RESTRICTION ON TRANSFER OF ASSETS
ACT, 1970 (ACT 323)
ARRANGEMENT OF SECTIONS
Section
1. Minister of Finance may
Restrict Transfer or other
Disposal of Assets of certain
Persons in Prescribed
Circumstances.
2. Bank Accounts, etc.
3. Penalty for Contravention.
4. Bankers and Others to give
Information.
5. Offences by Bodies of Persons.
6. A Restriction may be Imposed
under Section 1 in respect of
Persons falling under Prescribed
Categories before Commencement of
this Act.
THE THREE HUNDRED AND TWENTY-THIRD
ACT OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
THE RESTRICTION ON TRANSFER OF
ASSETS ACT, 1970
AN ACT to provide for the
imposition of restrictions on the
transfer or other disposal of the
assets of certain persons in
prescribed circumstances and for
other purposes connected
therewith.
DATE OF ASSENT: 7th April, 1970
BE IT ENACTED by the Presidential
Commission and the National
Assembly in this present
Parliament assembled as follows:—
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.
Section 2—Bank Accounts, Etc.
In the case of any account kept
with any banker or any security or
thing deposited with or any
document relating thereto kept
with a banker by any person to
whom all or any of the provisions
of paragraphs (a), (b), (c), (d)
and (e) of section 1 of this Act
apply the Minister may, without
prejudice to the general effect of
the said section, impose
restrictions on—
(a) the withdrawal of any money
from the said account by any
person or the obtaining of any
such security, thing or document
by any person from the banker,
(b) the payment out of the bank
account by the banker of any money
or the delivery to any person of
any such security, thing or
document.
Section 3—Penalty for
Contravention.
Any person who contravenes any of
the provisions of this Act or the
terms imposed in any Gazette
notice published pursuant to the
provisions of this Act shall be
guilty of an offence and shall on
conviction be liable to a fine not
exceeding Ną10,000 or a term of
imprisonment not exceeding three
years or both, and shall also be
liable to a fine not exceeding
Ną100 in respect of each day on
which the offence continues.
Section 4—Bankers and Others to
give Information.
(1) It shall be the duty of any
banker requested in writing by the
Minister so to do to give any
information in his knowledge or
possession concerning any bank
account to which section 2 of this
Act relates or any security, thing
or document referred to in that
section.
(2) It shall be the duty of any
person (including a banker) to
give any information in his
knowledge or possession concerning
any activities, assets, moneys or
public funds referred to in
paragraph (a), (b), (c) or (d) of
section 1 of this Act which may
reasonably be requested from him
in writing by the Minister for any
of the purposes referred to in the
said paragraphs.
(3) Any person who—
(a) without reasonable excuse
proof of which shall be on him,
fails to comply with a request
made by the Minister under this
section, or
(b) gives in response to any such
request any information which he
knows to be false or which he has
no reason to believe to be true,
shall be guilty of an offence and
shall be liable on summary
conviction to a fine not exceeding
Ną200 or to a term of imprisonment
not exceeding one year or to both;
and to a further fine not
exceeding Ną10 for each day on
which the offence continues.
Section 5—Offences by Bodies of
Persons.
(1) Where an offence under section
4 of this Act is committed by a
body of persons then—
(a) in the case of a body
corporate other than a
partnership, every director and
officer of that body shall be
deemed also to be guilty of the
offence,
(b) in the case of a partnership,
every partner shall also be deemed
to be guilty of the offence.
(2) No person shall be deemed to
be guilty of an offence by virtue
of subsection (1) of this section
if he proves that the offence was
committed without his consent or
connivance by a person other than
himself and that he exercised all
due diligence to prevent the
commission of the offence having
regard to all the circumstances.
Section 6—A Restriction may be
Imposed under Section 1 in respect
of Persons falling under
Prescribed Categories before
Commencement of this Act.
A
restriction may be imposed in
respect of any person to whom any
of the circumstances set out in
section 1 of this Act applies
whether it first applied to him
before or after the commencement
of this Act. |