(1 ) No person shall, after two lnollths from the commencenlellt of der to obthis Reguletion, carry on business as a money-lender in the Union territory, tain licence.
except under and i;i accordance with the conditions of a licence :
Providcd tha: ~iothi~ig in this section shall be deemed to prohibit a person, who has, within thc aforesaid period of two months applied for a licence, to carry on such business until the licence is granted or refi~sed.
(2) Where a money-lcnder has more than one shop or place of business in the U~rivll t r i I i l u ~ y, Ilc dla11 o l i t a i ~ ~ a scparatc liccncc in rcspcct of cnch such shop or place or busi~~esz.
(.?) (0) Where a moi:ey-lender is a registered firm, the licence shall be obtained in the firm's name.
(b) Where a money-lender is an undivided family, the licence shall be obtained in the name or the manager, or the karmlavan, or the yajanzan, as the case may be, who shall be described as such in the licence.
(c) Where a money-lender is any other association of individuals, not re- 1 of 1956. quired to be registered under the Companies Act, 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 9 of 1932. of section 69 of the Indian Partnership Act, 1932.