Microfinance Bill, 2012 H.B. 2, 2012 (d) open or cause to be opened any strong room, safe or other container in which it is suspected, on reasonable grounds, that there are any of the institution’s moneys, securities, books, records, accounts or documents; (e) examine and make extracts from and copies of any of the microfinancier’s securities, books, records, accounts or documents; (f) remove any of the microfinancier’s securities, books, records, accounts or documents from the microfinancier’s premises, for so long as may be necessary for the purpose of examining them or making extracts from or copies of them: Provided that the supervisor shall give a full receipt for any such securities, books, records, accounts or document so removed; (g) require any officer, employee or agent of the microfinance institution⎯ (i) to explain any entry in the microfinancier’s books, records, accounts or documents; (ii) to provide the supervisor with such information concerning the institution’s management or activities as the supervisor may reasonably require. (4) The powers of entry and search conferred by subsection (3) shall not be exercised except with the consent of the microfinancier or person in charge of the premises concerned, unless there are reasonable grounds for believing that it is necessary to exercise them for the prevention, investigation or detection of an offence or for the obtaining of evidence relating to an offence. 37 Action that may be taken by Reserve Bank where microfinancier found to have contravened Act or condition of registration, etc (1) If, following a report by a supervisor and, where appropriate, after considering any representations made by the microfinancier concerned in terms of subsection (2), the Reserve Bank is satisfied that a microfinancier has contravened any term or condition of its registration or any provision of this Act or any direction, requirement or order made under this Act, the Reserve Bank may, subject to this section, do any one or more of the following— (a) issue a warning to the microfinancier; (b) require the institution to appoint a person who, in the Reserve Bank’s opinion, is qualified to advise the microfinancier on the proper conduct of its business; (c) issue a written instruction to the microfinancier to undertake remedial action specified in the instruction; (d) impose a monetary penalty not exceeding the equivalent of a fine of level ten a day for each day that the contravention has continued; (e) instruct the microfinancier to suspend or remove any of its directors, officers or employees from his or her duties; (f) direct the microfinancier to suspend all or any of its business; (g) appoint a supervisor to monitor the microfinancier’s affairs; (h) convene a meeting of the shareholders or other owners of the microfinancier to discuss the remedial measures to be taken; (i) place the microfinancier under the management of a curator; - 22 -