12.—(1) Every licensee shall obtain the approval of the Registrar —
(a)
before changing his business name;
(b)
before the admission of any person who will be responsible for the management of the licensee’s business of moneylending;
(c)
before any person becomes a director or partner of the licensee; or
(d)
as soon as practicable after —
(i)
any person becomes a substantial shareholder of the licensee; or
(ii)
any substantial shareholder of the licensee increases or reduces his substantial shareholding in the licensee.
(2) Every licensee shall notify the Registrar, in writing, when any person ceases to be a director, partner or substantial shareholder of the licensee, or ceases to be responsible for the management of the business of moneylending of the licensee, not later than 14 days after the cessation.
(3) Every licensee shall notify the Registrar, in writing, of the making of a bankruptcy order against the licensee, or any director, partner or substantial shareholder of the licensee, not later than 14 days after the bankruptcy order is made.
(4) No person shall become a substantial shareholder of a licensee without first obtaining the approval of the Registrar.
(5) Where any person becomes a substantial shareholder of a licensee in contravention of subsection (4), that person shall take such steps as are necessary to cease to be a substantial shareholder of the licensee within such time as the Registrar may require.
(6) Any person who, without reasonable excuse, contravenes subsection (1), (2), (3), (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.