Microfinance Bill, 2012 H.B. 2, 2012 (j) in the case of a microfinance institution, the institution has not conducted its microfinance business in accordance with sound administrative, accounting or riskmanagement practices; or (k) where the microfinancier is a subsidiary of a banking institution or building society which has ceased to be registered under the Banking Act [Chapter 24:20] (Act No. 9 of 1999) or the Building Societies Act [Chapter 24:02], as the case may be. (l) where it is in the public interest that the microfinancier’s registration should be cancelled. (2) Before cancelling the registration of a microfinancier, the Registrar shall notify the microfinancier, in writing, that he or she proposes to cancel the microfinancier’s registration and of the reasons for it: Provided that, if the Registrar believes on reasonable grounds that it is not possible to notify the microfinancier at its registered office, the Registrar shall publish a notice in the Gazette and in a newspaper circulating in the area in which the microfinancier’s registered office is situated, stating that its registration will be cancelled unless the microfinancier lodges an appeal with the Minister in terms of section 39 within thirty days from the date of publication of the notice in the Gazette. (3) The Registrar shall not cancel the registration of a microfinancier until⎯ (a) the period within an appeal may be lodged in terms of section 44 has elapsed; or (b) the thirty day period referred to in the proviso to subsection (2) has lapsed, where a notice was published in terms of that proviso unless the microfinancier has consented to the cancellation. (4) The Registrar may cancel the registration of a microfinancier if the microfinancier so requests, and the Registrar is satisfied that cancellation will be in the best interests of microfinancier’s creditors, borrowers, depositors and members: Provided that, if the Registrar decides not to cancel a microfinancier’s registration in terms of this subsection, he or she shall, within ten days after reaching that decision, notify the microfinancier, in writing, of the decision and of the reasons for it. 13 Public notice of registration and cancellation of registration Whenever the Registrar registers a microfinancier or cancels its registration in terms of this Part, he or she shall cause notice of the registration or cancellation to be published in the Gazette and in one or more issues of a newspaper circulating in the area in which the microfinancier intends to conduct its microfinance business or, as the case may be, has been carrying on it microfinance business. 14 Effect of cancellation of registration (1) Upon the cancellation of its registration, a microfinancier shall immediately cease conducting any microfinance business, except to the extent that the Registrar may permit it to do so for the purpose of⎯ (a) recovering any amounts due to it from any borrowers; or (b) settling its obligations towards any depositors; or (c) transferring its business to another registered microfinancier. - 13 -