Section 13Part 3 — Management of Bank
Powers of Bank
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For the purposes of carrying out its functions, the Bank may —
enter into contracts and other agreements, including agreements for the occupation or management of premises by the Bank;
provide an advisory service to give advice and disseminate information about matters relating to —
housing, mortgage finance and the maintenance of dwellings;
courses of education; and
agricultural, industrial and tourism development and investment;
make such charges, as the Bank may determine, for the provision of any service provided under paragraph (b); and
borrow money and otherwise raise capital in accordance with section 16.
To the extent necessary for the undertaking of any functions approved by the Cabinet under section 9(2)(j), the Bank may —
acquire, hold, manage and dispose of land and other property;
lay out, construct, repair and maintain buildings, and provide, repair and maintain amenities and facilities the Bank determines are necessary or desirable for the occupation of dwellings; and
acquire the property, rights and liabilities of a person, company or other body which is engaged in an agricultural or industrial business, and carry on that business.
The Bank shall not grant a loan —
to a director of the Board or a member of the Legislative Assembly;
to a body corporate or an unincorporated body controlled by any director of the Board or any member of the Legislative Assembly; or
to the immediate family of any director of the Board or any member of the Legislative Assembly.
The following persons are prohibited from acting as a personal guarantor in support of a loan from the Bank —
a Member of the Legislative Assembly;
a Member of the Board of Directors; or
a senior employee of the Bank.
In this section — “immediate family” means spouse, son and daughter.
Defined Terms
immediate family