Section 7
Licensees to be companies
ActIn forceProvision 7 of 94
Section 7
Amended by7/20187/20187/2018
(1)
On and after 29 March 2019 —
(a)
no person other than a company with a paid-up capital that is equal to or greater than the prescribed amount may hold a licence; and
(b)
the Registrar must not issue or renew a licence unless the applicant is a company with a paid-up capital that is equal to or greater than the prescribed amount.
Amended by7/2018
(2)
A licence that is granted to a person that is not a company with a paid-up capital that is equal to or greater than the prescribed amount, and that is in force immediately before 29 March 2019, is deemed to be revoked as from 29 March 2019.
Amended by7/2018
(3)
The revocation of a licence under subsection (2) does not affect any moneylending transaction entered into before 29 March 2019.[6A
Amended by7/2018