Microfinance Bill, 2012 H.B. 2, 2012 (4) No person shall transfer, or cause to be transferred, more than ten per centum of the shares of a registered microfinance institution without the prior approval of the Registrar. (5) A transfer of shares in contravention of subsection (4) shall be void to the extent of the contravention. (6) Any person who contravenes subsection (1) or (4) shall be guilty of an offence and liable to a fine not exceeding level ten or to imprisonment for a period not exceeding six months or to both such a fine and such imprisonment. 35 Curatorship and winding up of microfinance institutions Every deposit-taking microfinance institution shall be required to be a contributor for the purpose of the Deposit Protection Act [Chapter 24:29](Act No. 7 of 2011) and accordingly the provisions for curatorship, insolvency and winding up of curator 6 shall apply. PART VII SUPERVISION OF MICROFINANCIERS 36 Responsibilities of Reserve Bank (1) Subject to this Act, the Reserve Bank shall be responsible for⎯ (a) continuously monitoring and supervising microfinanciers to ensure that they comply this Act; and (b) conducting investigations into any particular microfinancier or class of such microfinanciers where the Reserve Bank considers such an investigation necessary for the purpose of preventing, investigating or detecting a contravention of this Act or any other law. (2) The Reserve Bank’s function of monitoring and supervising microfinanciers may be exercised through all or any of the following methods⎯ (a) the analysis of documents and information supplied to it in terms of section 42; (b) the inspection of documents and obtaining of information at the premises of microfinanciers concerned, and the analysis of such documents and information; (c) any other lawful means the Reserve Bank thinks appropriate. (3) For the purposes of monitoring and supervising any microfinancier, a supervisor may, subject to subsection (4)⎯ (a) at any time during normal working hours, without previous notice, enter any premises of the microfinanciers or any premises in which it is believed on reasonable grounds that records, accounts or documents pertaining to the microfinancier’s business are kept; (b) require any officer, employee or agent of the microfinancier to produce any of the institution’s books, records, accounts or documents; (c) search any premises referred to in paragraph (a) for any moneys, securities , books, records, accounts or any documents pertaining to the banking business conducted by the microfinancier; 6 (sic) Note by Veritas. This will have to be tidied up. - 21 -