Section 5
Establishment of Special Court.
The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992
About this Act
An Act to provide for the establishment of a Special Court for the trial of offences relating to transactions in securities and for matters connected therewith or incidental thereto.
(1) The Central Government shall, by notification in the
Official Gazette, establish a Court to be called the Special Court.
(2) The Special Court shall consist of 1 [one or more sitting Judges] of the High Court nominated by the Chief Justice of the High Court within the local limits of whose jurisdiction the Special Court is situated, with the concurrence of the Chief Justice of India.
2 [(3) When the office of 3 [a Judge of the Special Court is vacant by reason of absence or leave, the duties of the office shall be performed by such Judge of the High Court within the local limits of whose jurisdiction the Special Court is situated as the Chief Justice of that High Court may, with the concurrence of the Chief Justice of India, nominate for the purpose and the Judge so appointed shall have all the jurisdiction and powers of 3 [a Judge of the Special Court including the powers to pass final orders.]
(2) The Special Court shall consist of 1 [one or more sitting Judges] of the High Court nominated by the Chief Justice of the High Court within the local limits of whose jurisdiction the Special Court is situated, with the concurrence of the Chief Justice of India.
2 [(3) When the office of 3 [a Judge of the Special Court is vacant by reason of absence or leave, the duties of the office shall be performed by such Judge of the High Court within the local limits of whose jurisdiction the Special Court is situated as the Chief Justice of that High Court may, with the concurrence of the Chief Justice of India, nominate for the purpose and the Judge so appointed shall have all the jurisdiction and powers of 3 [a Judge of the Special Court including the powers to pass final orders.]
Notes
1 Subs. by Act 6 of 1997, s. 2 for "a sitting Judge"(w. e. f. 16-1-1997).
2 Ins. by Act 24 of 1994, s. 2(w. e. f. 25-1-1994).
3 Subs. by Act 6 of 1997, s. 2, for "the Judge of the Special Court" (w. e. f. 16-1-1997).
2 Ins. by Act 24 of 1994, s. 2(w. e. f. 25-1-1994).
3 Subs. by Act 6 of 1997, s. 2, for "the Judge of the Special Court" (w. e. f. 16-1-1997).