(1) No person shall commence or carry on or continue
business as a Pawn Broker at any place to which this Act
applies without a licence obtained under this Act or in
contravention of the terms thereof:
Provided that nothing in this section shall be deemed to prohibit a licensee under 1[the Andhra Pradesh (Andhra Area) Pawn Brokers Act, 1943] or 1[the Andhra Pradesh (Telangana Area) Money Lenders Act, 1349F] who has applied for a licence within three months from the commencement of this Act to carry on or to continue business as a Pawn Broker pending order on his application.
(2) Where a Pawn Broker 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 Pawn Broker is a registered firm, the licence shall be obtained in the firm’s name;
(b) Where a Pawn Broker is an undivided joint family, the licence shall be obtained in the name of the manager or the Kartha, as the case may be, described as such in the licence;
(c) Where a Pawn Broker is any other association of individuals, not required, to be registered under the Indian 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 of section 69 of the Indian Partnership Act, 1932.
Provided that nothing in this section shall be deemed to prohibit a licensee under 1[the Andhra Pradesh (Andhra Area) Pawn Brokers Act, 1943] or 1[the Andhra Pradesh (Telangana Area) Money Lenders Act, 1349F] who has applied for a licence within three months from the commencement of this Act to carry on or to continue business as a Pawn Broker pending order on his application.
(2) Where a Pawn Broker 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 Pawn Broker is a registered firm, the licence shall be obtained in the firm’s name;
(b) Where a Pawn Broker is an undivided joint family, the licence shall be obtained in the name of the manager or the Kartha, as the case may be, described as such in the licence;
(c) Where a Pawn Broker is any other association of individuals, not required, to be registered under the Indian 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 of section 69 of the Indian Partnership Act, 1932.
1. Repealed by this Act No.6 of 2002.