Microfinance Bill, 2012 H.B. 2, 2012 (2) Within fourteen days after appointing a chief executive officer, a chief accounting officer referred to in subsection (1), a registered microfinance institution shall notify the Registrar, in writing, of the appointment. 32 Alteration of memorandum or articles of association by microfinance institution (1) No microfinance institution shall alter its memorandum or articles of association or other rules for the conduct of its business unless the Registrar has given his or her written consent to the alteration. (2) The Registrar shall refuse to consent to any alteration if, in his or her opinion, the alteration conflicts with any provision of this Act. (3) If the Registrar refuses to consent to an alteration, he or she shall, within ten days after reaching his or her decision, notify the applicant, in writing, of the decision and the reasons for it. (4) A microfinance institution which contravenes subsection (1) 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 liable to a fine not exceeding level five. 33 Minimum capital and reserves of microfinance institutions (1) Every microfinance institution shall maintain in Zimbabwe such minimum capital and reserves as may be prescribed. (2) A microfinance institution which contravenes subsection (1) shall be guilty of an offence and— (a) shall be liable to a fine not exceeding level ten; and (b) every director of the microfinancier shall liable to a fine not exceeding level five. 34 Limits on shareholding and transfer of shares in microfinance institutions (1) Subject to this section, no person shall hold in relation to ⎯ (a) a microfinance institution, more than twenty-five per centum; or5 (b) a corporate microfinancier (other than a partnership), more than fifty per centum; of the shares of a microfinance institution or corporate microfinancier, as the case may be. (2) The Registrar may register a microfinance institution in which a person holds more than twenty-five per centum of its shares, if the institution has satisfied the Registrar that it will implement a plan to reduce the person’s shareholding within four years from the date on which the institution is registered, in order to comply with subsection (1). (3) Subsections (1) and (2) shall not apply in respect of⎯ (a) a microfinance institution that is a wholly-owned subsidiary of a banking institution, a building society or another financial institution; or (b) such other microfinance institutions or corporate microfinanciers as may be prescribed. 5 (sic) Note by Veritas. “microfinancier” should be “microfinance institution”. - 20 -