View All - 2016 Acts Section No : Acts & Ordinances MICROFINANCE ACTMarginal Notes1. This Act may be cited as the Microfinance Act, No. 6 of 2016 and different Parts of this Act shall come into operation on different dates as the Minister may appoint by Order published in the Gazette.2. Applicability of Act. 3. Licensing requirement to carry on microfinance business.4. Licensing procedure.5. Form and duration of licence.6. Licence fee.7. Exhibiting the licence.8. Board to maintain a register.9. Forms of business to be specified.10. General superintendence.11. Directions of the Board.12. Monitoring compliance with directions.13. Board may make rules.14. Financial year and audit of accounts of a licensed microfinance company.15. Examinationand supervision of licensed microfinance companies.16. Supervisory measures of the Board on licensed microfinance company.17. Grounds for cancellation of a licence.18. Procedure for cancellation of licence.19. Winding up.20. Non- governmental organization to apply for a certificate of registration.21. Exhibiting the certificate.22. Register of microfinance NGOs.23. Registrar to make rules.24. Duty to provide financial statement.25. Registrar may examine books of accounts etc.26. Powers of the Registrar.27. Registrar?s power to cancel registration.28. Principales, standards and Guidelines.29. Immunity from prosecution.30. The Finance Business Act and Part IXA of the Banking Act not to apply.31. Effect of other laws.32. Restriction to carry on microfinance business.33. Transitional provision.34. Restriction on the use of the term "micro finance".35. Offences.36. Board to be responsible for acts of officers.37. Interpretation.38. Sinhala text to prevail in the event of any inconsistency.