The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act 1997”. Normally referred as “TNPID” Act.

THE TAMIL NADU
PROTECTION OF INTERESTS OF DEPOSITORS
(IN FINANCIAL ESTABLISHMENTS) ACT, 1997

(TAMIL NADU ACT 44 OF 1997)
(As modified upto 31st October 2018)
CHAPTER -1

1. Short title and commencement:-
(1) This act may be called the Tamil Nadu Protection of Interests of
Depositors (in Financial Establishments) Act, 1997.

(2) It shall come into force at once.
2. Definitions:- In this Act, unless the context otherwise requires:-
(1) “Competent authority” means the authority appointed under section 4;
(2) “deposit” means the deposit of money either in one lump sum or by
instalments made with the Financial Establishment for a fixed period, for
interest or for return in any kind or for any service;
(3) “Financial Establishment” means an individual, an association of
individuals, a firm or a company registered under the companies Act, 1956
(Central Act 1 of 1956) carrying on the business of receiving deposits under any
scheme or arrangement or in any other manner but does not include a
corporation or a co-operative society owned or controlled by any State
Government: or the Central Government, or a banking company as defined in
section 5(c) of the Banking Regulation Act 1949 (Central Act X of 1949).
(4) “Government” means the State Government.
CHAPTER – II
3. Attachment of properties on default of return of deposits:
Notwithstanding anything contained in any other law for the time being in
force,

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