Clause 10

by inserting immediately after the word “order” appearing at the end of paragraph (a) of subsection (1) thereof the words “drawn by a depositor on the finance company”;

by deleting paragraph (c) of subsection (1) thereof and substituting therefor the following new paragraphs: —“(c)grant unsecured advances, unsecured loans or unsecured credit facilities which in the aggregate and outstanding at any one time exceed ten per centum of the paid-up share capital and published reserves of the finance company and which as regards —

any individual director whether borrowing on his own account or jointly with another director;

a firm in which it or any of its directors has an interest as a partner, manager or agent, or to any individual or firm of whom or of which any of its directors is a guarantor;

a corporation that is deemed to be related to the finance company as described in section 6 of the Companies Act, 1967 (Act 42 of 1967); or

any other person or body of persons whether incorporated or not,exceed at any time the sum of five thousand dollars; and

grant or permit to be outstanding to any customer any advances, loans or credit facilities, or give financial guarantees or incur any other liabilities on his behalf to an aggregate amount of such advances, loans or credit facilities, guarantees or liabilities in excess of sixty per centum of the paid-up share capital and published reserves of the finance company:Provided that, with the approval of the Commissioner, the percentage referred to in this paragraph may be increased to one hundred per centum of the paid-up share capital and published reserves of the finance company.”;

by deleting the expression “sub-paragraph (i) of” appearing in the first line of subsection (3) thereof; and

by inserting immediately after the expression “sub-paragraph (i)” appearing in the fourth line of subsection (4) thereof the expression “, (ii) or (iii)”.