Prohibition On Carrying Out Act Of Financial Intermediation Without License | Section 3 | Act Relating To Institutions Acting As Financial Intermediary, 2055 (1999)

Act Relating To Institutions Acting As Financial Intermediary, 2055 (1999)

Section 3

Prohibition On Carrying Out Act Of Financial Intermediation Without License

After the commencement of this Act, no one shall carry out, or cause to be carried out, the act of financial intermediation pursuant to this Act, 8 without obtaining license.

Act Relating To Institutions Acting As Financial Intermediary, 2055 (1999)

Chapter - 1

Section 1: Short Title And Commencement Section 2: Definitions

Chapter - 2

Section 3: Prohibition On Carrying Out Act Of Financial Intermediation Without License Section 4: Application To Be Made For License Section 5: License To Be Issued Section 6: Power To Specify Terms Section 7: To Obtain Renewal

Chapter - 3

Section 8: Functions, Duties And Powers Of Institutions Section 9: Power To Demand Details, Data Or Documents Section 10: To Enter Into Agreement Section 11: Power Of Institution In The Event Of Violation Of Terms Section 12: Registration Or Transmission To Be Made Section 13: Xxxxxxx Section 14: To Determine The Rate Of Interest Section 15: Power To Collect Service Charge Section 16: To Maintain Records

Chapter - 4

Section 17: Power To Make Or Cause To Be Made Inspection Or Inquiry Section 18: Power To Give Direction Section 19: Power To Cancel License Section 20: Power To Prevent The Carrying Out Of Act Of Financial Intermediation Section 21: 31 To Give Up Carrying Out Of Act Of Financial Intermediation Section 21A: 32 To Recover From Household Properties Of Office-bearers Section 22: Xxxxxxx Section 23: Xxxxxxx

Chapter - 5

Section 24: 36 Fund Of Association Section 25: Risk Bearing Fund Section 26: Accounts And Audit Of Institution Section 27: Xxxxxxx

Chapter - 6

Section 28: Punishment Section 29: Action May Be Taken Pursuant To Prevailing Law

Chapter - 7

Section 30: Exemption From Registration Fee Or Revenue Stamp Section 31: Exemption From Income Tax Section 32: Annual Report To Be Submitted Section 33: Bank To Be Consulted Section 33A: To Merger Or Be Merged Section 34: Saving Of Act Done In Good Faith Section 35: Prevailing Law To Apply Section 36: Power To Frame Bye-laws

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