Section 4 in Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999
4. Competent Authority.
(1)The Government may, by 'notification, appoint an authority hereinafter called "the competent authority" to exercise control over the properties attached by the Government under Section 3.(2)The Competent authority shall have such other powers and discharge such other functions as may be prescribed, in addition to the powers and functions specified under this Act.(3)Upon receipt of the orders of the Government under Section 3, the Competent Authority shall apply within fifteen days to the Special Court constituted under this Act for making the ad-interim order of attachment absolute.(4)An application under sub-section (3) shall be accompanied by one or more affidavits, stating the grounds on which the belief that the financial establishment has committed any default or is likely to defraud, is founded, the amount of money or value of other property believed to have been procured by means of the deposits, and the details, if any, of persons in whose names such property is believed to have been invested or purchased out of the deposits or any other property attached under Section 3.
