Section 36Part 5 — Operations
General powers
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The Authority may —
purchase and sell gold coin and bullion;
open and maintain accounts with local banks;
open and maintain accounts with banks and other depositories outside the Islands and appoint correspondents or agents outside the Islands;
purchase and sell foreign currencies and purchase, sell, discount and rediscount bills of exchange and treasury bills drawn in or on places outside the Islands and maturing within one hundred and eighty-four days;
purchase and sell securities, maturing within ten years of, or guaranteed by, such foreign governments as may be approved by the board;
purchase and sell such other securities and investments as may be authorised by the board;
borrow money, on such terms and conditions, as may be authorised by the board, except that such loan shall not exceed two hundred and fifty thousand dollars or one per cent of the paid-up capital of the Authority, whichever shall be the greater;
undertake the administration and management of securities issued by Government; and
without prejudice to section 37, do any thing which is calculated to facilitate, is incidental to or consequential upon the exercise of the powers of the Authority or the discharge of its duties under this Law.
Cross References
- Section 37 of Monetary Authority Actexternal
Referenced in subsection (i)