Section 3(2) in Tamil Nadu Pawnbrokers Rules, 1943
(2)Every person, while applying for a licence, shall mention in the application the name of a person as his nominee who is equator more than equal to him insolvency and of good character with his written consent that if the applicant is granted a licence and if during the period of licence, the licensee does or surrenders the licence as the case may be, and at the time, if any article pledged with the licensee is not redeemed or disposed of, he (the nominee), shall, after getting a licence from the licensing authority, continue to carry on business as a pawnbroker at the same shop owned or occupied by the licensee at least for a period till that pawned article is redeemed or disposed of, as the case may be, in accordance with the provisions of the Act.
