National Retirement Scheme Act · s 48

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48.
Protection of employee’s interest in execution proceedings and sale under mortgage or charge
(1) Whenever a writ of seizure and sale has been issued in execution of a judgment against an employer and any movable or immovable property or other assets belonging to the employer has been seized or sold or otherwise realised in pursuance of the execution and, prior to the payment of

National Retirement Scheme the proceeds of the sale or other realisation to an execution creditor, notice has been given to the officer charged with the execution of the writ by the
Board that any sum is due to the Scheme, no part of the proceeds shall be paid to an execution creditor unless and until the court issuing the writ has ascertained and provided for the sum due to the Scheme at the date of the sale or other realisation.
(2) In the event of any interest in any place of employment being sold on the application of a secured creditor under any written law in force for the time being and the Board giving to the officer charged with the conduct of the sale notice that a sum of money is due by the debtor to the Scheme, the proceeds of the sale shall not be paid to any creditor other than to the
Government or a secured creditor unless and until the court ordering the sale has ascertained and provided for the amount due to the Scheme at the date of the sale or unless the court is satisfied that all sums due to the Scheme have been paid up to the date of sale.

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s 48Protection of employee’s interest in execution proceedings and sale under mortgage or charge

(1)

Whenever a writ of seizure and sale has been issued in execution of a judgment against an employer and any movable or immovable property or other assets belonging to the employer has been seized or sold or otherwise realised in pursuance of the execution and, prior to the payment of

National Retirement Scheme the proceeds of the sale or other realisation to an execution creditor, notice has been given to the officer charged with the execution of the writ by the

Board that any sum is due to the Scheme, no part of the proceeds shall be paid to an execution creditor unless and until the court issuing the writ has ascertained and provided for the sum due to the Scheme at the date of the sale or other realisation.

(2)

In the event of any interest in any place of employment being sold on the application of a secured creditor under any written law in force for the time being and the Board giving to the officer charged with the conduct of the sale notice that a sum of money is due by the debtor to the Scheme, the proceeds of the sale shall not be paid to any creditor other than to the

Government or a secured creditor unless and until the court ordering the sale has ascertained and provided for the amount due to the Scheme at the date of the sale or unless the court is satisfied that all sums due to the Scheme have been paid up to the date of sale.