Para 7 - Charge, assignment - Site Restoration Fund Scheme, 1999

Charge, assignment. 7. (1) The amounts standing to the credit of any account shall not be pledged or offered as security for any loan or guarantee and shall not be charged or alienated in any manner whatsoever except as provided in sub-paragraph (2). (2) If a depositor transfers or assigns a part or all of his participating interest in the agreement in accordance with the terms thereof, the depositor may correspondingly transfer or assign a part or all of the amounts standing to the credit of his account to the transferee/assignee. In such an event, the deposit office shall not transfer part or all of the amount without the prior authorisation from the Ministry of Petroleum and Natural Gas.