Approval required for assignment

(1) No moneylender shall make any assignment, or cause, permit or acquiesce in any assignment, unless the prior written approval of the Registrar has been obtained. (2) No person shall, whether directly or indirectly, accept an assignment, unless the prior written approval of the Registrar has been obtained. (3) An application to the Registrar for approval under sub- section (1) or (2) shall be made by the moneylender. (4) The Registrar shall not grant approval under sub-section (1) or (2) unless satisfied that, following the assignment, any person who will become the assignee is fit and proper. (5) For the purposes of this section, “assignment” means an assignment referred to in section 21. 36 (6) Any person who contravenes sub-section (1) or (2) commits an offence and is liable on summary conviction to a fine not exceeding twenty thousand dollars, or to imprisonment for a term not exceeding two years, or to both.