Section 45S(2) in The Banking Regulation Act, 1949
(2)[ Where any such property and effects are in the possession of the [Chief Metropolitan Magistrate or the Chief Judicial Magistrate] [Substituted by Act 55 of 1963, Section 23, for sub-Section (2) (w.e.f. 1.2.1964).], as the case may be, such Magistrate shall, on request in writing being made to him by the official liquidator or the special officer referred to in sub-section (1), sell such property and effects and forward the net proceeds of the sale to the official liquidator or the special officer:Provided that such sale shall, as far as practicable, be effected by public auction.
