Finance Companies Act · s 31

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s 31Moratorium

(1)

The Authority may, if he considers it to be in the interests of the a depositors of a finance company, by order -

Finance Con~panies

(a)

prohibit a finance company from carrying on its business;

and

Coj stay the commencement or continuance of any actions or proceedings against a finance company in regard to its business for a specified period of time on such terms and conditions as he deems reasonable, and may extend the period up to a total period of moratorium of not more than 6 months.

(2)

So long as an order under subsection (1) remains in force, any licence granted to such finance company under this Act shall be suspended.