Section 3
of Act 125
ActRepealedProvision 2 of 37
Section 3
(1)
Subject to this Act and notwithstanding the provisions of the Companies Act, 1965, relating to borrowing corpora-tions no person shall carry on borrowing business unless it is—
(a)
a public company; and
(b)
a licensed borrowing company.
(2)
Any person who contravenes the provisions of sub-section (1) is guilty of an offencé and shall on conviction be liable to a fine not exceeding ivethousand—dollars or to bot for a term not exceeding three years or to bot
Exclusion of non-borrowing business.