Section 10
Amendment of constitution of finance company
(1)
Every finance company that intends to alter its Memorandum of
Association or Articles of Association shall, before proposing any resolution in this regard, furnish to the Authority for its approval, particulars in writing
(verified by a statutory declaration made by the secretary of the finance company) of that proposed alteration.
Finance Conlyanies
CAP. 89 13
(2)
The Authority may thereupon -
(a)
approve the proposed alteration without modification:
(b)
approve the proposed alteration with modification; or
(c)
refuse to approve the proposed alteration.
(3)
If the Authority -
(a)
approves the proposed alteration with modification. the finance company shall adopt the proposed alteration as so modified or not proceed with the proposed alteration; and
(b)
refuses to approve the proposed alteration, it may request the finance company to withdraw the proposed alteration and the finance company shall comply with the Authority's request.
(4)
Any finance company which fails to comply with the requirement of subsection (I) or with any request by the Authority made under subsection (3) is guilty of an offence and liable on conviction to a fine of $1,500 for every day during which the default continues.