1964_MONEY_LENDERS_ORDINANCE — Page 27

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CAP. 163]

Money Lenders

[1988 Ed.

(b) exempt a loan, or class of loans, by a class of persons (whether money lenders or not), specified in the notice from all or any of the provisions of this Ordinance specified in the notice.

(2) An exemption under subsection (1) shall be subject to such conditions, if any, as are specified in the notice.

(3) The Registrar may at any time by notice in the Gazette-

(a) revoke an exemption under subsection (1); or

(b) revoke, vary, or add to any condition subject to which such exemption

is granted.

(4) Notwithstanding any other provision of this Ordinance, any notice— (a) under section 21(2) or 27(2) of this Ordinance as in force at any time before the commencement* of the Money Lenders (Amendment) Ordinance 1988 (69 of 1988); and

(b) in force immediately before that commencement,

shall remain in force and continue to have effect as if section 17 or 23(a) and (b), as the case may be, of the Money Lenders (Amendment) Ordinance 1988 had never come into operation but the Registrar may, after consultation with the Financial Secretary, by notice in the Gazette, revoke any such notice.

(5) Where, at any time before the commencement of the Money Lenders (Amendment) Ordinance 1988, section 27(1) did not apply in relation to an agreement referred to in section 27(2) of this Ordinance as in force at any time before that commencement, then section 27(3) shall, in the like manner-

(a) be deemed never to have applied in relation to that agreement; and (b) not apply in relation to that agreement in so far as section 27(1) does not apply in relation to that agreement by virtue of subsection (4) of this section.

( Added, 69 of 1988, s. 31)

Specific exemptions

33B. (1) A person (whether a money lender or not) may make an application-

(a) in the prescribed form; and

(b) accompanied by the prescribed fee,

to the Registrar to be exempted from all or any of the provisions of this Ordinance.

(2) Where the Registrar receives an application under subsection (1) he shall, after consultation with the Financial Secretary, by notice in writing served on the person who made the application

(a) grant the exemption subject to such conditions, if any, as he may deem

fit; or

(b) refuse to grant the exemption.

* 1.10.1988 — L.N. 257/88.