Section 9Part 3 — Management of Bank
Functions and powers of Bank
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It shall be the function of the Bank to mobilise and provide finance for and promote and facilitate the expansion and strengthening of the economic development of the Islands.
In particular and without prejudice to the generality of subsection (1), the Bank may —
accept on deposit any funds or any kind of securities from the Government, a public or statutory authority, a co-operative or friendly society or any person or body whether within or outside the Islands;
make all payments duly authorised by a depositor with the Bank;
make loans or advances or provide any form of credit to the Government, a public or statutory authority, a co-operative or friendly society or any person or body within the Islands for the financing of any enterprise or project;
make loans or advances or provide any form of credit to any enterprise;
provide any form of assistance to any enterprise whether in the form of expertise or technical or managerial advice or participation in the share capital or management thereof;
provide finance in order to promote and facilitate development in the Islands and the establishment, management, acquisition or disposal of any enterprise or business in agriculture, industry, electronic commerce, tourism, housing and human resource development;
provide finance to persons for courses of education (including academic, technical and vocational training at local and overseas institutions) which are considered by the Bank to be beneficial or needed in the Islands;
promote agricultural, tourism and industrial development and investment in the Islands;
provide finance for the purpose of building and the acquisition of houses, for the improvement of dwellings and for the provision of dwellings for letting or for sale by construction, conversion, improvement or otherwise upon such terms and conditions as the Bank may decide;
undertake, in the Islands, such other projects and programmes as the Cabinet may approve;
undertake and formulate any studies which the Bank considers necessary for the performance of its functions or conducive to any of its functions;
enter into any contract with or act as agent or trustee for or representative of the Government or any person, agent or body within or outside the Islands; and
give advice, financial counselling, management consulting and technical assistance in relation to any function specified in this subsection.
In addition to any function or power possessed by the Bank under this or any other law, the Bank shall have power, subject to this Law and any regulations made hereunder, to do any thing and to enter into any arrangement or transaction which, in the opinion of the Bank, is necessary to ensure the proper discharge of its functions or powers.
The powers and functions of the Agricultural and Industrial Development Board and the Housing Development Corporation as set out in the Second Schedule are transferred to the Bank.
In carrying out its functions the Bank shall have regard to —
the principles of normal accepted development banking practice; and
the economic and commercial merits of any undertaking or activity it plans to initiate, assist or develop.