RESTRICTION ON TRANSFER OF ASSETS ACT - 1970 (ACT 323)

    Section - 1 - Minister of Finance may Restrict Transfer or other Disposal of Assets of certain Persons in Prescribed Circumstances.

    The Minister responsible for Finance hereafter in this Act referred to as "the Minister" may, by Gazette notice, impose restrictions on the transfer or other disposal of the assets generally or any particular assets specified in the Gazette notice, of any person in all or any of the following circumstances:-

    (a) where a Commission or Committee of Inquiry is conducting an investigation into the activities or assets of that person,

    (b) where that person or his personal representative has been required under the Financial Administration Decree, 1967 (N.L.C.D. 165), to pay any money to the Government or to account to the Government for any money or apply any public money for a particular purpose and has not so applied it,

    (c) where that person is being prosecuted or is being investigated for an offence involving misappropriation or dissipation of public funds,

    (d) where that person is being sued by the Government for the recovery of public funds, and

    (e) where the Cabinet is satisfied in respect of that person that it is in the public interest so to do:

    Provided that any restriction under paragraph (e) of this section shall not be imposed for a period of more than three months in the first instance subject to renewal for further periods of three months in each instance.