Microfinance Bill, 2012 H.B. 2, 2012 Registrar has by written notice approved the appointment or re-appointment, as the case may be. (3) The Registrar shall approve a person’s appointment or re-appointment as a director of a corporate microfinancier if the Registrar is satisfied, having regard to⎯ (a) the person’s general probity; and (b) the person’s competence and soundness of judgement; and (c) the diligence with which the person is likely to fulfil his or her responsibilities towards the microfinance institution or moneylender; that he or she is a fit and proper person to be a director of the microfinancier in question: Provided that a person who is disqualified under section 173 of the Companies Act [Chapter 24:03] from being a director of a company shall not be a fit and proper person to be a director of a corporate microfinancier. (4) Where the Registrar is requested to approve the appointment or re-appointment of a director for the purposes of this section, the Registrar shall consider the matter and, within two weeks after receiving the request, shall notify the microfinancier concerned, in writing⎯ (a) of his or her decision of the application; and (b) if he or she refuses to approve the appointment of the person concerned, of the reasons for the refusal; unless the applicant consents to the extension of the two-week period. (5) Any corporate microfinancier (other than a partnership) which knowingly contravenes subsection (2) shall be guilty of an offence and— (a) shall be liable to a fine not exceeding level five; and (b) every director of the microfinancier shall be liable to a fine not exceeding level five or imprisonment for a period not exceeding six months or both such fine and such imprisonment. (6) The board of directors of every registered microfinance institution shall meet at least once every three months for the transaction of its business. 21 Records of transactions (1) Every corporate microfinancier shall maintain within Zimbabwe such records as are necessary⎯ (a) to reveal clearly and correctly the state of its business affairs and financial condition; and (b) to explain its transactions so as to enable the Registrar to determine whether the microfinancier has complied with this Act. (2) Subject to subsection (3), every corporate microfinancier shall keep proper records of all transactions relating to its microfinance activities, and shall preserve them for such period as may be prescribed. (3) Records and documents referred to in subsection (1) and (2) may be kept in their original form or in such other medium or form as may be prescribed. - 16 -