Non-Banking Financial Institution without licence contrary to Section 23 (1) of Act 29/60 and Section 2 (1) of Act 7741/2008. - Macfoy v. United Africa Co. Ltd. [1961] All ER 1169 at 1172 by Lord Denning thus:
“If an act is void, then it is in law a nullity. It is not only bad, but incurably bad. … Any every proceeding which is founded on it also bad and incurably bad”. - Lazard Brothers & Co. v. Midland Bank Ltd [1932] 1 KB 617 CA, it was held that 
“Void judgment may be set aside on appeal by an appellate court”. - Acheampong v. The Republic [1996-97] SCGLR 56 at 576 the Supreme Court held thus:
“There is a well-established general principle of law that proceedings that are a nullity are automatically null and void and upon an application for the purpose, they must be set aside ex debito justitiae and the court itself is under a duty to set them aside; time is not of essence here”.


