(1) For the purpose of speedy disposal of cases under this Act, the Government may, with the concurrence of the Chief Justice of the High Court of Meghalaya, by notification, constitute one or more Special Courts consisting of a single Judge not below the rank of a District and Session Judge or Additional District and Session Judge for such area or areas or for such class or classes of cases as may be specified in the notification.
(2) While trying cases by the Special Court under this Act it shall exercise the powers, the functions and jurisdiction as are available to a District and Session Judge of the Competent Jurisdiction.
(3) Any pending case in any other court to which the provisions of this Act apply shall stand transferred to the Special Court.
(4) No court, other than the court of Special Judge shall have the jurisdiction in respect of any matter to which the provisions of this Act apply.
(5) When trying any case, the Special Court may also try any offence, other than an offence specified in Section 7, with which the accused may, under the Code of Criminal Procedure, 1973 (Central Act 2 of 1974) , be charged at the same trial.
(2) While trying cases by the Special Court under this Act it shall exercise the powers, the functions and jurisdiction as are available to a District and Session Judge of the Competent Jurisdiction.
(3) Any pending case in any other court to which the provisions of this Act apply shall stand transferred to the Special Court.
(4) No court, other than the court of Special Judge shall have the jurisdiction in respect of any matter to which the provisions of this Act apply.
(5) When trying any case, the Special Court may also try any offence, other than an offence specified in Section 7, with which the accused may, under the Code of Criminal Procedure, 1973 (Central Act 2 of 1974) , be charged at the same trial.
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Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Attachment of properties on default of return of depositsSection 4 · Authorities to receive complzints and cause inquiry and investigationSection 5 · Offences to be cogn~able and non-bailableSection 6 · Competent AuthoritySection 7 · Punishment for default in repayment of deposits and interestsSection 8 · Report and Return by the Financial EstablishmentsIndia Code, Government of India. Text fetched 13 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.