Section 30
Action by Minister if finance company cannot meet obligations
(1)
Where a finance company -
(a)
considers that it is likely to become unable to meet its obligations, or that it is insolvent, or about to suspend payments; or
(b)
becomes unable to meet its obligations, or is insolvent, or suspends payments, it shall forthwith inform the Minister of such fact.
(2)
Upon receiving such information, and after an inspection or investigation is made under section 26, the Minister is of the opinion that -
(a)
the finance company is carrying on its business in a manner likely to be detrimental to the interest of its depositors or its creditors;
(b)
the finance company is insolvent or is likely to become unable to meet its obligations or is about to suspend payment;
(c)
the finance compaily has contravened or failed to comply with any of the provisions of the Act;
(d)
the finance company has contravened or failed to comply with any condition attached to its licence; or
(e)
it is in the public interest to do so.
the Minister may exercise one or more of the powers specified in subsection (3) as appears to the Minister to be necessary.
Finance Companies
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(3)
The powers referred to in subsection (2) are that the Minister may -
(a)
require the finance company concerned forthwith to take any action or to do or not to do any act or thing whatsoever in relation to its busiiless as the Minister may consider necessary;
(b)
appoint a person to advise the finance company in the proper conduct of its business; or
(c)
assume control of and carry on the business of the finance company or direct some other person to assume control of and carry on the business of the finance company.
(4)
The Minister may, upon representation made to him or on his own motion. modify or cancel any action taken by him under subsection (3), and in so modifying or cancelling any action may impose such conditions as he thinks fit, subject to which the modification or cancellation shall have effect.
( 5 ) In this Act, any reference to the Minister having assumed control of or carrying on the business of a finance company under this section is deemed to include a reference to the Minister having directed some other person to assume control of and carry on the business of that finance company.