Microfinance Bill, 2012 H.B. 2, 2012 (b) in section 20 (“Exempted transactions”) by the insertion after subsection (2) of the following subsection⎯ “(2a) Nothing in this Act, other than sections 8 to 16, shall apply to or in respect of a person registered as a microfinancier in terms of the Microfinance Act [Chapter 24:29].”, (c) in section 22 (“Regulations”) by the repeal of subsections (a) and (b). 60 Amendment of Cap. 24:20 The Banking Act [Chapter 24:20] is amended⎯ (a) in section 2 (“Interpretation”) (1) by the repeal of the definition of “microfinance bank”; (b) in section 4 (“Registrar of Banking Institutions and other officers”) (1) by the deletion of the words “section 46” and the substitution of “section 59”; (c) in section 5 (Banking business and banking activities not to be conducted except by registered banking institution) by the repeal of subsection (5); (d) in section 6 (“Classes of banking business”) by the repeal of paragraph (c); (e) in section 81 (“Regulations”) (2) by the deletion of paragraph (g). 63 Transitional provision Any person who, immediately before the date of commencement of this Act, was conducting any business for which he or she is required to be registered under this Act may continue to conduct that business⎯ (a) for six months after the date of commencement of this Act; and (b) if he or she applies for registration in terms of this Act, until the application is finally determined. FIRST SCHEDULE (Section 2) MICROFINANCIERS’ CODE OF CONDUCT In this Schedule, a microfinancier shall be considered to be adopting undesirable methods of conducting business if it fails to comply with the following ethical practises and rules of conduct⎯ Treatment of clients generally 1. In the conduct of their business all microfinanciers must follow practices built on respect, fair treatment, persuasion and courtesy towards clients. Operating guidelines and procedures 2. A microfinancier must⎯ (a) devise and keep up to date operating guidelines and procedures to ensure that clients and potential clients are treated with dignity, respect and sensitivity; and (b) ensure that the microfinancier’s staff is trained and equipped to implement the foregoing guidelines and procedures. - 35 -