As enacted

Contents

Microfinance Act 2016 · As enacted · Part VII · Cancellation of the Licence and Winding Up of Licensed Microfinance Company

17. Grounds for cancellation of a licence

The Board may cancel the licence of a licensed microfinance company on any one or more of the following grounds :-

(a)

failing to commence business within nine months of the issue of the licence;

(b)

failing to satisfy any debt incurred by it, on such debt becoming due for payment;

(c)

proposing to make or making any composition or arrangement with its creditors or going into liquidation or being wound up or otherwise dissolved;

(d)

ceasing to carry on microfinance business;

(e)

acting in contravention of any provisions of this

Act or any direction, requirement, rule, order, determination issued, imposed or made under this

Act;

(f)

failing to pay the annual licence fee;

(g)

carrying on its business in a manner likely to be detrimental to the interests of its depositors, other creditors and the economy; or

(h)

furnishing false, misleading or inaccurate information or concealing or failing to disclose material facts to the Board.

Part VIII

Microfinance Non-Governmental Organizations

Part IX

Part X

Part XI