Microfinance Bill, 2012 H.B. 2, 2012 (b) any subsidiary or division of ⎯ (i) a banking institution registered as such under the Banking Act [Chapter 24:20] (Act No. 9 of 1999); or (ii) a building society registered as such under the Building Societies Act [Chapter 24:02]; or (iii) the People’s Own Savings Bank registered as such under the People’s Own Savings Bank Act [Chapter 24:22]; engaging exclusively or predominantly in any microfinance business referred to in paragraph (a); (c) all moneylending business not carried on as part of the business carried on by any of the entities referred to in paragraph (b). (2) This Act shall not apply to microfinance business conducted by⎯ (a) a body corporate established or constituted, or re-established or reconstituted, directly by any enactment, to the extent that the body corporate carries out functions conferred or imposed upon it by the enactment; or (b) a co-operative society registered in terms of the Co-operative Societies Act [Chapter 24:05], or a cooperative company registered in terms of the Companies Act [ Chapter 24:05], to the extent that the society or company provides loans or other credit facilities to its members. PART II ADMINISTRATION 4 Registrar of Microfinanciers and other officers (1) The Reserve Bank shall appoint one of its employees to be the Registrar of Microfinanciers and shall assign such other of its other employees as may be necessary to assist the Registrar in giving effect to this Act. (2) The Registrar shall be responsible for registering microfinanciers and cancelling their registration and performing such other functions as are conferred or imposed upon him or her by or in terms of this Act or any other enactment. (3) Subject to the directions of the Registrar, the other officers referred to in subsection (1) shall perform such of the Registrar’s functions as the Registrar may assign to them. 5 Exercise of functions by Registrar (1) The Registrar shall exercise his or her functions under this Act in accordance with any general policy directives that may be given to him or her by the Board of the Reserve Bank. (2) The Registrar shall ensure that any policy directives referred to in subsection (1) are reduced to writing and kept in his or her offices, where (unless, for public policy reasons, any of them are expressed by the Reserve Bank to be confidential) they may be inspected by any member of the public, free of charge during ordinary banking hours. -7-