51. Action to be taken regarding wrongful gain

wrongful gain for himself or for any other person of any money or property belonging to such finance company; or

wrongful loss to the finance company, the Board may notwithstanding that any action has also been taken under this Act or any other law, require such director, chief executive officer, manager, employee, agent, contractor or any other person referred to in paragraph (a) to repay, restore to or compensate the finance company, the money or property so wrongfully gained or caused to wrongfully lose, with interest on such money or property at such rate as the Board may think fit and within such period of time as may be specified by the Board.

direct such person to disclose to any officer authorized by it within a specified time, the value, nature and whereabouts of any monies, properties or other assets –

owned by such person; or

in which such person has a beneficial interest; or

acquired or purchased or held or possessed, by a relative of such person or any other person, in trust for such person, including the properties and other assets disposed in any manner whatsoever, as at a specified date or within a specified period.

require such person to furnish an affidavit enumerating all movable or immovable property owned or possessed by such person at any time, or at such time as may be specified by the Board stating the date on which each of the properties enumerated was acquired and whether the acquisition was by way of purchase, gift, bequest, inheritance or otherwise;

enumerating all movable or immovable property owned or possessed at any time, or at such time as may be specified by the Board by such person, where the Board has reasonable grounds to believe that such information can assist an investigation into the affairs of a finance company;

containing particulars of such other matters which in the opinion of the Board are relevant to such investigations;

require the chief executive officer of any bank in

notwithstanding the provisions to the contrary in any written law, require the Commissioner-General of Inland Revenue to furnish, as specified in the notice, all information available to him relating to affairs of such person and to produce or furnish as specified in the notice, any document or certified copy of any document relating to such person, which is in the possession or under the control of the

invite the public by any means whatsoever to furnish to a person authorized by it, any information required in terms of paragraph (a);

serve a notice on the chief executive officer of any bank or finance company to freeze the accounts and safe deposit boxes of such person, whether held individually or jointly, up to an amount specified by the Board.

serve a notice on any person referred to in subsection (1), or on a relative or other person holding property or assets in trust for the first mentioned person, or on any other person holding property or assets purchased or acquired by the improper utilization or misapplication of monies attributable to the funds of the finance company, prohibiting the transfer by such person, relative of such person, or other person, of possession, ownership or any interest in any properties or other assets specified in that notice, and also requiring such person to submit to the Director:—

in the case of immovable property the copies of deeds relating to the title of such property;

in the case of a motor vehicle, a copy of the

in the case of movable property other than motor vehicles copies of documents in proof of ownership.

serve a copy of the notice referred to in paragraph (h) on any relevant authority including in the case of immovable property, on the Registrar of Lands, in the case of motor vehicles, on the Commissioner of Motor Traffic, in the case of shares, stocks and debentures of any company, on the Registrar

require any authority on whom a copy of a notice referred to in paragraph (i) is served, to register such notice in the appropriate books or records in the custody of such authority and during the period, that a notice is in force, the Registrar of Lands,

require any person or authority referred to in paragraphs (d) and (i) to furnish such information as he may have in his possession or custody relating to the assets of any person or relative of a person, referred to in paragraph (a);

before the expiration of the period specified in notices served under paragraphs (g) and (h), the

the District Court upon application made to it under sub-paragraph (i) of this paragraph and being satisfied that such past or present director, chief executive officer, manager, employee, agent, contractor or any other person referred to in subsection (1) has by an act or omission caused a wrongful gain for himself or for any other person of any money or property belonging to the company or wrongful loss to the company shall direct the chief executive officer of any bank or finance company to deposit the amount specified by the Board in the notices issued under paragraph (g) in the District Court, out of the funds in the accounts of such person, whether held individually or jointly, and the District

the District Court upon application made to it under sub-paragraph (i) of this parahraph and being satisfied that such past or present director, chief executive officer, manager, employee, agent, contractor or any other person referred to in subsection (1) has by an act or omission caused a wrongful gain for himself or for any other person of any money or property belonging to the company or wrongful loss to the company shall direct a writ of execution to issue to the

any property or assets owned by such director, chief executive officer, manager, employee, agent or contractor of the finance company or any other person or persons so gained wrongfully; or

any property or assets held in trust by a relative or any other person for such director, chief executive officer, manager, employee, agent or contractor of the finance company; or

any property or assets acquired or purchased with monies attributable to the assets of the finance company;

the provisions of sections 217 to 297 of the

any sum realized by the seizure and sale of any property under this paragraph shall be applied by the court-

firstly, in payment of the costs and charges incurred in seizing, keeping and selling such property;

secondly, in satisfaction of the amount determined by court to be attributable to the finance company, referred to in sub paragraph (ii) of this paragraph, and the balance shall be paid to the owner of the property seized.

where any money is seized in terms of sub-paragraph (ii) of this paragraph it shall be applied by the court in satisfaction of the amount determined by court to be attributable to the finance company, referred to in sub paragraph (ii) of this paragraph, and the balance shall be repaid to the person to whom such money is due.

wrongful gain for himself or for any other person, of any money or property belonging to the company; or

wrongful loss to the company;