Microfinance Bill, 2012
H.B. 2, 2012
(h) a microfinancier or any of its officers, employees or agents has prevented a supervisor
from exercising any of his or her powers in terms of this Part or in terms of section 9
of the Balance of Payments Reporting Act [Chapter 22:16];
and the Reserve Bank considers that an investigation is necessary for the purpose of
preventing, investigating or detecting a contravention of this Act or any other law, the
Reserve Bank may direct an inspector to conduct an investigation into the microfinancier
concerned or any aspect of its management or activities.
(2) It shall not be necessary for the Reserve Bank to afford the institution concerned an
opportunity to make representations before it directs an inspector to conduct an investigation.
(3) For the purposes of an investigation in terms of subsection (1), an inspector may
exercise any of the powers of a supervisor set out in section 36(3) and, in addition, may⎯
(a) seize any securities, books, records, accounts or documents of the microfinancier
concerned which in his or her opinion may afford evidence of an offence or
irregularity:
Provided that⎯
(i) the inspector shall issue a full receipt for any securities, books, records,
accounts or documents so seized;
(ii) any securities, books, records, accounts or documents so seized shall be
retained only for so long as may be necessary for the purposes of the
investigation;
(b) examine, whether under oath or otherwise, any person who is or was a director,
officer, employee, agent, auditor, legal adviser, valuator, debtor, creditor, policyholder, shareholder or partner of the microfinancier concerned:
Provided that ⎯
(i) any person so examined shall be entitled to have his or her legal practitioner
present at the examination;
(ii) no person shall be required to answer any question which he or she would
not be required to answer if he were a witness in a civil or criminal case
before a court;
(c) require any person referred to in paragraph (b) to produce any security, book, record,
account or document of the microfinancier concerned to which he or she has access,
or to give any information at his or her disposal relating to the management or
affairs of the microfinancier:
Provided that no such person shall be required to produce anything or to answer
any question which he would not be required to produce or answer, as the case may
be, if he or she were a witness in a civil or criminal case before a court.
(4) A microfinancier whose securities, books, records, accounts or documents have been
seized under this section shall be entitled, through its authorised representative, to examine,
make entries in and make extracts from them during office hours under such supervision as an
inspector may determine.
(5) In conducting an investigation in terms of subsection (1), an inspector shall have the
same powers, rights and privileges as are conferred upon a commissioner by the Commissions
- 24 -
Select target paragraph3
Add to table of contents