Section 35
of Act 125
Section 35
Where the Central Bank has assumed control of the business of a licensed borrowing company pursuant to section 33, the licensed borrowing company shall submit its business to the control of the Central Bank and shall provide the Central Bank with such facilities as the Central
Bank may require to carry on the business of the licensed borrowing company.
(2)
Any licensed borrowing company which fails to comply with sub-section (1) or with any requirement of the Central Bank pursuant to that sub-section is guilty of an offence and shall on conviction, be liable to a fine not exceeding thousand Pouers for every day the offence continues. Ser rule
=—— MBS
Control of licensed borrowing company by
Central
Bank.
Licensed borrowing company under control of
Central
Bank to co-operate with Central
Bank.
AAGRT
[S. 36-38]
Extension of jurisdiction to subsidia-ries of licensed borrowing company.
Directions by Central
Bank.
Indemnity.
18 Act 6