- Without prejudice to the generality of the powers of the Court under Section 37(3) of the Act. :-(a)A Special Officer appointed under Section 37(3) of the Act shall furnish security in such amount as may be ordered by the Court.(b)He shall generally have all the powers and shall take all the steps to do all the things necessary or expedient to protect the rights and interests of all creditors and share-holders of the Bank, and to conserve and ensure the proper disposition, according to law, of the assets of the Bank.(c)The Special Officer may be empowered to represent the Company in proceedings before any Court, Tribunal or Public Officer.(d)The Special Officer may apply to the Court for such directions as he may deem necessary.(e)The Special Officer shall, where his duties so require, maintain proper accounts. ?(f)The Special Officer shall be paid such remuneration as may be determined by the Court, which shall be paid, unless the Court otherwise directs, from the assets of the Company.(g)The Special Officer shall continue to supervise the affairs of the Bank until he is removed from office, or the term of his appointments terminates or until the Company resumes business or until a Liquidator is duly appointed to wind up the business of the Company.
