returned after a specified period or otherwise, either in cash or in kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit or in any other form but does not include :- (i) amount raised by way of share capital or by way of de- Central benture, bond of any other instrument covered under the Act 15 guidelines given and regulations made, by the Securities of 1992 and Exchange Board of India, established under the Se- curities and Exchange Board of India Act, 1992. (ii) amounts contributed as capital by partners of a firm; (iii) amounts received from a Scheduled Bank or a Co-opera- Central tive Bank or any other banking company as defined in Act 10 clause (C) of section 5 of the Banking Regulation Act, of 1949 1949. 3 Ex-212/2018 (iv) any amount received from the Industrial Development Central Bank of India, or a State Financial Corporation, or any Act 1 financial Institution specified in or under section 4A of of 1959 the Companies Act, 1956, or any other institution that may be specified by notification by the Government in this behalf. (v) any amount received from an individual or a firm or an association or individuals, registered under any enactment relating to money lending which is for the time being in force in the State of Mizoram; and (vi) any amount received by way of subscription in respect of a Chit; Explanation I - “Chit” has the meaning as assigned to it Central in clause (b) of section 2 of the Chit Funds Act, 1982; Act 40 of 1982 Explanation II - Any Credit given by a seller to a buyer on the sale of any property (whether movable or immov- able) shall not be deemed to be deposit for the purposes of this clause. 2) In section 2 of the Principal Act, the following clause (e) to (k) shall be inserted, namely:- (e) “Depositors” means a person who has made deposits with Financial Establishment; (f) “any other officers authorized by Government in order to carry out the purpose of this Act” means an Officer em- powered by the Government, by notification in the Offi- cial Gazette, in order to carry out the purposes of this Act; (g) “the Deputy Commissioner” means the Deputy Commis- sioner and District Magistrate of the District; (h) “the Superintendent of Police of the District” means the Senior-most Police Officer In-charge of the Police Dis- trict and shall be deemed to have included his Sub-ordi- nate officers; (i) “The Bureau of Investigation (Economic Offences)” means the Bureau of Investigation (Economic Offences) under the Govt. of Mizoram; Ex-212/2018 4 (j) “Competent Regulatory Authority” means and includes Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Devel- opment Authority (IRDA), Registrar of Companies (ROC), Registrar of Cooperative Societies, Govt. of Mizoram or any other Authority empowered by the Cen- tral or State Government from time to time by a notifica- tion in the official Gazette; (k) “Competent Court” means the Court of District and Ses- sions Judge of Competent Jurisdiction or the Special Court constituted under this Act.” 3. Amendment : In section 4 of the Principal Act, the following sub-sec- of Section 4 tion (5) may be inserted as follows, namely:- (5) “For the purpose of crediting and dealing with the money realized by the Competent Authority, he shall open an account in any Scheduled Bank.” 4. Amendment : In sub-section (2) of section 13 of the Principal Act, the of Section 13 following clause (a) & (b) may be inserted as follows, namely :- “(a) Not-withstanding anything contained in section 438 of the Code of Criminal Procedure, 1973 (Central Act 2 of 1974), no Court shall grant anticipatory bail to any per- son booked under this Act.” (b) Every Financial Establishment shall furnish a quarterly return within one month of the expiry of each quarter of a financial year to the Deputy Commissioner and the Su- perintendent of Police of the district in respect of its busi- ness and financial position, the area of its investment and the location of investments of moneys made by it within and outside the State, if any and such other particulars as may be prescribed.” Secretary, Law & Judicial Deptt. Govt. of Mizoram. Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/200