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srilawsby aturio
As enacted
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Part IX · Principles, Standards and Guidelines Laid Down by the Board

28. Principales, standards and Guidelines

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

(1)

Notwithstanding anything to the contrary in this Act or any other written law, the Board may in order to ensure that microfinance business and lending activities are carried on in a transparent, professional and prudent manner and to strengthen, develop and make qualitative improvements in the regulation and supervision of such activities for consumer protection, set principles or standards or issue guidelines in respect of-

(a)

microfinance NGOs regulated by the Registrar of

Voluntary Social Service Organizations in terms of

Part VIII of this Act; and

(b)

micro credit non-governmental organizations.

(2)

The Registrar of Voluntary Social Service

Organizations shall give effect to the principles, standards or guidelines laid down by the Board under subsection (1), by making appropriate rules governing microfinance NGOs.

(3)

Nothing in this section shall be deemed to enable a non-governmental organization other than one which is registered in terms of Part VIII of this Act to accept limited savings deposits.

(4)

The Board may call for monthly, quarterly, semi-annual or annual financial data of a microfinance NGO referred to in subsection (1) from the Registrar of Voluntary

Social Service Organizations.

Part X

Immunity from Prosecution

Read on from Part X

Part XI

General

Read on from Part XI

Schedules