Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part VIII · Examination and Investigation
97. Release of property, record, report or document seized
Feedback & supportAn investigating officer shall, unless otherwise ordered by any court—
officer
“officer”, in relation to an institution, means any of its employees and includes its Chief Executive Officer;
on the close of an investigation or any proceedings arising from the investigation; or
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with the prior written consent of the Bank or any investigating officer superior to him in rank, at any time before the close of investigation, release any property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information seized, detained or removed by him or any other investigating officer, to such person as he determines to be lawfully entitled to the property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information if he is satisfied that it is not required for the purpose of any prosecution or proceedings under this Act, or for the purpose of any prosecution under any other written law.
The investigating officer effecting the release under subsection (1) shall record in writing the circumstances of, and the reason for such release.
Where an investigating officer is unable to locate the person who is lawfully entitled to the property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information the investigating officer shall cause to be published a notice in the Bank’s website calling upon any person who is lawfully entitled to the property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information to claim such property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information within the period stipulated in the notice.
person
“person” includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
Where no claim is made upon the expiry of the period specified in the notice published under subsection (3), the investigating officer shall make an application in writing to the court as to the disposal of such property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information.
property
“property” means any movable or immovable property, whether tangible or intangible and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of immovable property of which the person executing the conveyance is the proprietor or has possession or in which he is entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (d) any negotiable instrument, including any bank note, bearer note, Treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; or (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation, trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent;
The court upon receiving the application under subsection (4)
and being satisfied that the person who is lawfully entitled to the
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development
“development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;
property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information cannot be located shall order for the property, record, report, document, apparatus, equipment, machinery, computer, computer output, system, data, books or information to be forfeited or disposed of by the Bank in accordance with the order made by the court.