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As enacted
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Part VIII · Microfinance Non-Governmental Organizations

23. Registrar to make rules

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Registrar may make rules for the purpose of carrying out the provisions of this Part and to give effect to standards, principles and guidelines issued by the Board in terms of Part IX of this Act.

(2)

Without prejudice to the generality of the powers conferred by subsection (1), the Registrar may, in particular, from time to time make rules in respect of all or any of the following matters:–

(a)

criteria for registration under this Part of this Act ;

(b)

annual registration fee payable to the Registrar by a microfinance NGO;

(c)

reporting and disclosure requirements of a microfinance NGO;

(d)

terms and conditions for loans and credit facilities to be granted by a microfinance NGO including maximum rates of interest that may be charged on such loans and credit facilities;

(e)

terms and conditions on savings mobilization and the maximum rates of interest payable on such savings;

(f)

the maximum ratio of outstanding deposits to outstanding loans;

(g)

number of borrowers and depositors;

(h)

consumer protection;

(i)

net assets to be maintained by a microfinance NGO;

(j)

internal controls, risk management and a code of corporate governance to be adopted by a microfinance NGO;

(k)

the types of activities that may be carried on by a microfinance NGO;

(l)

forms to be used under this Part.

(3)

Every rule made by the Registrar shall be published in the Gazette.

Read on from s 24

Part IX

Principles, Standards and Guidelines Laid Down by the Board

Read on from Part IX

Part X

Immunity from Prosecution

Read on from Part X

Part XI

General

Read on from Part XI

Schedules