From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
Microfinance and Cooperative Transactions Ordinance
(enacted in 2006)
The Microfinance and Cooperative Transactions Ordinance of 2006 establishes a Microfinance and Cooperative Center to promote and expand institutions and societies working in the microfinance and cooperative sectors as well as to regulate and systemize microfinance and cooperative transactions in Nepal.
The ordinance consists of the following sections:
- Chapter 1 Preliminary: defines language within the act;
- Chapter 2 Establishment of a Microfinance and Cooperative Center and its Functions, Duties, and Powers;
- Chapter 3 Formation of the Board and its functions, duties, and powers;
- Chapter 4 Provisions Concerning the Fund and Audit of the Center;
- Chapter 5 Provisions Concerning Licenses;
- Chapter 6 Provisions Concerning Capital;
- Chapter 7 Regulation, Supervision, and Inspection;
- Chapter 8 Provisions Concerning Accounts, Records, Particulars, and Report;
- Chapter 9 Provisions Concerning Offenses and Penalties; and
- Chapter 10 Miscellaneous: addresses liquidation, arbitration, and by-rules.