7. In discharging its functions the Bank may exercise and perform all or any of the following powers and duties:
| (a) to grant loans and other accommodation on securities and property (including gems, jewellery or precious metal ) and to give credit to persons, or companies on such terms as it may deem expedient, either with or without security, for the development of the gem industry or the jewellery industry ; |
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| (b) to open, maintain and manage current, deposit, savings and other accounts ; |
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| (c) to buy, stockpile and sell, or enter into such other dealings in, gems, precious metals and jewellery, as may be necessary for the discharge of its functions; |
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| (d) to subscribe to, purchase or underwrite, the issue of, stocks, shares, bonds and acceptable instruments, of any company engaged in the gem industry or the jewellery industry ; |
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| (e) to issue bid bonds and guarantees, in or outside Sri Lanka, on behalf of the gem industry or the jewellery industry; |
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| (f) to accept, collect, discount, re-discount, sell or negotiate, in or outside Sri Lanka, bills of exchange or promissory notes arising out of transactions relating to the export or import of gems or jewellery, and to grant loans and advances, in or outside Sri Lanka, against such bills of exchange or promissory notes: |
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| (g) to open, issue, confirm or endorse, letters of credit and to negotiate or collect, bills of exchange and other documents drawn thereunder, pertaining to the gem industry or the jewellery industry; |
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| (h) to grant loans and advances, within and outside Sri Lanka, to any person engaged in the gem industry or the jewellery industry; |
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| (i) to finance the export or import of, machinery and equipment, on an outright or lease basis to be used, for the gem industry or the jewellery industry ; |
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| (j) to buy or sell, foreign exchange or enter into, dealings in foreign exchange, as may be necessary for the discharge of its functions, subject to the existing foreign exchange laws ; |
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| (k) to acquire or purchase any movable or immovable property, used for the gem industry or the jewellery industry; |
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| (l) to convert a part or whole of its loans to bonds or debentures issued by companies engaged in the gem industry or the jewellery industry, and to subscribe to bonds and debentures issued by companies engaged in the gem industry or the jewellery industry; |
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| (m) to open accounts in commercial banks or any other financial institutions, in or outside Sri Lanka, or to make any agency arrangement with, or act as an agent or correspondent of, any commercial bank or any other financial institution, within or outside Sri Lanka ; |
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| (n) to transfer for consideration, any instrument relating to loans or advances granted by it; |
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| (o) to raise such sums of money, in or outside Sri Lanka, by way of loans or otherwise as may be necessary for discharging its functions; |
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| (p) to hold stocks of gems and jewellery, for the purpose of trading, buffer stocks or otherwise or as may be otherwise necessary for the discharge of its functions ; |
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| (q) to subscribe to, invest in, or purchase, stocks, shares, bonds or debentures to the extent necessary for the enforcement of a lien, pledge or contractual right; |
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| (r) to undertake and finance, research, surveys, techno economic or any other studies, in connection with the planning, promotion and development of the gem industry or the jewellery industry; |
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| (s) to provide technical, marketing, administrative and financial assistance of any kind to the gem industry and the jewellery industry ; |
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| (t) to form such subsidiaries as are necessary for carrying out activities related to the discharge of the functions of the Bank ; |
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| (u) to collect, compile and disseminate, market and credit information in respect of the gem industry or the jewellery industry ; |
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| (v) to provide training facilities in marketing and valuation of gems and jewellery, banking and management, and allied subjects ; |
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| (w) to provide re-finance facilities to any bank or financial institution approved by the Monetary Board, for the development of the gem or the jewellery industry ; |
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| (x) to enter into and perform, all such contracts, whether in or outside Sri Lanka, as may be necessary for the exercise of the powers and the discharge of the functions of the Bank ; |
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| (y) to acquire, hold, take or give on lease or hire, mortgage, pledge, sell or otherwise dispose of, any movable or immovable property ; |
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| (z) to appoint a General Manager who shall be the chief executive officer of the Bank ; and to appoint such other officers and servants as may be necessary for the discharge of the functions of the Bank ; |
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| (aa) to establish, a provident fund, and provide welfare and recreational facilities, houses, hostels and other like accommodation for officers and servants employed by the Bank; |
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| (bb) to make rules in relation to its officers and servants, including their appointment, promotion, remuneration, disciplinary control, conduct and the grant of leave to them ; |
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| (cc) to make rules in respect of the administration of the affairs of the Bank; and |
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| (dd) to do all other things which, in the opinion of the Board are necessary to facilitate the proper discharge of the functions of the Bank. |
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Sri Lanka Consolidated Acts