Section 3(3) in The M.P. Anusuchit Jan Jati Sahukar Viniyam, 1972
(3)Where the business or money-lending is done by-(a)a registered firm the licence shall be obtained in the name of the Manager described as such in the licence;(b)an undivided Hindu family, the licence shall be obtained in the name of the manager described as such in the licence;(c)any other association of individuals, not required to be registered under Section 11 of the Companies Act, 1956 (Central Act 1 of 1956), a separate licence shall be obtained by each such individual in his name describing himself as member of the association :Provided that nothing contained in this sub-section shall affect the operation of Section 69 of the Indian Partnership Act, 1932 (Central Act IX of 1932).
