State Act

THE KARNATAKA MONEY-LENDERS ACT, 1961

10. Term of licence.— A licence shall be valid 1[for a term of 2[three years]2 ]1: Provided that where a money-lender holding a licence has made an application for a fresh licence before the date prescribed under sub-section (1) of section 6, for the succeeding 1[term]1, such money-lender shall, notwithstanding the expiry of the term of his licence, be deemed to have a valid licence until orders are received by him on his application for the fresh licence. 1[Explanation.—Where a licence has been granted in the middle of a year, for the purpose of computing the term of licence, the remaining part of the year shall be deemed to be a year.]1