This Act shall take effect notwithstanding any testamentary or other disposition which may have been made by His late Majesty, and notwithstanding any proceedings which may have been or may be instituted before any Civil Court for administering his estate or collecting the debts due to it, and any person who under any probate howsoever, has received or realised any portion of the estate of His late Majesty shall be bound to account therefor to such officer as the Governor General in Council may appoint in this behalf.