(1)No person shall, on and after the date on which the provisions of this Act are brought into force in any area, carry on, or continue to carry on, business as a money-lender at any place in such area except under, and in accordance with, the terms of a licence.(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 such shop or place of business.(3)(a)Where a money-lender is a registered firm, the licence shall be obtained in the firms name.(b)Where a money-lender is an undivided Hindu family, the licence shall be obtained in the name of the manager or the karnavan 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 Companies Act, 1956 (Central Act 1 of 1956), a separate licence shall be obtained by each such individual in his name describing himself as a member of the association:Provided that nothing contained in this sub-section shall affect the operation of section 59 of the Indian Partnership Act, 1932 (Central Act IX of 1932).
