Microfinance Bill, 2012 H.B. 2, 2012 (4) This section shall not be construed as limiting the application of any other enactment providing for the keeping and preservation of records or documents. 22 Accounts and financial records of corporate microfinanciers (1) Every corporate microfinancier shall⎯ (a) keep proper accounts and other records relating thereto; and (b) at the end of each financial year, prepare a financial statement; reflecting, in accordance with sound accounting practices, the microfinancier’s operations and financial condition. (2) Without derogation from the provisions of Part IV of the Companies Act [Chapter 24:03] dealing with group accounts, where a corporate microfinancier conducts microfinance business through more than one branch, the accounts and financial statements referred to in subsection (1) shall be kept and prepared in a consolidated form to cover all the branches. (3) Subject to subsection (2), the accounts, records and statement referred to in subsection (1) shall be kept and prepared in such form and detail, and in accordance with such accounting standards, as may be prescribed. 23 Audit of accounts of deposit-taking microfinance institutions (1) The accounts of a microfinance institution engaged in deposit-taking microfinance business shall be audited by a person registered as a public auditor in terms of the Public Accountants and Auditors Act [Chapter 27:12]. (2) Every deposit-taking microfinance institution shall send the Registrar a copy of its audited accounts of the previous financial year, and the auditor’s report thereon. PART VI PROVISIONS APPLYING SPECIFICALLY TO MICROFINANCE INSTITUTIONS 24 Application of Part VI In addition to complying with Parts IV and V, microfinance institutions must comply with this Part. 25 Restriction on type of microfinance business that may be carried on by microfinance institutions (1) A microfinance institution shall not engage in (whether on its own account or through any branch, subsidiary or division)⎯ (a) issuing of third party cheques; or (b) opening current accounts; or (c) foreign trade operations; or (d) trust operations; or (e) investing in enterprise capital; or (f) underwriting or placement of securities; or (g) wholesale or retail trade; or - 17 -