Section 47: Attachment of property.

(1) When the Director is satisfied that a person, with intent to defraud or delay the execution of an order which may be made against him under section 46 (1) or 49 (1) of this Act or under any decision given in a dispute referred to the Director or an arbitrator under the bye-laws or regulations of the society-
(a) is about to dispose of the whole or any part of his property; or
(b) is about to remove the whole or any part of his property from the local limits of the jurisdiction of the Director, the Director may, unless adequate security is furnished, direct the interim attachment of the property or such part thereof as he thinks necessary and the attachment shall have the same effect as if it had been made by a competent court.
(2) A person who, without reasonable excuse, fails to comply with the provisions of subsection (1) of this section is guilty an offence and liable on conviction to a fine of N1,000 or to imprisonment for a term of six months or to both such fine and imprisonment.