(1)From the date on which the provisions of this Act are brought into force in any area, no person, firm or joint family .["or unincorporated association of individuals shall commence or"] carry on or continue business as a money-lender at any place in such area without a licence obtained under this Act or in contravention of the terms thereof:Provided that nothing in this section shall be deemed to prohibit a person who has applied for a licence to carry on or to continue business as a money-lender pending orders on his application.(2)Where a money-lender has more than one shop or place of business, whether in the same town or village or in different towns or, villages he shall obtain a separate licence in respect of each shop or place of business.(3)(a)where a money-lender is a registered firm the licence shall be obtained in the firm's name.(b)Where a money-lender is an undivided joint family, the licence shall be obtained in the name of the manager or the karanavan or the yajaman, as the case may be, described as such in the licence.(c)Where a money-lender is any other association of individuals, not required to be registered under the Indian Companies Act, 1956 (Central Act I of 1956), a separate licence shall be obtained by each such individual in his name describing himself as a member of the association:
