Kerala Protection of Interests of Depositors in Financial Establishment Act, 2013

No: 7 Dated: Nov, 28 2015

THE KERALA PROTECTION OF INTERESTS OF DEPOSITORS IN FINANCIAL ESTABLISHMENTS ACT, 2013

ACT 7 OF 2015

An Act to provide for the protection of interests of depositors in financial establishments in Kerala and for matters connected therewith or incidental thereto.

Preamble.-WHEREAS, it is expedient to provide for the protection of interests of depositors in fmancial establishments in Kerala and for matters connected therewith or incidental thereto;

BE it enacted in the Sixty-fourth Year of the Republic of India as follows:-

1. Short title and commencement.-(1) This Act may be called the Kerala Protection of Interests of Depositors in Financial Establishments Act, 2013.

(2) It shall come into force at once.

2. Definitions.- In this Act, unless the context otherwise requires,-

(a) "competent authority" means the authority appointed under section 4 of this Act;

(b) "deposit" means the deposit of money either in lump sum or by instalments made in a financial establishment for a fixed period, for interest or for properties or for return in any kind or for any service;

(c) "financial establishment" means a person, an association of persons, a partnership firm or a company registered under the Companies Act, 1956 (Central Act I of 1956) carrying on the business of receiving deposits under any scheme or arrangement or in any other manner but does not include a corporation or a co-operative society under the ownership or control of any State Government or of the Central Government or a banking company as defined in clause (c) of section 5 of the Banking Regulation Act. 1949

(d) "Government" means the Government of Kerala;

(e) "property" includes movable and immovable properties;

(f) "Special Court" means a special court constituted under section 7 of this Act.