The Government of Meghalaya on January 26, 2023, notified the Meghalaya Protection of Interest of Depositors (In Financial Establishments) Rules, 2022.
The Following has been stated-
•Manner of issuing notices and causing inquiry and investigation.
•Manner of attachment of property on default.
•Sale of the attached property, Notice of sale, and Sale by auction.
•Distraint of Movable property other than the procedure of land.
•Leaving Livestock in charge of Pound-Keeper.
•Prohibition to bid at auction and Sale of perishable articles are mentioned.
•The sales are proportionate to the amount duly mentioned in the document.
•Deposit by the purchaser of immovable property.
•Failure to make a deposit is defined.
•FORM 2 Proclamation of sale of movable property.
•FORM 3 Proclamation of sale of immovable property.
They shall come into force from January 10, 2023.
[Notification No. FIF 8/2014/194]
