Transfer of significant interest

(1) No person owning or holding a significant interest in a moneylending business shall sell, transfer, charge or otherwise dispose of that interest in the moneylending business, or any part of that interest, unless the prior written approval of the Registrar has been obtained. (2) No person shall, whether directly or indirectly, acquire a significant interest in a moneylending business, unless the prior written approval of the Registrar has been obtained. (3) No moneylender shall, unless the prior written approval of the Registrar has been obtained– (a) cause, permit or acquiesce in a sale, transfer, charge or other disposition referred to in sub- section (1); or (b) issue or allot any shares or cause, permit or acquiesce in any reorganisation, including of its share structure, that results in26 (i) a person acquiring a significant interest in the moneylending business; or (ii) a person who already owns or holds a significant interest in the moneylending business, increasing or decreasing the size of the interest. (4) An application to the Registrar for approval under sub- section (1), (2) or (3) shall be made by the moneylender. (5) The Registrar shall not grant approval under sub-section (1), (2) or (3) unless, he is satisfied that, following the acquisition or disposal, any person who will acquire a significant interest is fit and proper. (6) For the purposes of this section, “significant interest”, in respect of a moneylending business, means a holding or interest in the business or in any holding company of the business held or owned by a person, either alone or with any other person and whether legally or equitably, that entitles or enables the person, directly or indirectly– (a) to control ten per cent or more of the voting rights of the moneylending business at a meeting of the business or of its members; (b) to a share of ten per cent or more in any distribution made by the moneylending (c) to a share of ten per cent or more in any distribution of the surplus assets of the moneylending business; or (d) to appoint or remove one or more directors of the moneylending business. 27 (7) Any person who contravenes sub-section (1), (2) or (3) commits an offence and is liable on summary conviction to a fine not exceeding one hundred thousand dollars, or to imprisonment for a term not exceeding two years, or to both. (8) Where a person contravenes sub-section (1), (2) or (3), any transaction purported to be made in connection with the contravention is void.