Section 16 in Procedure for Registration of Moneylenders
16. Registration of firms on the basis of joint and separate business.
- Every firm whether owned by one person or more which carries on moneylending business, independently of another firm, must have a separate registration certificate. Thus, if two or more members of joint Hindu family or of a firm carry on their moneylending business jointly the names of both or all should be registered jointly on one application. They will not, however, be' permitted to carry on the business individually or independently of each other on the strength of the joint registration certificate. If they carry on business separately or independently of each other, separate registration certificate would be necessary.
