NATIONAL MORTGAGE, FINANCING AND GUARANTEE SCHEME ACT - 1976 (SMCD 23)

    Section - 33 - Penalty for using Loan for Unauthorised Purpose.

    Any person who, being a person to whom a loan is granted under this Decree uses the whole or part of the proceeds of the loan for any purpose other than the purpose for which the loan is granted, shall, without prejudice to his liability to repay the loan and to pay interest thereon, be guilty of an offence and shall, on summary conviction, be liable to a fine not exceeding c5,000.00 or to a term of imprisonment not exceeding twelve months or to both.