Section 21
of Act 125
Section 21
A licensed borrowing company shall not lend any money or grant any advance or credit facility to any of its directors.
(2)
For the purposes of this $ection and section 23 a
“director” shall be deemed to include the wife, husband, father, mother, son or daughter of a director.
i (i) Except with the consent in writing of the Central
Bank no licensed borrowing company may acquire—
(a)
shares of any corporation;
(b)
immovable property; or
(c)
any beneficial interest in any firm.
(2)
Sub-section (1) shall not apply in respect of any share, immovable property or beneficial interest acquired by the licensed borrowing company in the course of satisfaction of debts due to it.
(3)
Any shares, immovable property or beneficial interest acquired pursuant to sub-section (2) shall be disposed of as soon as practicable but not later than one year or such longer period as the Central Bank may allow in any parti-cular case, commencing on the date the shares, immovable property or beneficial interest were acquired.