Microfinance Bill, 2012 H.B. 2, 2012 “chief executive officer”, in relation to a microfinance institution, means a person who is responsible, under the direct authority of the institution’s board, for conducting the institution’s banking business; “company” means company incorporated under the Companies Act [Chapter 24:03]; “corporate microfinancier” means a microfinancier that is a partnership or company referred to in section 7(1)(b)(ii) or (iii); “credit-only microfinance business” means the business of providing loans or other credit facilities to persons who, for the most part ⎯ (a) operate micro-, small or medium enterprises; or (b) individuals whose monthly income is below the poverty datum line or households whose combined monthly income does not exceed five times the poverty datum line, as fixed from time to time by the Zimbabwe National Statistics Agency in terms of the Census and Statistics Act [Chapter 10:29](Act No. 1 of 2007); and where any interest accruing from loans and credit facilities is used to provide further such loans or credit facilities or to finance and extend the microfinance business; “deposit” means an amount of money, whether made up of Zimbabwean or foreign currency or both, cheques or other negotiable or non-negotiable instruments, which a microfinance institution accepts for credit to an account in its books or those of another financial institution, but does not include money paid as security for performing a contract; “deposit-taking microfinance business” means the business of accepting deposits from persons who, for the most part⎯ (a) operate micro-, small or medium enterprises; or (b) individuals whose monthly income is below the poverty datum line or households whose combined monthly income does not exceed five times the poverty datum line, as fixed from time to time by the Zimbabwe National Statistics Agency in terms of the Census and Statistics Act [Chapter 10:29](Act No. 1 of 2007); and the persons concerned are not members of the deposit-taking microfinance business concerned; “financial institution” has the meaning given to that phrase by or under the Banking Act [Chapter 24:20]; “financial year”, in relation to a microfinancier, means the period of twelve months ending on the 31st of December in any year; “inspector” means a person appointed or deemed to have been appointed as an inspector in terms of section 43; “loan agreement” means a contract under which a microfinancier makes a loan or advances credit to a borrower; “material change” in relation to the particulars on the basis of which a microfinancier is registered, means a change of ownership or control (including amalgamation with or -5-