BCPD Rules 7अध्याय 0 · Preliminary

धारा 7 · General Duties and Powers of the Special Officer

- Without prejudice to the generality of the powers of the Court under section 37(3) of the Act -

(a)

A Special Officer appointed under section 37(3) of the Act shall furnish security in such amount as may be ordered by the Court.

(b)

He shall generally have all the powers and shall take all the steps to do all the things necessary or expedient to protect the rights and interest of all the creditors and share holders of the Banking Company and to conserve and ensure the proper disposition according to law of the assets of the Banking Company.

(c)

The Special Officer may be empowered to represent the Banking Company in proceedings before any Court, Tribunal or Public Officer.

(d)

The Special Officer shall, where his duties so require, maintain proper accounts.

(e)

The Special Officer may apply to the Court for such directions as he may deem necessary.

(f)

The Special Officer shall be paid such remuneration as may be determined by the Court, which shall be paid, unless the Court otherwise directs, from the assets of the Banking Company.

(g)

The Special Officer shall continue to supervise the affairs of the Banking Company until he is removed from office, or the term of his appointment terminates, or until the Banking Company resumes business or until a Liquidator is duly appointed to wind up the business of the Banking Company.

(h)

An order appointing the Special Officer shall be in Form No. 1.

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