Act 6 Borrowing Companies Act, 1969 PART V - MISCELLANEOUS AND TRANSITIONAL
Section 47. Corporation, etc. may carry on borrowing business a without a licence during transitional period.
(1) Notwithstanding anything to the contrary in this Act but subject to sub-section (4) of section 7, section 46 and this section any corporation or firm which is carrying on borrowing business on the coming into force of this Act shall be authorized to do so -
(a) for a period not exceeding six months; or
(b) for such further period or periods as may be prescribed by the Minister by notice in writing to the person.
(2) Where any corporation or firm is authorized to carry on the business of a borrowing company under sub-section (1) it shall -
(a) in the case of a public company -
(i) apply for a licence within one month of the coming into force of this Act; or
(ii) if it does not wish to continue carrying on borrowing business take steps to terminate such business before the expiration of the relevant period referred to in sub-section (1), and
(b) in the case of a foreign company or a firm, if it does not wish to continue carrying on borrowing business, take steps to terminate such business before the expiration of the relevant period referred to in sub-section (1) or take steps to comply with the provisions of section 3 and this section.
(3) Where Pursuant to sub-section (2) a corporation or firm fails to comply with the requirements of that subsection it shall repay its deposit liabilities within one month of their being repayable and shall render a monthly account of the repayment to the Central Bank.
(4) For the purposes of this section and section 48 "firm"' includes a natural and individual person registered under any written law in force in the Federation relating to the registration of business names.
