Finance Companies Act · s 23

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s 23Liquidation of prohibited transactions by finance companies

Any company which, before 1 st August 1973, being the date of the coming into operation of this Act, had entered into any transaction prohibited by the provisions of sections 18, 19, 20, 21 and 22 shall, if it is licensed under this Act -

(a)

within 6 months of that date, submit a statement of those transactions to the Authority; and

(b)

furthermore within that time, or such further time as the

Authority may specify, liquidate those transactions or failing liquidation of those transactions be subject to the restrictions specified in sections 18, 19,20,21 and 22 and be bound accordingly to dispose of any movable or immovable property. or any right. title or interest therein as may have been acquired as a result of those prohibited transactions.