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Amendment of constitution of finance company

Finance Companies Act 1967

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—(1) Every finance company that intends to alter its memorandum of association or articles of association must, before proposing any resolution in this regard, provide to the Authority for its approval particulars in writing (verified by a statutory declaration made by the secretary of the finance company) of the proposed alteration.(2) The Authority may thereupon —(a)approve the proposed alteration without modification;(b)approve the proposed alteration with modification; or(c)refuse to approve the proposed alteration.(3) If the Authority approves the proposed alteration with modification, the finance company must adopt the proposed alteration as so modified or not proceed with the proposed alteration.(4) If the Authority refuses to approve the proposed alteration it may request the finance company to withdraw the proposed alteration and the finance company must comply with the Authority’s request.(5) Any finance company which fails to comply with the requirements of subsection (1) or with any request by the Authority made under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 for every day during which the default continues after conviction.

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