Clause 9

Every finance company that intends to alter its memorandum of association or articles of association shall, before proposing any special resolution in this regard, furnish to the Commissioner for his approval particulars in writing (verified by a statutory declaration made by the secretary of the finance company) of that proposed alteration.

The Commissioner may thereupon —

If the Commissioner approves the proposed alteration with modification, the finance company shall adopt the proposed alteration as so modified or not proceed with the proposed alteration and if the Commissioner refuses to approve the proposed alteration he may request the finance company to withdraw the proposed alteration and the finance company shall comply with the Commissioner’s request.

Any finance company which fails to comply with the requirements of subsection (1) of this section or with any request by the Commissioner made under subsection (3) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars for every day during which the default continues.