Act 6 Borrowing Companies Act, 1969 PART III - FINANCIAL
Section 22. Restrictions on investments.
(1) Except with the consent in writing of the Central Bank no licensed borrowing company may acquire-
(a) shares of any corporation;
(b) immovable property; or
(c) any beneficial interest in any firm.
(2) Sub-section (1) shall not apply in respect of any share, immovable property or beneficial interest acquired by the licensed borrowing company in the course of satisfaction of debts due to it.
(3) Any shares, immovable property or beneficial interest acquired pursuant to sub-section (2) shall be disposed of as soon as practicable but not later than one year or such longer period as the Central Bank may allow in any particular case, commencing on the date the shares, immovable property or beneficial interest were acquired.
