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
- 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
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
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