Explanatory Memorandum for Microfinance Bill, 2012 H.B. 2, 2012 Clause 42 creates an obligation upon every microfinancier to submit to the Registrar statements in such a form as may be prescribed form time to time. Clause 43 provides for the appointment of supervisors and inspectors Part VIII Clause 45 provides for the composition of a disciplinary committee to investigate breaches of the microfinanciers code of conduct. Clause 46 provides for persons who have been aggrieved by the conduct of a microfinancier to make a complaint against the microfinancier. Clause 47 creates an obligation upon the disciplinary committee to notify a microfinancier in writing about their alleged complaint or allegation. Clause 48 provides for the disciplinary committee to adhere to the rules of natural justice in the determination of a complaint or allegation. Clause 49 provides for the offences and penalties charged after being found guilty in the investigation. Part IX This Part provides for the general provisions including appeals and the procedure to followed during an appeal Clause 55 provides for the Reserve Bank to provided statistics relating to microfinanciers in Zimbabwe. Clauses 56-57 provide for the annual reports of the Reserve Bank and the Registrar as well as the exercise of their functions. Clause 58 provides that any document or copy certified by the Registrar or the Reserve Bank shall be admissible as evidence in any court of Law. Clause 60 allows for the Minister after consultation with the Registrar and the Reserve Bank to amend or replace the First and Second Schedules by way of statutory instrument. Clause 61 is the regulation-making section. Clauses 62- 63 provide for the amendment to the Moneylending and Rates of Interest Act [Chapter 14:14] and the Banking Act [Chapter 14:29]. The First Schedule provides for a Microfinanciers Code of Conduct. The Second Schedule provides for the contents of a business plan of a microfinancier. - iii -