Section 3
ActIn forceProvision 3 of 53
Section 3
(1)
Subject to this Act and notwithstanding the provisions of the Companies Act, 1965, relating to borrowing corporations 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 subsection (1) is guilty of an offence and shall on conviction be liable to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding three years or to both.