Section 26
BORROWING COMPANIES 15
of Act 125
ActRepealedProvision 17 of 37
Section 26
Where it is likely that a licensed borrowing company will become unable to meet its obligations or is about to suspend payment to its creditors the company shall forth-ing with inform the Central Bank in writing of either fact.
27, (1) Every licensed borrowing company shall appoint annually an auditor—
(a)
who is an approved company auditor pursuant to section 8 of the Companies Act, 1965; and
(b)
who in addition to being an approved company auditor pursuant to paragraph (a) is again approved by the Minister for the purposes of this
Act.
(2)
Sections 30, 31 and 32 shall apply to an auditor appointed under this section as if for references to the
Central Bank there were substituted references to the auditor.