Section 31
Moratorium
ActIn forceProvision 33 of 45
Section 31
(1)
The Authority may, if he considers it to be in the interests of the a depositors of a finance company, by order -
34
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.