Section 41: Prohibition of alienation of freezed property

41. Prohibition of alienation of freezed property.__ (1) Where any order under section 37 or section 40 is made for freezing of any asset, any alienation or transfer of such asset by any manner or mode shall, till the conclusion of the proceedings under this Act, or until such order is vacated be void, and if such asset is subsequently forfeited to the Federal Government, any such alienation or transfer of assets shall be deemed to be of no effect whatsoever. (2) Any person who knowingly alienates or transfers any assets in respect whereof an order has been made under section 37 or section 40 shall be guilty of an offence punishable, on conviction, with imprisonment for a term which may extend to three years, or with fine, or with both.

Effective date: 1997-07-11

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