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LOAN FUND COMPANIES ACT 1976 - As at 28 July 2021 - Act 94 of 1976

- As at 28 July 2021 - Act 94 of 1976

Table of Provisions

PART 1 - PRELIMINARY

PART 2 - ADMINISTRATION

PART 3 - CONDUCT OF LOAN FUND SCHEMES

  • 12 Operation etc of loan fund schemes prohibited except by certain persons
  • 13 Restrictions on use of certain descriptions

PART 4 - MANAGEMENT AND OPERATION OF LOAN FUND COMPANIES

Division 1 - Power to declare public companies etc to be loan fund companies

Division 2 - Obligations etc of loan fund companies

Division 3 - Provisions relating to funds of loan fund companies

Division 4 - Other provisions relating to operation of loan fund companies

  • 29 Loan fund company not to represent or indicate that it has special status
  • 30 Liens over options and shares
  • 31 Certain provisions of memorandum or articles of association of loan fund company void

PART 5 - RIGHTS WITH RESPECT TO SHARES AND OPTIONS TO ACQUIRE SHARES IN LOAN FUND COMPANIES

Division 1 - Rights of persons acquiring shares and options

  • 32 Interpretation for the purposes of this Division
  • 33 Enforcement of contracts with respect to allotment etc of shares in loan fund company conditional on compliance with certain requirements
  • 34 Requirements as to contracts
  • 35 Right of cancellation
  • 36 Effect of cancellation
  • 37 No contracting out
  • 38 Offence for loan fund company to fail to repay money

Division 2 - Rights of shareholders and optionholders to attend and vote at meetings

  • 39 Voting rights attaching to options and shares and rights of holders thereof to attend and vote at general meetings of a loan fund company

Division 3 - Transmission and transfer of shares and options

  • 40 Rights of transferees etc of shares and options

Division 4 - Forfeiture or surrender of shares and options

  • 41 Application of Division
  • 42 Forfeiture of options and shares
  • 43 Surrender of options and shares
  • 44 Money from forfeited or surrendered options or shares to be transferred to a reserve
  • 45 Register of forfeitures and surrenders to be kept
  • 46 Payment of amounts by loan fund company in respect of forfeited or surrendered options and shares etc
  • 47 Cancellation of options and shares
  • 47A Distribution of surplus funds

PART 6 - SPECIAL POWERS WITH RESPECT TO THE SUPERVISION OF LOAN FUND COMPANIES

Division 1 - Inspections

  • 48 Powers of inspection

Division 2 - Inquiries

  • 49 Interpretation for the purposes of this Division
  • 50 Power to hold inquiry
  • 51 Procedure with respect to holding of inquiry
  • 52 Report of Supervisor
  • 53 Further powers of Supervisor after inquiry
  • 54 Privileged communications
  • 55 Expenses of inquiry
  • 56 Concealing etc of records

Division 3 - Powers to control prospectuses and advertising, to suspend acceptances of money and to appoint administrators

  • 57 Powers of Supervisor with respect to prospectuses
  • 58 Powers with respect to advertising
  • 59 Power to suspend the acceptance of money by loan fund companies
  • 60 Appointment and powers of administrator
  • 61 Holding of meeting for appointment of directors
  • 62 Expenses of administration
  • 63 Liability for losses incurred during administration
  • 64 Right of appeal against direction under section 59 and against appointment of administrator

PART 7 - MISCELLANEOUS PROVISIONS

Division 1 - Proceedings

  • 65 Offence to obstruct Supervisor etc
  • 66 Proceedings for offences
  • 67 Liability of directors etc for offences by corporation--accessory to the commission of the offences
  • 68 Evidence

Division 2 - Other matters

  • 69 Report to Parliament
  • 70 Inspection of documents etc
  • 71 Regulations
  • 72 Special provisions with respect to winding up of loan fund companies

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