Section 10
Management of properties confiscated under this Chapter.
The Prevention of Money-Laundering Act, 2002
About this Act
An Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto.
(1) The Central Government
may, by order published in the Official Gazette, appoint as many of its officers (not below the rank of a
Joint Secretary to the Government of India) as it thinks fit to perform the functions of an Administrator.
(2) The Administrator appointed under sub-section (1) shall receive and manage the property in relation to which an order has been made under 1[sub-section (5) or sub-section (6) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60] in such manner and subject to such conditions as may be prescribed.
(3) The Administrator shall also take such measures, as the Central Government may direct, to dispose of the property which is vested in the Central Government under section 9.
(2) The Administrator appointed under sub-section (1) shall receive and manage the property in relation to which an order has been made under 1[sub-section (5) or sub-section (6) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60] in such manner and subject to such conditions as may be prescribed.
(3) The Administrator shall also take such measures, as the Central Government may direct, to dispose of the property which is vested in the Central Government under section 9.
Notes
1 Subs. by s. 8, ibid., for "sub-section (6) of section 8" (w.e.f. 15-2-2013).