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← Moneylenders Act 1951

Moneylenders Act 1951 s 9F

Moneylenders Act 1951 s 9F

Some sections could not be extracted from the official PDF, so this text may be incomplete.

s 9F Surrender of licence

(1) Upon the revocation of the licence under section 9A, or the rejection of an appeal against the revocation of the licence under section 9C, the holder of the licence shall, within 14 days from the date of the notice of revocation, or the notice of rejection of appeal against revocation, being served on him, surrender his licence to the Registrar. (2) Any person who fails to surrender his licence as required under subsection (1) shall be guilty of an offence under this Act and shall be liable to a fine not exceeding twenty thousand ringgit or to imprisonment for a term not exceeding twelve months or to both. Transfer or assignment of licence prohibited 9G . (1) Subject to subsections (2) and (3), the holder of a licence shall not transfer or assign his licence to any other person, or cause or permit any other person to use his licence or provide the services authorized in the licence. (2) Except with the prior written consent of the Registrar, the holder of a licence shall not appoint any person for the purpose of exercising any of the rights conferred on him under the licence, or cause or permit any such person to exercise any such right. (3) The Registrar may authorize the transfer of a licence where— (a) the holder of a licence— (i) being a company, is liquidated and a receiver or manager is appointed in relation to the moneylending business of the company; or (ii) being a society, firm or other body of persons is dissolved and a receiver or manager is appointed in relation to the moneylending business of the society, firm or other body of persons; or (b) for any reason the Registrar is satisfied that it would be just to do so. (4) Except where the Registrar has given his consent or authorization under subsection (2) or (3), the holder of a licence who purports to transfer or assign his licence to any other person, or causes or permits any other person to use his licence or to provide the services authorized in the licence, shall be guilty of an offence under this Act and shall be liable to a fine not exceeding twenty thousand ringgit or to imprisonment for a term not exceeding twelve months or to both.

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Find Act 400 on lom.agc.gov.my ↗

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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