(1)(i)a Court passing an order of conviction against a money-lender for an offence under this Act, or(ii)a Court trying a suit to which this Act applies, if satisfied that such money-lender has committed such contravention of the provisions of this Act or the rules as would, in its opinion, make him unfit to carry on the business of money-lending -(a)may order that all the licences held by such money-lender in the [State] [This word was substituted for the word 'Province' by the Adaptation of Laws Order, 1950.] be cancelled or suspended for such time as it may think fit, and(b)may, if it thinks fit, declare any such money-lender, or if any money-lender is an undivided Hindu family, a [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 7.] company] or an unincorporated body, such family, [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 7.] company] or body and also any person responsible for the management of the business of money-lending carried on by such family, [ [*] [These words were substituted for the word 'bank' by Bombay 58 of 1948, Section 7.] company] or body, to be disqualified from holding any licence in the [State] [This word was substituted for the word 'Province' by the Adaption of Laws Order, 1950.] for such time as the Court may think fit.(2)Where a Court convicts a money-lender of an offence under this Act, or makes an order or declaration under clause (a) or (b) or sub-section (1) it shall cause the particulars of the conviction, order or declaration, as the case may be, to be endorsed on all the licences held by the money-lender convicted or by any other person affected by the order or declaration and shall cause copies of its order or declaration to be sent to the Registrar by whom the licences were granted for the purpose of entering such particulars in the register:Provided that where any licence held by any money-lender is suspended or cancelled or any money-lender is disqualified from holding any licence under this section he may appeal against such order to the Court to which an appeal ordinarily lies from the decision of the Court passing the order, and the Court which passed the order or the Court of appeal may, if it thinks fit, pending the appeal, stay the operation of the order under this section.(3)Any licence required by a Court for endorsement in accordance with subsection (2) shall be produced by the person by whom it is held in such manner and within such time as may be directed by the Court and any person who, without reasonable cause, makes default in producing the licence so required shall be liable, on conviction, to a fine not exceeding Rs. 500 for each day for period during which the default continues.(4)Powers conferred on a Court under this section may be exercised by any Court in appeal or in revision.
