Section 22
Restriction on holding immovable property by finance companies
(1)
No finance company shall purchase or acquire any immovable property, or any right, title or interest therein, exceeding in the aggregate at any one time 25 per cent of the finance company's paid-up share capital and published reserves, except as may be reasonably necessary for the purpose of
Finance Con~panies
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conducting its business or of housing or providing amenities for its staff but this shall not prevent a finance company from -
(a)
letting part of any building which is used for the purpose of conducting its business; or
(b)
securing a debt on any immovable property and. in the event of default in payment of such debt, from holding that immovable property for realisation by sale or auction at the earliest suitable moment.
(2)
This section does not apply to such property as may from time to time be approved by the Authority.