_— (2) the following liabilities shall be paig or discharged in full, as fa as may be, in the order as under: (a) all tevenues, taxes, cesses and rates notified by the custodian under sub-section ie central government or any state government or any local authority; (5) all amounts due from the person so notified by the custodian fo any baak or financial institution or mutual fund; (c) any other liability as may be specified by the special court: from time to time 12 (1) no suit, prosecution or other leg the central government or the custodi done or intended to be done under this act protection of action taken in g00d faith, (2) no suit or other legal proceeding shall lie against the central government or any of its officers- or other employees for any damage caused to be done under this act, 'or likely to be caused by anything which is in good faith done or intended 45 act to have overriding effect ined in any other jaw for the time being aw, other than - power to make tules, 14 (j) the central government may, by notification in the official gazette, make rules for carrying out the provisions of this act, (2) every rule made by the central government under this act shall be laid, as soon as may be after it is made, before each house of parliament, while it is in session, for a total period of thirty days which may 25 'be comprised in one session or in two or more successive sessions, and if, before the exviry of the session immediately following the session or the successive sessions aforesaid, both houses a in the rule or both houses agree that the rule should not be shall thereafter have effect only in such modified form or be of no effect, as 30 the case may be: 80, however, that any such modification or annulment shall rule be without prejudice to the validity of anything previously done under that 15 (1) the special court (trial of offences relating to transactions ea repeal and savings in securities) ordinance, 1992 jg hereby repealed 35° ae (2) notwithsianding such repeal, anything done or any action taken under the said ordinance, shall be deemed to have been done or taken under the corresponding provisions of this act effect notwithstanding » tribunal or other authority, 29  statement of objects and reasonsin the course of the investigations by the reserve bank of india, large scale irregularities and malpractices were noticed in transactions, in both the government and other securities, indulged in by some bro- -kers in collusion with the employees of various banks and financial institutions the said irregularities and malpractices led to the diversion of funds from banks and financial institutions to the individual accounts of certain brokers 2 to deal with the situation and in particular to ensure the speedy recovery of the huge amount involved, to punish the guilty and restore confidence in and maintain the basic integrity and credibility of the banks and financial institutions the special court (trial of offences relating to transactions in securities) ordinance, 1992 was promulgated on the 6th june, 1992 the ordinance provides for the establishment of a special court with a sitting judge of a high court for speedy trial of offences relating to transactions in securities and disposal of properties attached it also provides for appointment of one or more custodians for attaching the property of the offenders with a view to prevent diversion of such properties by the offenders 3, the bill seeks to replace the said ordinance new delhi; manmohan singh the 7th july, 1992, pa so i i ila ia i nn ea a, li al   memorandum regarding delegated legislationsub-clause (1) of clause, 14 empowers the central government to make such rules; if any, as it may deem necessary for the purposes of legislation the rules, if any, which may be made under this provision will relate to matters of detail: which it is not practicable to: provide for in the legislation itself 2 in the circumstances explained ang my the: delegation of pe power is of a normal spatasier memorandum explaining the modification contained in the bill to replace the special court (trial of offences relating to transactions in securities) ordinance, 1999, tained in the said ordinance: - =va5 © et, is proposed: to: modify sub-sections (3) and (5) of section 3 of the ordinance and clay se (b) of sub-section (2) of section bee and to insert new sub-section (2) in section 4 and new sub-section (4) in section 9 of the ordinance through the proposed bill the said modifications and insertions are clarificatory in nature