Microfinance Bill, 2012
H.B. 2, 2012
(j) recommend to the Registrar⎯
(i) the imposition of any term or condition on the microfinancier’s continued
registration, or the deletion of any such term or condition; or
(ii) the cancellation of the microfinanciers registration.
(2) Before taking any action in terms of subsection (1), the Reserve Bank shall inform the
microfinancier concerned, in writing, of⎯
(a) the contravention of which it is believed to be guilty and, in substance, the grounds
for that belief; and
(b) the action the Reserve Bank proposes to take in respect of the alleged contravention;
and shall afford the institution an adequate opportunity to make representations in the matter:
Provided that, where the Reserve Bank considers that immediate action is necessary to
prevent irreparable harm to the institution or its depositors, creditors or shareholders, the
Reserve Bank may take such action before affording the microfinancier an opportunity to
make representations in terms of this subsection.
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Investigation into microfinancier
(1) If⎯
(a) a microfinancier has failed to furnish the Reserve Bank with any statement, document
or information required under any provision of this Act within the period specified by
or in terms of that provision, and has not furnished that statement, document or
information within a period of thirty days, commencing on the date on which the
Reserve Bank has reminded it, in writing, of its failure; or
(b) a microfinancier has furnished incorrect or incomplete information to the Reserve
Bank and has not furnished correct or complete information within a period of thirty
days, commencing on the date on which the Reserve Bank has called upon it to
correct or complete the information; or
(c) any statement, document or information furnished by a microfinancier to the Reserve
Bank shows that the institution or any of its officers, employees or agents has failed
to comply with any provision of this Act; or
(d) the auditor of any microfinance institution has informed the institution or the Reserve
Bank of an irregularity that requires correction and the institution has not corrected
the irregularity within a period of thirty days, commencing on the date on which the
Reserve Bank or a supervisor has called upon the microfinancier, in writing, to
correct it; or
(e) the Reserve Bank has reasonable grounds for believing that a microfinancier or any
person connected with a microfinance institution has committed an offence under this
Act, other than an offence arising out of conduct referred to in paragraph (a) or (b); or
(f) the Reserve Bank has reasonable grounds for believing that the rights of any class of
depositors with a microfinance institution are being prejudiced; or
(g) the Reserve Bank has reason to believe that any person has or had any interest, direct
or indirect, in a microfinancier or its business in contravention of this Act; or
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