(1) A lessor in a finance lease agreement shall be a body corporate incorporated as a company under the Companies Act 1963 (Act 179) and specifically licensed to engage in finance leasing.

(2) The Bank of Ghana, in consultation with the Ministry of Finance, shall by guidelines prescribe the requirements to be satisfied before a company becomes eligible for a licence to carry on the business of finance leasing.

(3) The guidelines shall, among other things, provide for

(a) the minimum paid-up capital of the company,

(b) the minimum requirements regarding management expertise and administrative controls, and

          (c) the prohibition or otherwise of accepting deposits from the public by leasing companies.